By Insurance CIO Outlook | Wednesday, August 26, 2020
Machine learning has proven to be useful for insurance agents and brokers in various ways. These include capturing knowledge, skills, and expertise from a generation of insurance staff before they retire in the next 5 to 10 years and use it to train new employees.
FREMONT, CA: Technology has become the dominant force across all businesses in the last few years. Disruptive technologies like Artificial Intelligence (AI), machine learning, and natural language processing are improving rapidly and quickly, evolving from theoretical to practical applications. These technologies have also made an impact on insurance agents and brokers. Many people continue to view technology as their foe. They either believe that machines will eventually replace them, or that a machine can never do their job better than them. While this may not be true, some aspects of it are relatable. For instance, a machine will never be able to provide real-time advice as a live agent does. However, low cost and easy to use platforms are currently available that allow agents and brokers to take advantage of this technology to enhance their delivery of advice and expertise to prospects and clients.
Machine learning has proven to be useful for insurance agents and brokers in various ways. These include capturing knowledge, skills, and expertise from a generation of insurance staff before they retire in the next 5 to 10 years and use it to train new employees.
Employee Augmentation
It helps provide personalized answers for a wide range of insurance questions. Digital customers want to get answers for their questions anytime and not just when an agent’s office is open.
Personalized Digital Answers
It helps create and deliver a digital annual account review for personal lines or small commercial insurance accountants. A robust analysis leads to client satisfaction, creates cross-selling opportunities, and reduces errors and omission problems for the agency.
Digital Account Review
Many believe that artificial intelligence and machine learning will be the end of insurance agents as a trusted source for adequate protection against financial losses. However, these technologies are a threat only for insurance agents that are simply order takers. Insurance agents and brokers that embrace the technologies will always find opportunities to grow.
These emerging technologies mustn’t be seen as a bane but as a boon. Insurance agents and brokers need to work in tandem with the upgrades in technology and leverage it to the best use. It holds increased potential to enhance customer satisfaction and offer a higher quality of service.
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