Top Digital Banking Trends for 2022
Top Digital Banking Trends for 2022 The majority of history’s defining moments are only apparent in hindsight. However, the pandemic is a real-time dividing line for the financial industry. If 2020 and 2021 were the years in which COVID compelled banks to embrace change, then 2022 will mark the institutionalization of that change and the […]
Conversational AI in Insurance: Enriching the Customer Experience
The enormous benefits of using Conversational AI in the insurance industry are already becoming apparent. Leading insurance companies have transformed their customer service by automating the end-to-end resolution of over 80% of incoming inquiries using AI-powered Intelligent Virtual Assistants (IVA) while slashing operating expenses dramatically. Identifying consumers’ motives for initiating contact has become critical analytics […]
Will Predictive Analytics Be a Game Changer for Insurance Carriers
Though not full-fledged, insurance companies have been using predictive analytics for the longest time, especially in forecasting customer behavior. The process involved collecting information from various communication channels, interactions with clients, agent feedback, smart home systems, and more. But of late, insurers have identified that better claims management and clearer underwriting services are the key improvements that predictive analytics can bring to the insurance […]
Is Artificial Intelligence & Machine Learning Radically Transforming the Insurance Industry?
The global AI market is estimated to grow at a CAGR of 42.2% to $733.7 billion by 2027, and with that the AI & ML applications in insurance are only going to increase in leaps and bounds. AI has been widely adopted across the world by businesses in diverse industries and the insurance sector has been […]
How Are Chatbots Transforming the Insurance Industry?
According to a recent study, the use of conversational AI chatbots for insurance will lead to cost savings of almost $1.3 billion by 2023, across motor, life, property, and health insurance, up from $300 million. This can prove to be a differential factor that can allow insurance firms to stay at the forefront of the […]
6 Tips for a Successful Machine Learning Project
Technological advancements are increasingly defining the scope of interpersonal interactions. VidCruiter, MyInterview, XOR, SparkHire, OutMatch, RecRight, Avature, or Harver, in tandem with the additionalities they offer, are incrementally setting the norm for social communication. Against the backdrop of a public health crisis, a critical consequence has been the shift to remote work, and subsequently, remote […]