Artificial intelligence (AI) has become prevalent in every industry and in many homes, as well. If you’ve asked Siri to help you book a reservation at your favorite restaurant through OpenTable or used Alexa to create a playlist for a cocktail party you’re hosting, you’ve used AI.
In business settings, AI is beginning to help people schedule meetings, sift through resumes to find likely job candidates, and even provide customer service through chatbots online.
What Is Artificial Intelligence?
You’ve probably heard the phrase Artificial Intelligence many times and may even have a hint about what it means. You may have also heard another closely related term: Machine Learning.
An AI computer can act and react in ways similar to a human being. In other words, it can appear to think, and it can learn based on past experiences.
Machine learning is the means by which computers gain artificial intelligence.
In 2016, technologist, futurist, and investor Andrew Ng wrote, “If a typical person can do a mental task with less than one second of thought, we can probably automate it using AI either now or in the near future.”
This may be a vast simplification – or perhaps an over-statement – of AI’s capabilities. AI excels at pattern recognition, data sorting, voice recognition, and even responding to simple inquiries.
With this in mind, it’s easy to pinpoint some areas where AI could streamline insurance renewals, recordkeeping, audits, and bookkeeping for insurance professionals in the next five to 10 years – and perhaps even sooner.
Many brokers today use limited business intelligence analytics to track their business, but most of the activities are tracked manually, which means increased overhead and extra time spent staring at spreadsheets.
DBL Center’s Broker Dashboard can streamline many of your business intelligence processes, including tracking renewals, notifying staff of late payments, and tracking commissions. In the future, it will be able to track data across all your P&C accounts, not just policies purchased through The DBL Center.
But this is only the beginning. Future versions of these powerful business intelligent (BI) engines are nearly destined to employ AI and machine learning. The next iterations of Broker Dashboard may be able to analyze data faster, recognize relevant patterns, save brokers time, and potentially increase sales.
The potential for AI in the insurance industry in the future is incredible. Just as AI capabilities advance in the fields of healthcare and human resources, the insurance industry needs only embrace AI’s potential to streamline their business and earn more.
The Broker Dashboard of the future may be able to use artificial intelligence and machine learning to:
Predict which clients are likely to pay late so brokers can take pre-emptive action. Unlike running a credit check or looking at past behavior of that client, the AI algorithm can look at past behavior of clients with similar characteristics to predict future behavior of new clients. Brokers can take proactive steps to ensure bills are paid on time with reminder notifications or perhaps phone calls.
Identify good candidates for upsells like enriched DBL and ancillary benefits. AI could help increase the success rate of sales calls. Rather than taking a shotgun approach to try to sell existing clients bundled benefits packages, AI can help brokers identify highly-qualified leads most likely to say yes. Brokers will be more productive and earn more by delivering the benefits their clients really want.
Track the reasons behind cancellations. What if you could increase your retention rates by understanding why certain clients cancelled and take steps to retain similar clients? It’s always cheaper to keep a customer than to make a new one. By pinpointing cancellation patterns, AI can help you increase retention rates and keep your brokerage growing.
Track successful existing clients and identify likely prospects. If you are like many brokers, you’ve been working on building your database of prospects through social media, inbound marketing, direct mail, and in-person networking. AI is well-suited to compare that list to a list of your most successful clients. AI can help you cull down your massive database to find top prospects who are not only likely to say “yes.” It may also be able to pinpoint clients who will pay on time, stay with your company for years, and purchase multiple lines, including DBL, business insurance, home insurance, group life, and ancillary benefits.
AI can take a lot of the guesswork out of insurance sales with business intelligence analytics. AI can recognize patterns of behavior and help brokers capitalize on all the data they have at their fingertips today.
Brokers who adopt these advanced technologies as they become available will save time, earn more, and stay ahead of the curve.
With our new broker dashboard and other business intelligence tools within reach, DBL Center can help.
by Michael Cohen