Today's Business Tech

Published on Feb 18, 2019

You’re sitting in your office chatting away like there’s no tomorrow with your AI powered computer, you are analysing risk and predicting the future of your company to some extent. Your AI powered computer is projecting 3D interactive data models onto your desk, you are pulling apart the data adding new dimensions and various layers, it’s all going well and the future looks bright. While doing this you ask the computer questions like “show me the value of the risk of insuring commercial property against flood damage within America and the state of Florida and within zipcode 33187 and how I can increase my profit by 10% on the value of property between four hundred thousand and nine hundred thousand dollars”. The Ai would then take those values and run equations to produce the answer, boom! What would have taken you hours is accomplished in minutes. Soon you will be able to analyse any risk or anything about your company by simply asking the right question, easy work. All the boring stuff like writing documents, looking through data, building charts, etc will be done for you, basically all the stuff you really don’t want to do but you have to do, the time-consuming stuff.

Most of us have probably seen videos or read articles on the internet about how AI is evolving and how AI is going to replace many of us all by AI powered robots or even drive us to work or a drone is going to deliver pizza to your front door. These videos and articles are very fascinating, even entertaining, to read and watch. But we are a long way off integrating them into our business and everyday lives.

Here, I want to separate the dreams and hype to the reality and what is available for your business today. Many people have seen the technology they want, seen the video, gone to the presentation. They know what they need for their company but don’t really understand how to start on the journey. I want to help you start the journey.

Picture this, at the moment your contact center team is 20 strong with an average waiting time of 8 minutes depending of the time and day. Your business is growing and so is the demand from your customers for better service. The traditional approach to tackling large volumes of call is to hire more people, outsource the calls or restricts the time customers can call, none of these options are scalable or good for business. To add to the problem customer service agents have to capture the details of the call after every call which adds to whole problem. Customers call up for many reasons such as general queries about your product or service and information that can probably be found on your website. These types of calls last only a matter of minutes, but they add up to around 45% of all call volume, what a pain. Plus, you have a 15% churn on your staff and training takes between 2 and 3 weeks.

How great would it be if you could lower the cost of your call center, increase customer service and support your customer 24/7? Well this is completely possible and many companies around the world have already put this in place or are tackling this issue by integrating a chatbot into their business. Chatbots can

  • Reduce contact center pressure.
  • Customer support targets are met.
  • Increase customer service hours.
  • Reduce contact center cost and over heads.
  • Higher customer satisfaction rate.
  • Lower waiting times.

The list goes on.

A chatbot maybe not be able to understand all your customer problems and answer all their question today but the chatbot will be able to in time and this starts by integrating a chatbot into your company to handle a % of customer queries. A new chatbot process will allow the customer service team to drastically improve their efficiency and customer satisfaction. The team will be more motivated, and productivity will be at an all-time high.

Have you ever made an insurance claim? Do you work in an insurance company or own one? Maybe none of the above but what you may or may not know is the insurance claims process often involves analysing huge amounts of images. These images can come in different formats like PDF’s, photos, videos and scanned documents there might be more but these are the most common. This isn’t just about insurance, any business that processes images can use this tech.

If you or anyone processes hundreds of images a day or week be honest, is this a good use of company time and resources? Is analysing images manually cost effective? Your answer should be no. The biggest challenge people face in analysing images as a part of their job is to stay motivated and to maintain a high level of concentration throughout the day while dealing with the same repetitive tasks. Looking for fine detail within images is tough. How do you take on more work and speed up processing time? Is the only way to hire more people or to outsource? No, neither solve the problem just add to it and increase the risk of error. Today there is an answer.

Artificial intelligence, AI can be used to analyse images of all shapes and sizes and against all types of detail. Once the AI application is set up you will be able to earn a fantastic return of investment through many channels of your business. The beautiful thing about technology is it doesn’t sleep, take days off, get married or get sick, technology is a work horse which works 24/7 all year round and is designed to improve quickly. Analysing an image or a set of images with AI is fast, very fast, the AI application can pick out key information and extract the information in a matter of seconds even the finest detail will be picked up. A good example of how fast and accurate AI image processing is, take 50 car images and time yourself to see how long it takes to list out the make and model of every car you identify. Do this 10 times a day and see how board you get and then ask yourself was this time well spent? Technology like AI is meant to do these types of repetitive and time consuming tasks.

Benefits to Your Organization

  • Drastically increases the number of images and videos that can be processed per hour.
  • Processes images with a greater degree of accuracy.
  • Reduces labor costs.
  • Removes human error.

Having technology such as AI replace humans is this type of process isn’t a negative it’s a positive. Companies and people can reinvest their time, money and energy back into back into themselves or their business for a brighter and more positive future.

Posted in Insurance AI Blog on Feb 18, 2019