Cognitive computing is emerging from the shadows and rapidly impacting our professional and personal lives. Some insurance companies are already exploring the utility of chatbots and smart advisors to provide the right suggestions to their customers. Learn how to get started.
Banking, financial services and insurance companies deal with an enormous amount of transactional data, contend with a large amount of back-office processing requirements, and need to scale up efficiency in advising their customers. Cognitive computing technologies might be the savior; it can comprehend enormous amounts of data, apply reason, extract insights and continuously learn while interacting with people and fellow machines.
A four-step approach
We recommend a four-step heuristic approach that will help enterprises not only see immediate ROI, but also prepare the business to transform for a completely disrupted future landscape:
In what areas of insurance might cognitive computing be applied? Automated systems that monitor, track and report suspicious activities to detect, predict and avoid fraud can be improved with the application of machine learning. At a consumer level, robo-advisors can help customers make decisions based on their behavioral patterns to personalize banking offerings. In the back office, cognitive technologies are automating document processing, contract management and other processes where a large amount of human manual effort is being accelerated with robotic process automation supervised by humans.
In a near future, humans and machines will coexist to enable businesses to make faster and more informed decisions, improve operational performance and enhance organizational productivity. To learn more, download the report Cognitive Computing: The Next Stage in Human/Machine Coevolution