Insurers are using VAs alongside a combination of AI technologies, including NLP, chatbots and speech recognition in order to assist both policyholders and internal users. Virtual assistants are primarily used to support sales/distribution and customer service functions. Implementations can range from point solutions for customer service to more complex deployments in larger carriers supporting an increased range of functional areas, improving talent management as insurers scale the business. Advanced VAs can transform how employees interact with enterprise applications via conversational front ends to improve employee productivity, enhance consumer experience, and increase engagement with IoT and devices. Advanced VAs also have the potential to transform how employees interact with enterprise applications via conversational front ends and with advanced VAs identifying patterns in relevant business data, providing analytic insights and alerts/notifications based on real-time changes. Virtual customer assistants could be embedded in D2C customer portals and financial advisors. VxAs — expert systems — could be at the forefront of use augmentation for underwriters, claims adjusters and call center agents and also progress to simple task automation, as well. Various types include: quotation assistant, onboarding assistant, claims assistant, policy assistant and renewal assistant. A VxA could also serve as a powerful tool for lead generation — engaging prospective customers and offering personalized policy recommendations on the basis of their profile and requirements. However, at this time, these persona or value-chain-based offerings are in their infancy, and Gartner has not observed production deployments by insurers of these types of VxAs.
Recommended Actions:
Develop persona-based VAs that assist insurance-specific roles, workflows and everyday tasks, over general insurance VAs for knowledge and analytics. ■
Expand advisory and proactive capabilities of your software by leveraging advanced VAs and pursuing deployment alongside P&C or life insurance core platforms. Establish the API coverage and ease with which integrations can be scheduled, which may vary dramatically between established players and new entrants in this market. ■
Recommended Reading:
Emerging Tech Roundup: ChatGPT Hype Fuels Urgency for Advancing Conversational AI and Generative AI ■
Gartner, Inc. | G00786204
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