Digital revolution has transformed the way customers purchase products, interact and engage with companies. Life Insurance industry has seen a rapid adoption of this dynamic and evolving digital revolution.
Digital technologies such as AI, ML, Big Data Analytics and RPA have been observed to enable a wide range of new applications by collecting, analyzing and operationalizing data for improved business operation efficiency, optimized processes, diminished rate of human failures, market growth and customer retention.
The Life Insurance industry will go further by digitally enabling their sales forces and customer interactions in real-time Omni channel environments and offering remote, RPA driven advice 24/7 on varied digital platforms.
In the coming years, the channels and business models will completely transit to digital mode, thereby, reducing human interface, increasing system reliability and protecting interests of customers. Although, humans will continue to design sharper and evolving digital solutions; with reliance on AI & ML, the bots shall take over some of the repetitive jobs and slowly improve precision on activities that require judgment thus ensuring consistency,…
