Insuranceciooutlook

How Insurance Brokers can Leverage Artificial Intelligence

Insurance CIO Outlook | Friday, July 17, 2020

While a device may never be able to provide the kind of advice a real insurance agent can, low cost and easy to use platforms are currently available that allow agents and brokers to take advantage of this technology to enhance their delivery of advice and expertise to prospects and clients

Fremont, CA: Artificial intelligence, machine learning, and natural language processing have proliferated over the last few years and established themselves as disruptive technologies in every sector. The applications for these technologies are vast and bring a plethora of options for businessmen. In a short span, these technologies have gone from being theoretical discussions to practical applications. Like all other industries, the insurance sector can also benefit significantly from these technologies. Top 10 Policy Administration Consulting/Service Companies - 2020

There is a lot of hesitation when it comes to accepting new technology, and a lot of people refuse to believe that a machine can perform their job. While a device may never be able to provide the kind of advice a real insurance agent can, low cost and easy to use platforms are currently available that allow agents and brokers to take advantage of this technology to enhance their delivery of advice and expertise to prospects and clients. While these technologies are available now, their implications can be extended much into the future. These technologies have a format of continuous learning, where they gather data and improve the existing systems. In five to ten years, these technologies may be able to collect large amounts of data from existing insurance agents and use it for the training of future agents.

Employee Augmentation

In today’s highly competitive market, the aim should be to provide personalized answers for a variety of insurance questions. Customers are going digital, and they expect services at any time, not just when the insurance agent’s office is open.

Personalized Digital Answers

Creating and delivering a digital annual account review for personal lines or small commercial insurance accounts can make a huge difference. Clients will always appreciate an analysis. It increases client satisfaction, creates cross-selling opportunities, and reduces errors and omission problems for the agency.

Digital Annual Account Review

Many users argue that artificial intelligence and machine learning will be the end of insurance agents as a trusted source for proper protection against financial losses. Agents that remain just order takers will need to see the disruptive technologies as a threat. But those agents that embrace this technology will find new opportunities.

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