{"id":1372,"date":"2019-11-06T12:12:09","date_gmt":"2019-11-06T17:12:09","guid":{"rendered":"http:\/\/insurtechadvisors.com\/?p=1372"},"modified":"2019-11-06T12:16:43","modified_gmt":"2019-11-06T17:16:43","slug":"chatbots-insurtech-vs-big-tech","status":"publish","type":"post","link":"https:\/\/insurtechadvisors.com\/old\/2019\/11\/06\/chatbots-insurtech-vs-big-tech\/","title":{"rendered":"Chatbots:  Insurtech vs Big Tech"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Insurtech funding thru Q3 2019 has hit record levels\ntotaling about $4.4B (approximately 60% being P&amp;C and 40% L&amp;H).&nbsp; Surprisingly, little funding attention has\nbeen made to the \u201cChatbot.\u201d&nbsp; Even though the\nsimple chatbot provides immediate benefits to <strong>customers<\/strong>, <strong>agents<\/strong>,\nand <strong>employees<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to an analysis of <a href=\"https:\/\/coverager.com\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Coverager  (opens in a new tab)\">Coverager <\/a>data, there have been 5 Insurtechs funded for approximately $35M to launch chatbots specifically focused on the Insurance vertical.&nbsp; This amount pails in comparison to how much traditional tech providers like IBM, Microsoft, Amazon and Google have invested in chatbot technology.&nbsp; Afterall, wouldn\u2019t a carrier like to have a chatbot as smart as Watson was on Jeopardy or as \u2018helpful\u2019 as Alexa or Siri?<\/p>\n\n\n\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Chatbots: Insurtech vs. Big Tech\" width=\"640\" height=\"360\" data-src=\"https:\/\/www.youtube.com\/embed\/KR-tcYK1o2M?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Chatbots can help you:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Save Time<\/li><li>Save Money<\/li><li>Improve customer, agent\n&amp; employee satisfaction<\/li><li>Increase customers<\/li><li>Can decrease errors<\/li><li>Allow you to show some\nhumor<\/li><\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>So where do you start?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As with any project, start with the <strong>use case<\/strong>.&nbsp; What opportunity or problem are you trying to\naddress?&nbsp; First, identify your use case then,\nidentify what vendor to use.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Remember, you don\u2019t have to start with <strong>customers<\/strong>. &nbsp;There are perhaps even more use cases for internal\nstaff or your <strong>brokers<\/strong>. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now that you have a use case and realize chatbots can help,\nwho should you consider partnering with? <strong>Insurtech<\/strong> or <strong>Traditional<\/strong>\nTech?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Partner with an <strong>Insurtech<\/strong> if your current tech stack\nis outdated and\/or you want to jump start training the <strong>bot<\/strong> specifically\nfor insurance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Partner with a <strong>traditional<\/strong> tech company to integrate\neasier with your current systems and\/or knowing they will be around for the\nlong term. &nbsp;Unlike Insurtechs, some of\nthe big tech companies provide their chat technology for free!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Here are 7 traditional chatbot providers to consider<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/aws.amazon.com\/lex\/\">AMAZON<\/a>: simply put AWS Lex lets you\nleverage Alexa\u2019s brains. If you are an AWS user \u2013 integration is easy<\/li><li><a href=\"https:\/\/dialogflow.com\/\">GOOGLE<\/a>: Dialogueflow integrates with lots of\nservices and is strong on ML analytics and understanding intent<\/li><li><a href=\"https:\/\/www.ibm.com\/cloud\/watson-assistant\/\">IBM WATSON<\/a>: No this\nisn\u2019t just your Jeopardy contestant. Watson also includes a process for\nmeasuring the emotion of the user and transferring the conversation to a human\nif the user grows angry<\/li><li><a href=\"https:\/\/azure.microsoft.com\/en-us\/services\/bot-service\/\">MICROSOFT<\/a>:\nAzureBot is about building enterprise-grade bots focused on controlling the\ndata. It integrates with Cognitive services to make interactions more\nhuman-like<\/li><li><a href=\"https:\/\/www.liveperson.com\/products\/ai-chatbots\/\">LIVEPERSON<\/a>: is a\ncompletely integrated customer service platform.