Insurance companies that leverage cognitive computing, or Artificial Intelligence (A.I.) can close the gap in meeting changing customer expectations in a competitive InsurTech age.
Speaking to Canadian Insurance Top Broker at the InsurTechQC conference in Quebec City on Monday, Christian Corso, partner and CEO, Financial Services Leader, Quebec IBM Global Business Services, said insurance industry executives recognize the potential of A.I., but are unsure exactly how to leverage it.
Corso noted that, according to IBM’s Global C-suite Study, in which 333 business leaders from the insurance industry across 70 countries were surveyed last year, more than half (52%) of insurance industry C-suite executives around the world see the huge potential of cognitive computing in the next three to five years, compared to the global 37% average across other industries.
Insurance executives are more aware of just how revolutionary new technology could prove than their counterparts in other sectors, the survey revealed.
They see mobile solutions as having the greatest impact (76%) over the next three to five years, followed by the Internet of Things (64%) and cloud computing (70%).
When it comes to predicting new trends and technological developments, insurance executives are more likely to use predictive analytics than other sectors (73% vs 63%).
The ‘missing piece of the puzzle’
The survey revealed that insurance executives are 38% more focused than those in other sectors on analyzing what their competitors do, while they’re 23% less focused on analyzing customer feedback.
“The industry needs to have a lot more focus on customer-centricity. And cognitive computing has the potential to close that gap,” he said.
“The survey shows cognitive computing can make all aspects of insurance more effective, not only by cutting costs but enabling companies more time to serve their customers better – including marketing (gain customer insights); service (creating interaction points); analytics (determine risk models); and claims (assist with compliance and claims processing),” he said.
“Most companies are rushing to ask how they can improve their bottom line by leveraging technology. Rather, they should be asking how they can use it to improve the customer experience and meet their customer’s changing expectations. It all starts with the customer.”
Playing in the InsurTech space
While cloud-based cognitive technology is often overlooked by companies seeking technologies that have the highest and most immediate impact, Corso said it can help insurance companies provide the same type of efficiencies in consistent customer experiences and engagement that is offered by InsurTechs, thus leveling the playing field.
“We often associate InsurTech with innovation, but at the end of the day, by leveraging technologies like cognitive computing, traditional insurance companies can be just as innovative.”
*Conference coverage made possible by InsurTechQC
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