Today, customers expect a personalized, unique experience. Millennials not only expect a superior experience but also expect their service provider to know in advance about the kind of treatment they prefer to receive. A critical step in delivering a unique experience is to know what your existing customers think about you and your services.
I recently saw a tweet from Mat Velloso - “If it is written in Python, it’s probably machine learning. If it is written in PowerPoint, it’s probably AI.” This quote is probably the most accurate summarization of what has happened in AI over the past couple of years. A few months back, The Economist shared the chart below that shows the number of CEOs who mentioned AI in their Earnings calls. Towards the end of 2017, even Vladimir Putin said: “The nation that leads in AI ‘will be the ruler of the world.” Beyond all this hype, there is a lot of real technology that is being built. So how is 2019 going to look for all of us in the insurance world?
Insurers have been using data to improve the customer experience of their policyholders for quite a while now. This data is typically explicit data that is gathered by asking policyholder specific questions. By gathering implicit data, insurers can now understand the sentiment of their customers at any given point of time during their customer journey, without even asking them.
Insurers have a near-constant stream of unstructured data at their disposal that can be used to drive growth by improving policyholder retention and identifying cross-sell and upsell opportunities. One of the challenges for insurers is sorting through this mountain of unstructured data quickly to gain an accurate understanding of the sentiment of their customers in real time.