AI Articles and Analysis about Customer service

Government interest in AI has picked up in recent years, and many government officials are starting to ask the same questions business executives were asking two or three years ago. Governments and large NGOs are starting to invest in AI, spending budget and time on pilot programs for various AI applications and discussions with people in the field on the future implications of the technology.

KPMG estimated the size of the automotive insurance is expected to shrink by 70% due to the rise in demand for autonomous cars and the shift in liability then being placed on the car manufacturer. With the rise of AI in most sectors, it follows that AI would find its way into the automotive insurance world. AI may allow car insurance companies to keep up with an evolving consumer base that is looking for faster service, faster payouts, and policy prices tailored to them.

Episode Summary: What makes chatbots or a conversational interface actually work? What kind of work does one need to do to get a chatbot to do what one wants it to do? These are pivotal questions and questions that for most business leaders are still somewhat mysterious, but that's exactly what we're aiming to answer on this episode of the AI in Industry Podcast.

Our AI in Banking Vendor Landscape and Capability Map report details the state of various AI approaches and capabilities within specific banking functions, measuring them on their level of funding, evidence of ROI and adoption at large banks, and more. In this article, we discuss how and where banks are using natural language processing (NLP), one such AI approach—the technical description of the machine learning model behind an AI product.

AutonomousNEXT released a report on the opportunity that AI might create in the banking and financial services industry. The report estimated that by 2030, the potential cost savings by applying AI in banking, investment management, and insurance were $490 billion in front office operations, $350 billion in middle office, $200 billion in the back office operations.

Before getting into this report, we have to inform readers that none of the companies discussed below claim to offer software that provides diagnostics, except Cognoa, which has FDA approval to call itself a diagnostic tool. We suspect this is because these companies are not legally allowed to do so. We usually don't refer to a dictionary to determine what constitutes a concept, preferring to create our own informed definitions, such as in our What is Machine Learning? piece, but Merriam Webster defines "diagnosis" as the following: "the art or act of identifying a disease from its signs and symptoms."

The banking and financial sectors are among the top five applications for artificial intelligence across the globe. With India seeming to have woken up to the potential of AI, we decided to cover the developments in the Indian artificial intelligence sector. We then researched the use of AI in the Indian financial services market to better understand where AI comes into play and to answer the following questions:

The insurance industry is looking to adopt artificial intelligence applications for a variety of business functions due to its access to large volume of customer data. According to our AI Opportunity Landscape research in insurance, approximately 46% of AI vendors in insurance offer solutions for claims and 43% offer solutions for underwriting. While there are other areas of insurance that could benefit from AI, it's clear that these two core insurance tenets are where the traction is with AI in the industry.