<\/li><li><a href=\"https:\/\/www.livechatinc.com\/\">LIVECHAT<\/a> is a platform for supporting\nlive agents with a collection of canned responses and commonly sought info<\/li><li><a href=\"https:\/\/www.bold360.com\/\">BOLD360<\/a>: is about \u201cbot and agent harmony\u201d\nIts software aims to blend the work of humans and AI.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Here are 5 Insurtech chatbot providers to consider<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.himarley.com\/\">Hi MARLEY<\/a>: Insurance focused specializing\nin claims, underwriting and policy interactions. APIs to connect with Guidewire\nand Duck Creek<\/li><li><a href=\"https:\/\/www.claimbotcx.com\/\">CLAIMBOT<\/a>: Mostly focused on claims-based\ninteractions. Delivers a seamless conversational chatbot experience on SMS,\nFacebook Messenger and any browser<\/li><li><a href=\"https:\/\/insurmi.com\">INSURMI<\/a>: Designed to guide consumers through the\nentire insurance customer journey from sales to claims to customer service<\/li><li><a href=\"https:\/\/www.meetleo.co\">LEO<\/a>: Focused on helping the insurance agent\nsell and service customers 24\/7<\/li><li><a href=\"https:\/\/www.pypestream.com\/\">https:\/\/www.pypestream.com<\/a>: Focuses on\nconversational transactions that are AI enhanced<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><br>\nThe Path Forward<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As with any activity, it\u2019s very important to pay attention\nto what&#8217;s going on outside your four walls and to identify the best use case.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Look at implementing chatbots thru four lenses:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Will implementing a chatbot\ncreate new value for you and your policyholders?<\/li><li>If you don\u2019t provide chatbots,\nwill you lose market share?<\/li><li>How might chatbots destroy\nold paradigms, ways to interact, and insurance products?<\/li><li>How can chatbots help\nimprove operational efficiency and customer\/agent\/employee experience?<\/li><\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Evaluating the upside and downside of any new innovation\npositions you to better meet the changing needs of your agents, customers,\n&amp; employees.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>About Insurtech Advisors<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Insurtech Advisors is dedicated to helping regional\ninsurance carriers plan for the future today.&nbsp;\nWe help you identify and partner with Insurtechs.&nbsp; This enables you to thrive and continue to\nmeet the needs of your members, employees, and independent agents.<\/p>\n","protected":false},"excerpt":{"rendered":"<p class=\"card-text\">Insurtech funding thru Q3 2019 has hit record levels totaling about $4.4B (approximately 60% being P&amp;C and 40% L&amp;H).&nbsp; Surprisingly, little funding attention has been made to the \u201cChatbot.\u201d&nbsp; Even though the simple chatbot provides immediate benefits to customers, agents, and employees. According to an analysis of Coverager data, there have been 5 Insurtechs funded [&#8230;]<\/p>\n<p class=\"m-0\"><a class=\"btn btn-outline-secondary btn-read-more\" href=\"https:\/\/insurtechadvisors.com\/old\/2019\/11\/06\/chatbots-insurtech-vs-big-tech\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","content-type":"","wds_primary_category":0,"footnotes":""},"categories":[1],"tags":[56],"class_list":["post-1372","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-chatbot"],"_links":{"self":[{"href":"https:\/\/insurtechadvisors.com\/old\/wp-json\/wp\/v2\/posts\/1372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurtechadvisors.com\/old\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurtechadvisors.com\/old\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurtechadvisors.com\/old\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/insurtechadvisors.com\/old\/wp-json\/wp\/v2\/comments?post=1372"}],"version-history":[{"count":0,"href":"https:\/\/insurtechadvisors.com\/old\/wp-json\/wp\/v2\/posts\/1372\/revisions"}],"wp:attachment":[{"href":"https:\/\/insurtechadvisors.com\/old\/wp-json\/wp\/v2\/media?parent=1372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurtechadvisors.com\/old\/wp-json\/wp\/v2\/categories?post=1372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurtechadvisors.com\/old\/wp-json\/wp\/v2\/tags?post=1372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}