News : Prudential Singapore Expects 30% Drop in Agent Calls to Call Center
Singapore, Sept, 2017 -- Calling AI the biggest gold rush in recent years, Gartner predicts that by 2020, artificial intelligence (AI) will be used in almost every software product.
Jim Hare, research vice president at Gartner cautions, however, that: "AI offers exciting possibilities, but unfortunately, most vendors are focused on the goal of simply building and marketing an AI-based product rather than first identifying needs, potential uses and the business value to customers."
Prudential Singapore may be taking that observation to heart with the launch of askPRU, a chatbot designed purposely for the insurer’s 4,000 financial consultants – more than half of whom the company claims are using the technology since the launch of the pilot program in July 2017.
Customer experience challenge
In the 2016 Future of Insurance Survey report, 28.2% of surveyed insurers put digital customer relationship management as the most important new technology to their organization. It is presumed this is because customers are putting pressure on insurers to provide the same levels of experience they are getting from other industries.
Part of the insurer’s digital roadmap to enhance customer experience, askPRU is integrated into the company’s backend systems and is able to provide financial consultants with real-time information specific to their customers’ life insurance plans. It is able to retrieve instantly data such as a customer’s policy cash value, policy premium due date and status of submitted claims, among others.
askPRU has been trained to understand non-scripted questions, probe users to get to the intent of their queries and deliver responses in a way that simulates human conversations.
"With askPRU, our financial consultants can now get faster access to customer-specific information and respond to their customers’ queries even more promptly. askPRU is one of the ways in which we digitally enable our Financial Consultants so they are equipped to meet increasing consumer demands and expectations," said Theresa Nai, Chief Operating Officer at Prudential Singapore.
Posted by Veronica Silva Cusi, news correspondent
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Gartner, Inc. is a research and advisory firm that helps more than 10,000 clients leverage technology to achieve business success. Gartner’s businesses consist of Research, Consulting, Measurement, Events and Executive Programs. Founded in 1979, Gartner has over 3,800 associates, including approximately 1,000 research analysts and consultants, in more than 75 locations worldwide.
Published: Tuesday, September 5, 2017
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