Redefining Insurance via Game-Changing Conversational AI Technology!
InsurTech – Now or Lose!
According to a recent study by Deloitte, as technology advancements, coupled with increasing
customer expectations and emerging disruptive technologies, continue to change the landscape of
the insurance industry, insurers remain focused on strategies for top-line sales growth,
bottom-line profitability, addressing rising challenges, and competing in this dynamic market.
With digital solutions becoming pervasive across multiple industries, insurance companies are
presented with an opportunity to deploy innovative technology into their business operations. It
is critical that insurers dedicate time and resources to staying at the forefront of TeleTech
advances or they risk losing ground to aggressive insurtech innovators as well as potential
stagnation beyond current results. Insurance enterprises are thus compelled to integrate newer
technologies into their business models, while at the same time consistently address different
challenges head on. This shift of focus towards innovative solutions will not only help them
boost their performance but also ensure that they don’t fall behind competitors or suffer losses
due to rising InsurTech entrants.
For example, The expectations of customers are growing when it comes to turn-around times for insurance claims and companies are rising to the occasion, aiming to fulfil and close claims within 24 hours to 2-4 days. An effective underwriting function along with data analytics tools can identify potential cases of fraudulent activity and mitigate them before issuance, leading to better customer satisfaction. This is where modern technologies such as Blockchain, Artificial Intelligence, chatbots etc. come in to play an important role, enabling improved customer engagement and a more efficient customers experience.
For example, The expectations of customers are growing when it comes to turn-around times for insurance claims and companies are rising to the occasion, aiming to fulfil and close claims within 24 hours to 2-4 days. An effective underwriting function along with data analytics tools can identify potential cases of fraudulent activity and mitigate them before issuance, leading to better customer satisfaction. This is where modern technologies such as Blockchain, Artificial Intelligence, chatbots etc. come in to play an important role, enabling improved customer engagement and a more efficient customers experience.
Disruptive forces like Conversational AI are Re-Imagining the Insurance Sector
Over the next few years, it is expected that financial services, and all areas of the economy,
will be revolutionized by both technology-driven innovations and a greater focus on customer
needs. Chatbot shave long been a fixture of customer service, serving as an alternative to
point-and-click interfaces and providing much-needed assistance to live agents in call centres.
Now, thanks to advances in cognitive technologies, chatbots are capable of more accurate,
relevant interactions than ever before. Speech recognition software has dramatically reduced
word error rates and machine translation has improved with the help of deep learning techniques.
As these voice and language processing technologies become smarter and more efficient, chatbots
can be used for a range of enterprise applications that extend far beyond customer service.
Further, the growth of messaging as an online activity has made chatbots a powerhouse in the
digital age. Global brands and Fortune 500 companies have seen stellar results with the use of
AI-powered chatbots which are known to improve operational efficiency for companies. In India,
Financial services aggregators such as Bankbazaar.com, policybazaar.com, and Easypolicy.com are
now making use of this technology to reach thousands of customers while significantly improving
their conversion rates. With cutting-edge natural language processing and artificial
intelligence capabilities, these chatbots can provide a more personalized customer service
experience that is available around the clock, as they can carry on conversations with users in
a comprehensive and engaging way.
Now, in the world of chatbots, there is one stand-out leader that has just recently surfaced: ChatGPT.
Now, in the world of chatbots, there is one stand-out leader that has just recently surfaced: ChatGPT.
ChatGPT and Open.AI’s latest models – taking AI to the next level!
ChatGPT is a revolutionary virtual assistant that brings conversations to life like never
before. ChatGPT uses the GPT-3 language technology – a large artificial intelligence model made
by OpenAI that has been trained on a massive amount of text data from a variety of sources. By
incorporating advanced methods, such as Proximal Policy Optimization, reinforcement learning
from human feedback and Supervised fine-tuning, it delivers conversations that are truly
authentic. Through this technology, consumers can now interact with bots to replicate a feeling
of real dialogue. It takes the mundane out of conversations and instead offers unique levels of
authenticity. Answers given by ChatGPT come much closer to sounding like true human speech than
ever before, and it’s changing the way we communicate for the better.
Further, harnessing the latest in natural language processing (NLP) and Whisper Technology can have a profound impact on the insurance sector. By leveraging technologies like NLP, insurance companies can reduce operational costs and increase customer satisfaction by extracting data from unstructured customer inputs to create personalized policies. Additionally, customers seeking out-of-the-box solutions for their unique insurance needs can also find solace since recommendations generated by ‘Whisper Technology’ are automated based on individual preferences for greater accuracy. In doing so, it allows insurance brokers to conveniently assess risk profiles and easily create quotations without sacrificing the quality of the customer experience. Ultimately, harnessing these advanced technologies will help insurers expand their reach with deeper insights into customer needs and preferences that were previously unavailable due to more traditional methods.
Further, harnessing the latest in natural language processing (NLP) and Whisper Technology can have a profound impact on the insurance sector. By leveraging technologies like NLP, insurance companies can reduce operational costs and increase customer satisfaction by extracting data from unstructured customer inputs to create personalized policies. Additionally, customers seeking out-of-the-box solutions for their unique insurance needs can also find solace since recommendations generated by ‘Whisper Technology’ are automated based on individual preferences for greater accuracy. In doing so, it allows insurance brokers to conveniently assess risk profiles and easily create quotations without sacrificing the quality of the customer experience. Ultimately, harnessing these advanced technologies will help insurers expand their reach with deeper insights into customer needs and preferences that were previously unavailable due to more traditional methods.
