Article Synopsis :
Automation, artificial intelligence (AI) and machine learning (ML) are no longer the stuff of science fiction but influencing what machines are capable of doing today.
They offer the benefit of taking out human error, increasing accuracy and precision at a faster pace. This creates new business opportunities and a demand for more intelligent and sophisticated systems to analyse the ever-increasing amount of data.
Automation as modernisation takes AI and ML and applies it to processes to remove the human element. Yet all sectors are adopting the technology to transform the way they will do business in the future.
The paper identifies a number of industries that will benefit greatly from AI and ML.
A customer focused approach will offer more tailored products and build engagement. Even using chatbots instead of real people, financial services entities will improve margins through lead generation, and improved personal experiences.
Robotic process automation (RPA) will assist with bottom-line growth, strengthening processes and improving governance. This will reduce the incidence of financial frauds.
Chatbots and assistance can handle patient queries and even recommend treatment. Systems can analyse tests and monitor individual health data. AI can also be used in medical training to augment the resources of teaching hospitals.
Chatbots allow consumers to interact with brands faster than a call centre ever could. It can gather data on usage patterns and suggest options, monitor social media monitoring and generate marketing analytics.
Knowing what consumers are spending is useful for planning of logistics, transportation, manufacturing, suppliers, marketing, etc. Insights that can influence consumer spending will prove successful or allow struggling campaigns to be turned around by understanding the failings – certain stores, processes, management, etc.
AI will revolutionise education as everything can be tailored to the individual student. Delivery is only the start. Monitoring will be enhanced through automated marking and grading and identifying learning paths for individuals.
Like the banking world, AI will benefit insurance by detecting fraud, processing claims, suggesting policy options and offering better value premiums. Personalisation was previously based on age, sex, etc, but will be based on data drawn from other systems. These will include healthcare and the internet of things (IoT).
While these changes are being embraced by industry, the consulting world has work left to do.
If consultants are to enable clients to adapt to this technology by taking advantage of the innovation it offers, the industry must embrace the technology now and use it to build success for its clients.
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Digital Insurer's CommentsAI and ML are here and coming to a service industry you use very soon.
Each of these industries is bogged down by red tape and paperwork.
The insurers that get to grips with improving these processes will transform how society interacts with these services, to the eternal thanks of consumers, the appreciation of regulators and the eternal gratitude of their shareholders.
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