{"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&C and 40% L&H).\u00a0 Surprisingly, little funding attention has\nbeen made to the \u201cChatbot.\u201d\u00a0 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.\u00a0 This amount pails in comparison to how much traditional tech providers like IBM, Microsoft, Amazon and Google have invested in chatbot technology.\u00a0 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& 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>.\u00a0 What opportunity or problem are you trying to\naddress?\u00a0 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>. \u00a0There 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. \u00a0Unlike 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\u2019s 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& 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.\u00a0\nWe help you identify and partner with Insurtechs.\u00a0 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&#038;C and 40% L&#038;H).\u00a0 Surprisingly, little funding attention has been made to the \u201cChatbot.\u201d\u00a0 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}]}}