Brian Martin, Regional Director of Spitch UK and Ireland, emailed this response to the Accenture report on InsurTech investment.
It’s promising to see the insurance industry embracing technology on such a huge level, but there’s still a way to go to truly streamline the experience for consumers. Accenture’s figures suggesting that the number of insurtech deals increased by 39% globally in 2017 certainly reflects the current market appetite we’ve seen for advanced technology solutions such as Natural Language Processing (NLP) and voice technology.
For most business interactions, especially in customer service, human-machine dialogue is replacing costlier human-to-human interactions and, in our experience, many forward looking insurance companies are already adopting voice driven technology making human-machine dialogue ubiquitous in day-to-day life.
Insurance is one of the industries where the pressure of the incumbent disruption (e.g. new customer service and risk calculation approaches by InsurTechs) will be especially pronounced. In fact, InsurTechs are already making their bets on leveraging the existing data to generate risk insights, develop new capabilities in customer service that make it easy and more fun to deal with them, and finally – offer trusted dialogue-based customer relationships with personalised products and hassle-free delivery.
NLP and voice technology can take the customer experience to the next level by prioritising customers based on distressing tones in their voice, automating form fill-in, protocolling customer calls automatically, preventing fraudulent claims through voice verification, and saving costs in call centres by automating insurance claims.
It will certainly be interesting to see what the future of insurtech will look like as the focus of the customer experience and investment in technology to bolster that becomes more of a priority across the insurance industry.