Individual life insurers face multiple market challenges. Sales aren’t keeping pace with lapses and surrenders, which is leading to a decline in growth. What’s more, insurers are finding it difficult to address the service and financial needs of Millennials.
Insurers are under increasing pressure to deliver a frictionless and simple customer service experience. Conversational technology like chatbots are becoming attractive supplemental channels for insurers as a result.
Large commercial brokers are under pressure to demonstrate value to carriers by identifying high-value prospects and to help clients satisfy loss drivers and find the best coverage. Consolidation also continues to increase, and regulation is driving the need for improved process efficiency.
The value of “product freshness” is well understood across most segments of the insurance industry. Insurers are under pressure to seize new market opportunities or at least become fast followers of competitor offerings, lest they lose market share.
What do robotic process automation (RPA) and artificial intelligence (AI) have in common? RPA vendors are getting billion-dollar valuations and talking more about AI, machine learning (ML), and cognitive computing.