The Future of Insurance is Now! Intelligent Systems Powered by AI are Taking the Insurance Industry by Stormt2021-03-02T02:13:34+00:00
The Future of Insurance is Now! Intelligent Systems Powered by AI are Taking the Insurance Industry by Storm
PUBLISHED ON january 20, 2021
François Dufour, Vice-President Business Development
Montreal, January 20, 2021 – The Future of Insurance is Now! Intelligent Systems Powered by AI are Taking the Insurance Industry by Storm
Covid-19 has brought a lot of changes to the way we live and do business. Some are more on the positive side than others. One constructive aspect that will echo into the many years to come is the rapid transformation to digitalization. This fast change in our day-to-day has steered us into a remote working routine. Indeed, whether you are using an app to e-sign a document, send an email and even meet a colleague, everything is now done behind a computer screen… and one way to optimize this swift evolution is to utilize artificial intelligence in our processes.
At Koïos Intelligence we have developed one of the most intuitive robo-advisors on the market. We call the robo-advisor Olivo, and it is capable of interacting with you at a very advanced degree of knowledge. It can advise on life, p&c, funeral, mortgage and travel insurance. Olivo is the equivalent of SIRI or Alexa on steroids and specialized in insurance. It can identify your needs, answer your questions and quote you a price for your policy within minutes. A fully automated business transaction that eventually will lead to Olivo issuing a contract.
The tool is now offered to Managing General Agents (MGA’s) that wish to increase their productivity. In fact, the tool is catered to advisors that want to have an extension of themselves, working 24/7 and answering multiple questions from multiple different prospects and/or clients at the same time. From the empirical data examined we have determined an increase in productivity upwards of 300% versus not using a robo-advisor. The goal is not to eliminate the human factor but rather increase throughput. In an interesting parallel, not so long ago food production was the occupation of 80% of the population compared to now at 1%. This major improvement has only been possible because of technological advancements.
Noticeably, the insurance industry is lagging behind banking sector. The latter has done leaps and bounds to streamline its processes, from interacting with clients to issuing documents. We think that given the immense workload incumbent to updating the insurance industry’s business processes, a drastic solution is required. By using AI, transactions can be optimized, saving up to 55% on the clerical time. Furthermore, the machine works 24/7 meaning it computes at night and when the employees return in the morning they can complement what has been done overnight.
As Aristotle said, “Those that know, do. Those that understand, teach”. Hence the ultimate evolution of mankind is to teach machines to learn. We have seen history repeat itself a thousand times on a thousand faces, but for AI we are in a new and exciting adventure and the best is yet to come.