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There is a "Watson" in your insurance agency’s future
/ Categories: Trends

There is a "Watson" in your insurance agency’s future

If you're in the insurance agency business, you no doubt know the name of George Nordhaus, an industry veteran who has logged more than 40 years in various roles. Today, like clockwork, George produces The Monday Morning Webinar to kick off a fresh week. It's the only free mini-webinar of its kind in the insurance industry, and covers far-reaching topics of interest to independent agents - everything from marketing and sales tips and agency management issues to new research and evolving issues.  You can view past webinars and archives here.

Recently, president of Renaissance Alliance Bruce Cochrane was featured on the Monday Morning podcast on the basics of Artificial Intelligence. In There is a Watson in Our Future, Cochrane explains not only what and why it is, but also why it's a driver of change. Of the webinar, Nordhaus says:


"He quotes the independent agency mantra of 'Why should I change what has made me a success so far?' Moore's Law, like it or not, says Bruce, will bring us more change in the next five years than we have seen in the last 25 years... and that acceleration will take off from there. He shows that steps in data comprehension, the various stages of AI, and the practicality of it will bring artificial intelligence within the reach of our industry, and what a huge difference maker it will be."



Additional reading on Artificial Intelligence

The Future of AI Is Now
Tony Boobier, Risk & Insurance

Cognitive analytics are already piloted in health care and wealth management. But the long and short of it is that some major insurers are already thinking hard about cognitive analytics and AI in the context of the Internet of Things.

So when will all this happen in reality?

The experts say that there is a one-in-two chance that high level AI “will be developed around 2040-2050, rising to a nine-in-10 chance by 2075.” They also say incidentally that there is a one-in-three chance that this will be “bad for humanity,” but let’s save the ethical questions for a different day.

How To Leverage The Potential Of AI In Customer Success
Andrew Rhodes, LinkedIn

In this article I will discuss how AI can both help and hinder Customer Success. All new technologies present the possibility of a double-edged sword, and we have never been faced with a blade quite as sharp as AI.

... AI can help us distill enormous quantities of data into actionable patterns. AI can help fill in our blind spots and help us engage clients with greater confidence. But even then… you still need discipline and the guts to address unspoken concerns, the 'elephant in the room.' AI has many benefits for Customer Success, but we must also be careful of its perils.

Artificial Intelligence Promises Big Things for the Future of Sales and Customer Satisfaction
Danny Wong, Entrepreneur

The nature of technology is that it only gets better. AI will continue to interpret the information of the past to create stronger machines that can easily adapt to the circumstances of the day. Even though the people in B2B sales may not be the first group to leap on what's new and now, that doesn't mean they won't get there eventually.

Salespeople have a tendency to be focused on whom to call, as opposed to the fancy coding that makes that contact information available. However, once they see the difference that AI can bring to their performance, they'll become its leading champions. AI will continue to be integrated with the internet of things, which will bring further convenience and automation to clients and salespeople alike.
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