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Chatbots to Play Central Role in Insurance Claims Process

Chatbots aid insurance firms, and the finance industry, to offer personalised answers, give greater automation during claims processing and reduce response times. AI and machine learning enable the insurance industry to deliver high quality levels of customer satisfaction and engagement, as well as sell better tailored products to consumers. The costs saved by chatbots compared to implementing an insurance agent operation is the highest out of all chatbot verticals. However, the overarching issue when trying to implement chatbot technology is the highly stringent regulations of the insurance space. This slows down chatbot implementation, as a case to case regulatory screening on products will need to be carried out before application of any insurance bots. However, Juniper sees 2019 as the year in which chatbots come of age in the insurance sector for the following reasons: · The insurance claims process is particularly vulnerable to disruption, as it is a process that requires significant amounts of time and manual effort to resolve. Chatbot technology allows for a significant reduction in response times to insurance claims. · The insurance industry is very data-centric; it holds large and significant sums of information which presents a strong case for the use of efficiently programmed bots to identify trends and conduct repeated related actions when presented with certain keywords, questions or phrases. · Chatbots deliver personalised responses (to common customer insurance claims made via email and/or telephone) in real-time, based on programmed algorithms; allowing greater automation throughout their processing of claims. · Chatbots have been identified by the insurance industry as useful in helping to deliver high quality levels of customer engagement and satisfaction via real time engagement with customers while processing their insurance claims. Already, leading peer-to-peer Insurtech start-up, Lemonade, has leveraged chatbots for account openings and claims since its launch in 2017, reaching a user base of 70,000 in just one year of launch. Chatbots have helped it cut down lengthy paperwork and great numbers of unhappy customers, who had to wait months before having their insurance claims investigated. Related Research: Chatbots: Banking, eCommerce, Retail & Healthcare 2018-2023

2019

Top Tech trends 2019

Juniper Research

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Talent shortages/talent management challenges

54% of the respondents view this as a negative trend. Ensuring access to a skilled talent base is a perennial challenge for most organizations. Talent shortages and talent management challenges are the most often cited trends with a negative impact on business operations. Some of these talent challenges may be due to tight labor markets, particularly in the United States, which may improve with changing economic conditions. A more lasting driver of these talent challenges, however, is undoubtedly the advent of IA and digital labor, which have profoundly changed the profile of skills demanded by many organizations.

2019

4Q 2018 KPMG Global Insights Pulse Survey Report

KPMG

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Trade protectionism; de-globalization; economic populism

35% of the respondents view this as a negative trend.

2019

4Q 2018 KPMG Global Insights Pulse Survey Report

KPMG

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Brexit, Eurozone turmoil

31% of the respondents view this as a negative trend.