Tag Archives: Pegasystems

Insurers Invest In Artificial Intelligence

About two-thirds of insurers use artificial intelligence-based (AI) “virtual assistants” to handle some customer calls and use of the technology is expected to increase, according to a just-published Accenture survey.

Today’s I.I.I. Daily, via Bloomberg, reports that 85 percent of the executives surveyed by Accenture indicated that they would invest “significantly” in the technology over the next three years.

Insurance companies will spend on average $90 million on artificial-intelligence technologies by 2020, according to research from Tata Consultancy Services.

The Bloomberg article “Insurance Customers Need to Get Used To Talking To Machines” is timely.

A new global study by software company Pegasystems Inc reveals that while consumers are optimistic about the benefits of AI, they are also confused about what AI really does and have misplaced fears that inhibit them from fully embracing AI devices and services.

In the survey of 6,000 customers in six countries, Pegasystems found that only one in three (36 percent) of consumers are comfortable with businesses using AI to engage with them—even if this typically results in a better customer experience.

Digital Insurance reports: “The irony in many cases is that consumers may be surprised to learn they are already exposed to much more AI than they realize.”

Only 34 percent of respondents thought they had directly experienced AI. But when asked about the technologies in their lives, the survey found that 84 percent actually use at least one AI-powered service or device such as virtual home assistants, intelligent chatbots, or predictive product suggestions.

“When asked separately to identify AI-powered devices, only 41 percent knew Amazon’s Alexa and Google Home run on AI.”