Cognitive/Artificial Intelligence systems hold the power to transform insurance industry for good

Cognitive/Artificial Intelligence systems hold the power to transform insurance industry for good Insurance industry is currently on a digital mission to offer contextual and value-centric products and offerings to its customers driven by the change in customer and market expectations, technological disruptions, and the emergence of new kinds of competition [Worldwide Digital Transformation Use Case Taxonomy, 2017: Insurance (Doc # EMEA42769517)]. We believe that cognitive/AI systems can present effective options to help accelerate this transformation journey to achieve this digital mission and stay competitive. Cognitive robotic process automation [RPA] is one of the most prominent applications of cognitive technology emerging in insurance. With the integration of cognitive technologies, RPA is making its way to the front-office operations of insurance organizations (both carriers and intermediaries). Cognitive RPA, also known as intelligent RPA or simply intelligent automation in the form of robo advisors, chat bots, and virtual insurance agents, is expected to have a significant impact on customer engagement roles in the industry in the coming years. Some insurers are taking the lead to leverage Cognitive systems and Cognitive RPA to transform certain aspects of their business: U.S. Insurer Allstate has employed a chatbot called the Allstate Business Insurance Expert (Abie) to help insurance…


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