Whisper Technology & STT Conversion
The emergence of Whisper Technology is an important development in the world of Artificial
Intelligence (AI). Open.AI, a Canfranc’s-based research firm, has open-sourced a neural net
called Whisper that provides human-level robustness and accuracy on English speech recognition.
Using this technology, even the slightest whispers can be accurately recognized by computers and
converted into text through Speech-To-Text (STT) conversion. This could prove to be a huge
benefit for developing AI products and services with advanced conversational capabilities, such
as voice assistants for smart home systems. The implications and possibilities with open-source
whisper technology are endless.
A Conversational AI company weaving the most cutting-edge Insurance AI Solution with GPT
Now, Streebo is taking conversational AI to thenext level with its exciting new product,
Streebot – a ChatGPT for companies and professional organizations. This powerful solution
leverages GPT 3 series language models and open.ai API to enable lifelike conversations between
human sand virtual entities. The Generative Pre-trained Transformers (GPTs) underlying Streebo’s
Virtual Insurance Assistants are capable of understanding natural language queries, leading to
improved customer service experiences that flow more smoothly than ever before. With its
unparalleled ability to facilitate authentic dialogues, Streebo’s Conversational Interface
promises a multitude of compelling opportunities for Insurance businesses and companies seeking
efficient two-way communication solutions that can drive customer satisfaction rates skyward in
no time.
Streebo’s Bot – is a powerful and reliable machine learning-powered conversation solution
specifically designed for the insurance industry. It runs on some of today’s top Natural
Language Processing(NLP) engines, such as IBM Watson, Amazon Lex, Google Dialog and GPT-3.
This ChatGPT conversational solution provides users with superior engagement and automation
capabilities, as well as an impressive return on investment (ROI)and guaranteed adoption
rate. With Streebo’s Bot, insurers have the power to create comprehensive customer service
experiences and exceed customer expectations in no time at all.
Some of the key features include
built-in domain intelligence
advanced chat analytics
inbuilt live agent support
support of both voice and chat
omnichannel experience on all platforms such as Facebook,WhatsApp, Website
data security and compliance
lower TCO
multi-lingual support
secured communication
Moreover, Streebo’s Conversational Interface for Insurance fuelled by GPT 3 offers the
ability to customize according to the requirements of customers ensuring an overall
premium user experience.
With a guaranteed Bot Intelligence Index (BII)set at 99%, Streebo’s Bots for Insurance
assists with pre-integrated backend systems allowing users to say goodbye to their CSAT
ratings woes!
Streebo bots also include context-switching capabilities which make them ideal to handle
complex topics such as Insurance regulations and policies that require detailed
instructions from experts.
So why wait? Embrace the future! Insur-Tech-AI!
The pandemic has certainly had an immense impact on our lives, and one of its most significant
consequences is the need to explore digital avenues. This sentiment is still going strong with
44 percent of customers preferring to use chatbots to make insurance claims and another
43percent using them to buy policies. Not only do customer service chatbots provide a
much-needed contact-less way to access help, but they embed efficiencies within customer support
that allow customer queries and concerns to be addressed more quickly.
Conversational artificial intelligence (AI) has the potential to revolutionise how insurance executives can interact with customers. The survey results clearly indicate that a large majority of them are in favour of adopting this technology for an omnichannel user experience. We should look forward to seeing more AI adoption in insurance executives, as conversational AI can be a game changer for the industry going forward. According to Juniper Study, there will be a 333 percent growth in cost savings due to such chatbots across motor, vehicle, health and property insurance by2023. This projection puts estimated cost savings at $1.3 billion in that timeframe as compared to $300 million incurred in 2019. With customers opting for more personalised insurance covers due to new digital innovations, increased convenience and better customer service through AI-driven chatbot technology could prove highly beneficial to both the customer and the insurer.
Conversational artificial intelligence (AI) has the potential to revolutionise how insurance executives can interact with customers. The survey results clearly indicate that a large majority of them are in favour of adopting this technology for an omnichannel user experience. We should look forward to seeing more AI adoption in insurance executives, as conversational AI can be a game changer for the industry going forward. According to Juniper Study, there will be a 333 percent growth in cost savings due to such chatbots across motor, vehicle, health and property insurance by2023. This projection puts estimated cost savings at $1.3 billion in that timeframe as compared to $300 million incurred in 2019. With customers opting for more personalised insurance covers due to new digital innovations, increased convenience and better customer service through AI-driven chatbot technology could prove highly beneficial to both the customer and the insurer.
Generative AI Insurance Chatbot – Schedule a demo today
Streebo’s Bots are revolutionizing the ChatGPT experience for Insurance and financial
institutions, providing customers with AI-driven chatbots powered by powerful NLPs like IBM
Watson, Google Dialog, and Amazon Lex and the innovative capabilities of the GPT platform.
With such an advanced combination of technology, customers now have access to something truly
remarkable in the world of Insurance and finance. Don’t miss out on experiencing this
cutting-edge technology! Visit our Bot store today and drop us a note to schedule your demo to
see it all in action.
Disclaimer :
ChatGPT and GPT are registered trademarks and terms fully owned by Open.AI. Author has used
the
term “ChatGPT for Insurance” to convey the idea of a ChatGPT kind of Bot, but for the
Insurance Industry in general.
