TECH: AI
The Intelligent Agency
How artificial intelligence can transform the industry
The applications
won’t just provide
easy access to
information;
they’ll also present
recommendations,
offer predictions, and
reveal trends that
can guide day-to-day
operations.
Shashank Joshi, Director of IT, leads
the technology innovations lab at
Ebix Inc., with a focus on Artificial
Intelligence, Machine Learning
and Robotics Automation. His
expertise includes Case Management
Operations, E-Applications, and
Underwriting Workbench products.
He can be reached at Shashank.
[email protected].
18
Perspectives
Q3 2019
Artificial intelligence (AI) has already reshaped everyday life for many of us. We ask the virtual
assistants in our smartphones and smart speakers to give us weather reports, play music,
shop, and more. This technology is just starting to make inroads into the insurance world.
AI-powered technologies like natural language processing, machine learning, and predictive
analytics will bring about dramatic changes in user experiences and solution possibilities
that wouldn’t be conceivable otherwise. The applications won’t just provide easy access to
information; they’ll also present recommendations, offer predictions, and reveal trends that
can guide day-to-day operations. They’ll even speak and understand insurance jargon.
Insurance technology is already being tested that will leverage AI to help agencies bolster
their value to agents, streamline case management processes, and more. Some example
scenarios that reveal AI’s promise are:
Agent Recruiting and Support
First contact: A potential recruit is sizing up your agency. The agent visits your advisor
portal and is greeted by a virtual assistant. Through chat or voice, the agent asks some
basic questions about your business and receives answers instantly. The assistant then
offers to direct the agent to a recruiter and enters the agent’s information into the
agency’s recruitment system.
Candidate evaluation: After receiving data about multiple candidates, the recruiter runs
the data through a predictive analytics system. The AI in this system uses the submitted
data cross-referenced with public industry and general research datasets to predict the
candidate’s production potential in terms of application premiums. The recruiter can now
focus recruitment efforts on the most desirable candidates.
Agent support: An agent who has an established relationship with the agency needs
product information and has commission payout question. Instead of trading emails or
playing phone tag with the recruiter, the agent asks the agency’s virtual assistant, which
answers most of the questions. For those questions it can’t answer, the assistant helps
schedule a call with the recruiter.
Smart Sales Tools
Sizing up prospects: An agent has a list of leads but needs a fast, logical way to prioritize
them. The agent turns to the predictive analytics system to quickly pull up a report
showing the potential annual premium for each lead based on available data and recent
trends. The agent narrows the list for prospects with predicted annual premium above a
certain amount.
Quotes and comparisons: An agent is on a call with a client and needs a quick product
quote or comparison. The agent accesses a virtual assistant, provides all the relevant
details for the quoting engine, and within seconds, receives a quote.
Cross-sell/upsell suggestions: During the presale process, the agency management
system analyzes a clients’ data and sees an opportunity to sell long-term care insurance.
The system then sends its recommendations as an alert to the agent for follow-up.
Faster applications: When a client is ready to apply for a policy, the agent accesses the
virtual assistant, provides required application data and instantly it feeds the data into
the drop-ticket system for the agent.
Case Management and Underwriting
Status updates: Instead of fielding calls and emails from agents about the progress of
cases, case managers leave that work to a virtual assistant. An agent accesses the agency
portal, asks the virtual assistant for an update and receives an answer instantly. The
assistant even offers the option to escalate to a case manager.
Technical assistance: An experienced case manager has left the agency, and the
replacement is still learning the agency management system. The new case manager
forgets how to update a requirement and asks a built-in virtual assistant. The assistant
explains where to find that feature and provides a link to more help.
Scheduling: A case manager needs to arrange a medical exam for an applicant. The
manager asks the virtual assistant to find an available time with a service provider that
falls within the applicant’s preferred timeframe. The assistant finds an appointment and
does the scheduling.
A Promising Future
The march of technology continues for the insurance industry, and AI looks likely to be the
next big leap. It’s not too early to start thinking about how these technologies can help attract
agents and introduce efficiencies into business processes.
Bryan Eshelbrenner is director of
product management for Ebix’s
SmartOffice platform. He has more
than 16 years of experience in
the financial technology sector,
overseeing software design,
development, quality control, sales,
and marketing. He can be reached at
[email protected].