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The Forces Driving Innovation in Insurance

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Learn about the latest insurance technology: https://ap.pn/2tckdaC

Many insurance companies have begun adopting and integrating new technologies into their corporate ecosystems as they attempt to attract and retain customers in a highly competitive market. And it’s not just customers that they are trying to attract and retain – they are trying to do the same with employees, as well.

But, it is not just technology for the sake of technology. The forces driving innovation are practical, used to speed the response to questions, make their employees more productive, and in many cases, both. Here are some of the innovative ideas being brought to the table to accelerate the pace of change – and the impact that they are having on the customer and employee experience.

Learn more about digital transformation for insurance: https://ap.pn/2tckdaC

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The Forces Driving Innovation in Insurance

  1. 1. The Forces Driving Innovation in Insurance
  2. 2. The words insurance and innovation have not always been used together, but that has begun to change. Many Financial Services and Insurance (FS&I) companies have begun adopting and integrating new technologies into their corporate ecosystems as they attempt to attract and retain customers in a highly competitive market. New technologies
  3. 3. And it’s not just customers that they are trying to attract and retain – they are trying to do the same with employees, as well. Customer and employee retention
  4. 4. But, it is not just technology for the sake of technology. The forces driving innovation are practical, used to speed the response to questions, make their employees more productive, and in many cases, both. Increasing productivity
  5. 5. Ultimately, they are using technology in ways that impact the moments of truth – key interactions with customers and prospects that can literally make or break the relationship. The moments of truth
  6. 6. Cognitive computing can be incredibly powerful, augmenting human interaction and decreasing turnaround time on processes for faster, more accurate answers. FS&I companies generally use cognitive computing, like Watson, to power Natural Language Processing (NLP) apps – either chat bots, or voice recognition apps like Siri or Alexa. Accurate Answers, Faster
  7. 7. Most chat bots are used to answer frequently asked questions. They work by translating written or spoken text into intents, using Artificial Intelligence (AI) to recognize the similarity between questions like: Chat Bots Please change the deductible of my automobile policy to XYZ Make XYZ the new deductible for my automobile policy
  8. 8. Chat bots are online 24/7, giving companies an “always on” capability, something the consumer of today expects from their insurers. Having them embedded in a website cuts down on call center traffic, leaving staff there available for more complex questions and giving them time to upsell. Always on
  9. 9. Insurers are leveraging Robotic Process Automation (RPA) – like BluePrism – to automate repetitive tasks generally associated with getting data from a back-end system or putting data into a back-end system. Automate Tasks to Streamline Processes
  10. 10. RPA is a digital workforce of software robots that can be invoked at various points within the overall business process to eliminate repetitive work performed by people. The result is much greater automation and greater visibility into the overall business process. Robotic Process Automation
  11. 11. For customers this equals speed – faster answers to questions and shorter waits in call queues. For staff, this gives them the time to spend on higher-value tasks. RPA = Speed
  12. 12. We know there is ROI in digitizing operations. Forward-thinking companies understand that these innovative ideas require a platform ap- proach to be successful. This approach works for both InsurTechs and established companies. Tying it Together
  13. 13. The combination of a low-code platform, RPA and cognitive technologies enables next stage efficiency gains in terms of speed, accuracy, transparency and immediate availability of information. The common thread in all of these ideas is that they’re being used by FS&I companies in practical ways that improve their bottom line and help their customers and employees. Efficiency
  14. 14. Putting the customer first is not a new idea – but it persists because it works. And happy, empowered employees are a good thing for both employers and customers. Customer first
  15. 15. Learn More www.appian.com/insurance facebook.com/AppianCorporation linkedin.com/company/appian-corporation youtube.com/user/appian twitter.com/appian instagram.com/appiancorp

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