Learn about the latest insurance technology: https://ap.pn/2tckdaC Many insurance companies have begun adopting and integrating new technologies into their corporate ecosystems as they attempt to attract and retain customers in a highly competitive market. And it’s not just customers that they are trying to attract and retain – they are trying to do the same with employees, as well. But, it is not just technology for the sake of technology. The forces driving innovation are practical, used to speed the response to questions, make their employees more productive, and in many cases, both. Here are some of the innovative ideas being brought to the table to accelerate the pace of change – and the impact that they are having on the customer and employee experience. Learn more about digital transformation for insurance: https://ap.pn/2tckdaC

1. The Forces Driving Innovation in Insurance

2. The words insurance and innovation have
not always been used together, but that
has begun to change.
Many Financial Services and Insurance
(FS&I) companies have begun adopting and
integrating new technologies into their
corporate ecosystems as they attempt to
attract and retain customers in a highly
competitive market.
New technologies

3. And it’s not just customers that they
are trying to attract and retain – they
are trying to do the same with
employees, as well.
Customer and employee retention

4. But, it is not just technology for the
sake of technology. The forces driving
innovation are practical, used to speed
the response to questions, make their
employees more productive, and in
many cases, both.
Increasing productivity

5. Ultimately, they are using
technology in ways that impact the
moments of truth – key interactions
with customers and prospects that
can literally make or break the
relationship.
The moments of truth

6. Cognitive computing can be incredibly
powerful, augmenting human
interaction and decreasing turnaround
time on processes for faster, more
accurate answers.
FS&I companies generally use cognitive
computing, like Watson, to power
Natural Language Processing (NLP)
apps – either chat bots, or voice
recognition apps like Siri or Alexa.
Accurate Answers, Faster

7. Most chat bots are used to answer frequently asked questions.
They work by translating written or spoken text into intents,
using Artificial Intelligence (AI) to recognize the
similarity between questions like:
Chat Bots
Please change the deductible of my automobile policy to XYZ
Make XYZ the new deductible for my automobile policy

8. Chat bots are online 24/7, giving
companies an “always on” capability,
something the consumer of today
expects from their insurers.
Having them embedded in a website cuts
down on call center traffic, leaving staff
there available for more complex
questions and giving them time to upsell.
Always on

9. Insurers are leveraging Robotic
Process Automation (RPA) – like
BluePrism – to automate repetitive
tasks generally associated with getting
data from a back-end system or
putting data into a back-end system.
Automate Tasks to Streamline Processes

10. RPA is a digital workforce of software
robots that can be invoked at various
points within the overall business process
to eliminate repetitive work performed by
people.
The result is much greater automation and
greater visibility into the overall business
process.
Robotic Process Automation

11. For customers this equals speed – faster
answers to questions and shorter waits in
call queues.
For staff, this gives them the time to spend
on higher-value tasks.
RPA = Speed

12. We know there is ROI in digitizing operations.
Forward-thinking companies understand that
these innovative ideas require a platform ap-
proach to be successful.
This approach works for both InsurTechs and
established companies.
Tying it Together

13. The combination of a low-code platform, RPA
and cognitive technologies enables next stage
efficiency gains in terms of speed, accuracy,
transparency and immediate availability of
information.
The common thread in all of these ideas is that
they’re being used by FS&I companies in
practical ways that improve their bottom line
and help their customers and employees.
Efficiency

14. Putting the customer first is not a new
idea – but it persists because it works.
And happy, empowered employees are a
good thing for both employers and
customers.
Customer first

15. Learn More
www.appian.com/insurance
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twitter.com/appian
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