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.
Amelia is a leading Enterprise AI software company with a long history of innovation in automation and Conversational AI. We create fulfilling human experiences through groundbreaking AI solutions, as we enable conversational experiences, streamline IT operations, and automate processes. In 2014, we launched Amelia, the Most Human AI™; then in 2018, we introduced true end-to-end, enterprise-wide automation allowing enterprises to quickly optimize back-end operations. Amelia is consistently recognized by third-party analyst firms as a market leader. Headquartered in New York City with offices in 15 countries, Amelia’s roster of client success stories speaks for itself: Our technology impacts more than 200 of the world’s leading brands, including global leaders in banking, insurance, telecommunications, and other industries. See how Amelia is powering the Future of Work at amelia.ai.