Report predicts strong uptake in AI technologies among insurers through next year.
NEW YORK, October 19, 2017 – Celent Research, a leading research and advisory firm focused on financial services technology, has highlighted the strong conversational capabilities of IPsoft’s Amelia, the marketing-leading cognitive agent, as part of a recently released report entitled, “The Virtual Agent: Natural Language Processing in Insurance.”
With Natural Language Processing, or NLP, becoming more relevant and popular in the insurance industry, Celent’s report includes a comprehensive look at the elements of NLP, its strategic importance for insurance companies, and best practices for deployment. The report notes that several insurers are “already using artificial intelligence, including virtual agents, to solve internal and external business problems,” and assisting with on-boarding customers and ongoing customer support.
The report includes information on vendors using NLP to service the insurance industry, including a section on Amelia’s ability to use natural language and self-learning to augment the overall customer experience.
“The insurance sector is brimming with opportunity for natural language processing technologies like those in Amelia to boost their bottom lines while delivering greater customer service,” said Edwin van Bommel, IPsoft’s Chief Cognitive Officer. “Amelia is already in use at seven of the top ten US insurance companies, where she solves a variety of customer requests with over 92 percent aggregate precision. From sentiment detection, to seamlessly working with existing business applications, NLP is the binding force that will unite disparate processes and introduce a whole new level of efficiency for insurance company CIOs and business leaders.”
The Celent Research report defines NLP and includes a discussion on how insurers can select the most impactful use cases for an NLP solution. Other insights within the report include:
- Exploring all of the areas within an insurance business that can greatly benefit from NLP.
- Explaining the maturity levels within different types of NLP solutions.
- Identifying top vendors in the NLP space.
- Providing a series of best practices for NLP use, ranging from creating a center of excellence where new NLP concepts can be securely analyzed to taking the time to communicate the NLP benefits to company staff and personnel.
Celent’s report concludes that AI investments, such as those that leverage NLP, will see a significant uptake in the insurance industry through next year, with new use cases emerging among insurers. This mirrors overall AI adoption across industries; for example, 85% of executives surveyed by Accenture said they would invest heavily in AI-related technologies over the next three years.
More on Celent Research, its research and its services can be found here: www.celent.com.
IPsoft automates IT and business processes for enterprises across a wide range of industries by deploying digital labor. Through its portfolio of world leading autonomic and cognitive solutions, IPsoft provides services that allow its clients to secure competitive advantage. Headquartered in New York City, IPsoft has 16 offices in 13 countries across the world and serves more than 500 of the world’s leading brands directly as well as more than half of the world’s largest IT services providers.