How chatbots are driving insurtech

MATT HIGH | March 10, 2020

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The first chatbot, called ELIZA, was built in 1966 by MIT professor Joseph Weizenbaum. It used a pattern matching system to simulate a human conversation and gave a series of scripted responses designed to have it play the role of a therapist. Today, chatbot technology is a vital part of the way that companies across a myriad of sectors interact with their customers, with applications covering everything from content delivery to conversational ecommerce. By 2025, the global chatbot market is expected to reach $1.25bn.

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FBinsure

At FBinsure we have a fundamental belief that the traditional insurance buying process is flawed and ultimately harmful to consumers and businesses alike. We have committed ourselves to developing innovative strategies to address the risks that drive our client’s insurance costs. Whether you are developing an insurance program and risk management plan for a 1,000 employee organization or you are navigating the complexities of insuring your most precious assets, with auto insurance, homeowner's insurance, or life insurance FBinsure's industry experts will work proactively with you to design solutions that meet your needs. As your advocate, we strive daily to exceed your expectations.

OTHER ARTICLES

How chatbots are driving insurtech

Article | March 10, 2020

The first chatbot, called ELIZA, was built in 1966 by MIT professor Joseph Weizenbaum. It used a pattern matching system to simulate a human conversation and gave a series of scripted responses designed to have it play the role of a therapist. Today, chatbot technology is a vital part of the way that companies across a myriad of sectors interact with their customers, with applications covering everything from content delivery to conversational ecommerce. By 2025, the global chatbot market is expected to reach $1.25bn.

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There’s been a lot of talk about artificial intelligence amongst those involved in the insurance technology (insurtech) and legal industries, and for very good reason. AI is a transformative technology that has the power to revolutionize how legal and claims litigation work is performed. Indeed, with AI in their corners, legal and claims professionals can address many of the challenges that they face on a daily basis, including cost control, staffing levels, compliance with billing guidelines, and more.

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How artificial Intelligence is changing insurance

Article | April 4, 2020

Here, we present the global megatrends that risk disrupting the insurance industry, and look at some of the insurtechs using AI to succeed Insurance is an industry that thrives on predictability. The more certain the outcome, the more insurance firms can be sure to offer fair rates and generate value for customers and shareholders alike. As such, it’s an industry that has been slow to adopt new technologies and adapt to global change. Today, however, change is here, and more is on the way.

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Top 3 Challenges to Data Science and Machine Learning Adoption in Insurance

Article | March 27, 2020

Hiring people with skills in machine learning is extremely difficult across industries due to a shortage of talent and skyrocketing demand. But the insurance industry is better positioned than most to overcome this challenge via upskilling. With tens (possibly hundreds) of statistics-minded actuaries already on staff, providing the right tools to nudge them into the world of data science is a small step. Upskilling business staff is also a great way to fill talent gaps, and in many ways, it’s necessary for insurance businesses that want to democratize data science.

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Spotlight

FBinsure

At FBinsure we have a fundamental belief that the traditional insurance buying process is flawed and ultimately harmful to consumers and businesses alike. We have committed ourselves to developing innovative strategies to address the risks that drive our client’s insurance costs. Whether you are developing an insurance program and risk management plan for a 1,000 employee organization or you are navigating the complexities of insuring your most precious assets, with auto insurance, homeowner's insurance, or life insurance FBinsure's industry experts will work proactively with you to design solutions that meet your needs. As your advocate, we strive daily to exceed your expectations.

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