Insurance companies are sitting on a trove of the one thing AI requires to be successful — data. And AI technologies like machine learning have the ability to make that data actionable. Machine learning can look at data in a number of different ways. It can rank information, putting what it thinks you are looking for at the top of a list; classify information like images; make recommendations; and associate something with a numerical value. It can also group similar things together and detect anomalies.
To improve their customer experience, many are investing in chatbots powered by natural language processing. Chatbots are fast and efficient, and customers can interact with them in the way they are most comfortable communicating — via whatever mobile device they have in their pocket. And, unlike humans, chatbots can help more than one customer at a time and are available around the clock. But they are not strictly a utility play. When they are designed to have personalities that align with the brand powering them, they move from being simply transactional to transforming the customer experience.
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