Comments
Is There a Watson in Your Financial Future?
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Nathan Golia
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Nathan Golia,
User Rank: Author
10/31/2014 | 3:17:58 PM
Very interesting
Insurance agents have long worried about disintermediation, but it's interesting to think that the "agent" might stick around as some sort of AI. Granted, a lot of the agent value proposition is in the "human touch," but if even that can be programmed, what's off the table?
TomVignard
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TomVignard,
User Rank: Apprentice
10/30/2014 | 5:03:41 PM
AI in financial compliance?
Great article.

Being a product manager for compliance communication monitoring application using Artificial Intelligence, I am very excited about this and I believe that Watson is just the begining on rototic and AI in companies, even beyond the financial industry.

However, I think Byl makes a critical point highlighting that 'Humans understand humans best'! For me this is the bottom line. Humans are irreplaceable and technologies must be used only to assist human and companieswhere it makes sense.

 
Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
10/30/2014 | 8:01:57 AM
Re: Multi-channel future?
It's true that nothing will ever replace the value of a face-to-face relationship, where you shake hands with your advisor. But, as you point out, virtual video sessions on an iPad, laptop, mobile device or computer will certainly be in the mix. And they will be a powerful tool for agents and advisors going forward. I've only had a few video interactions with CSRs, and the experience is quite good.
Kelly22
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Kelly22,
User Rank: Author
10/29/2014 | 4:28:07 PM
Re: Multi-channel future?
Interesting point, Kathy. I'm not sure we'll ever see the demand for human interaction completely go away, but I agree that it will certainly change the more technology evolves. Customers that don't want to interact with a robot could easily prefer an in-person conversation supplemented by mobile tools, gamification, etc.  
bylcameron
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bylcameron,
User Rank: Apprentice
10/29/2014 | 11:31:46 AM
Re: Multi-channel future?
Katherine, thanks!  This is definitely an interesting observation - humans may not entirely go away, but they will certainly find their business value to be more "hybridized" with the tools on their devices, likely a tablet in many cases. 
Byurcan
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Byurcan,
User Rank: Author
10/29/2014 | 11:31:13 AM
Re: AI
You may very well be right! There'll definitely be a lot of changes in the way we interact with technology over the next 20 years.
KBurger
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KBurger,
User Rank: Author
10/29/2014 | 11:27:11 AM
Multi-channel future?
Very thought-provoking, Byl. The insurance industry has been grappling with this issue for years as the shift to multi-channel distribution and emergence of digital interaction platforms accelerates. Where does the agent fit in? How much should be invested in the agent channel as opposed to other distribution channels? What kinds of technologies do agents need to be effective and successful? And to what extent to customers and prospects prefer self-service/digital interactions vs dealing with a live person? I don't think insurers have completely figured this out yet. But it is clear that to the extent the "live person" channel survives, it will function very differently and will also rely on tools such as AI, modeling, gamification, etc., to provide a richer and more accurate experience to customers.
bylcameron
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bylcameron,
User Rank: Apprentice
10/29/2014 | 10:17:30 AM
Re: AI
You're right, Bryan.  It's going to happen.  In a way, with the calculators and decisioning engines that most financial services public websites today, it's already there. 

As and when it's with a robot across from the desk with whom the client would have to make eye contact - that will be a threshold that will really change things.  I believe that is not more than one more generation out.
Byurcan
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Byurcan,
User Rank: Author
10/29/2014 | 10:07:32 AM
AI
Interesting post, Byl. As you humorously note, AI has made a lot of strides, but still fails in detecting the nuance in human language often. However, as technology continues to improve, it';s definitely not hard to imagine AI suvccessfully performing the role of financial advisor in coming years.


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