Nand Kishor is the Product Manager of House of Bots. After finishing his studies in computer science, he ideated & re-launched Real Estate Business Intelligence Tool, where he created one of the leading Business Intelligence Tool for property price analysis in 2012. He also writes, research and sharing knowledge about Artificial Intelligence (AI), Machine Learning (ML), Data Science, Big Data, Python Language etc... ...Full Bio
Nand Kishor is the Product Manager of House of Bots. After finishing his studies in computer science, he ideated & re-launched Real Estate Business Intelligence Tool, where he created one of the leading Business Intelligence Tool for property price analysis in 2012. He also writes, research and sharing knowledge about Artificial Intelligence (AI), Machine Learning (ML), Data Science, Big Data, Python Language etc...
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A Match Made in Heaven-Chatbots and Insurance Services
The use of chatbots within the insurance industry goes back over ten years: chatbot Hanna began "working" for the Swedish Social Insurance Agency in 2003 by providing customer service, directing website visitors and giving them information on social insurance. Allianz Australia has their own agent named Allie, and Canadian firm RBC Insurance has Arbie, a blue-suited, hat-wearing character with simple chat capabilities that rely on frequently asked questions. Similarly, Nienke helps customers navigate through Dutch insurance firm Nationale-Nederlanden's (NN)'s website.
These chatbots, however, are fairly basic in terms of functionality. They represent the first generation of what ex-Uber and ex-Google engineer Chris Messina calls "conversational commerce". With advances in artificial intelligence and natural language processing, chatbots have come a long way since these the first commercial chatbots arrived on the scene. US auto insurance company Geico, which has a customer base of over 14 million, has a new intelligent agent named Kate who is available within their iOS app (and soon Android); customers can type or speak to initiate a conversation with her.
"Interactive voice assistant technology has altered the way customers interact with their mobile devices. Kate is very intuitive and has been programmed to connect with policyholders at a deeper level," says Pete Meoli, GEICO mobile and digital experience director.
This more complex and yet more accessible version of a chatbot, which is voice-activated and lives within a mobile-app, may soon become the industry standard. In a Medium post in which he declared 2016 to be the year of conversational commerce, Messina said that over time "computer-driven bots will become more human-feeling, to the point where the user can't detect the difference, and will interact with either human agent or computer bot in roughly the same interaction paradigm".
Mobile and voice will push chatbots into mainstream
The language of conversation rather than traditional computing interfaces, says Chris Messina, is more comprehensible to a wider audience, "which will in turn accelerate the adoption of conversational agents faster than we saw with desktop apps".
Microsoft CEO Satya Nadella has also spoken about how the future of chatbots is tied to the future of fintech, specifically the insurance industry.
Ex-Apple CEO John Sculley has thrown his hat into the commercial chatbot ring, stating at the 2016 Money 20/20 conference that finance companies should "plan for radical change or prepare for obsolescence", which applies to those in insurance tech, or insurtech, as much as the rest of the fintech sector, especially since funding for insurtech companies rose from US$740 million to US$2.7 billion from 2014 to 2105, according to CB Insights.