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Artificial Intelligence Will Save the World ~ Insurance is Next

August 8, 2017

Alexa, play Pandora  ~  Alexa, how does the traffic to Boston look today?  ~  Alexa, order light bulbs  ~  Alexa, how much could I save by raising my auto deductible?”

I walk in the door, and Alexa is there for me. She’s connected everywhere in my home, on my phone, and in my car. She’s like a friend who I can count on to listen and do what I ask – that’s the key! But can you imagine a world where smart speakers, driven by artificial intelligence, bring value to the insurance industry?

Whether I’m shopping for a new policy, have questions about one, or just want to pay a bill, what’s most important to me as a consumer is speed, simplicity, and ease of use. And those attributes are driving consumer adoption of voice-driven services. Believe it or not, soon it will be feasible to talk to an AI to get answers and complete transactions, even for insurance and other more complex products.

Artificial Intelligence and the Customer Experience

The entire value premise of AI resides in its ability to improve customer experiences by knowing ahead of time what they are likely to need and when and then optimizing that experience.

With technology paving continuous process improvements across all industries, how does that not lead to insurance, where routine transactions are being simplified and automated, all while consumers increasingly use – and trust – smart speakers and chat bots with their private information? According to a recent white paper from Edison Research, “65% of smart speaker owners indicate they would not want to go back to life before getting their devices, and 42% say their device is now “essential” to their everyday life.”

Across all industries, customers are holding brands to high and rising expectations for their customer experience. They are demanding that we make changes to fit into how they want to shop, buy and be serviced, and they reward companies that succeed with more business. That’s the crux: businesses are being required to understand what their customers REALLY want, and what tools they are expecting to enhance how they engage right now.

Today, there are some carriers — Liberty Mutual, Nationwide, Safeco, and others — that see the path and are using the technology to their advantage. Today it’s educational, but give a customer just a little taste of the sweet stuff, and soon they’ll want Gelato.

For those who are only half tech savvy, I believe that AI is the new normal. I want Alexa everywhere because she simplifies my life and I trust her. To me, trust and simplicity are foundational to the best customer experiences.

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