Cognitive Computing-Human Touch to

Insurance
Cognitive computing is the simulation of human thought processes in a computerized
model. Cognitive computing involves self-learning systems that use data mining, pattern
recognition and natural language processing to mimic the way the human brain works.

Customer expectations are shaped by experiences outside of Insurance/Pressure of

competition is putting a lot of focus on customer experience. Cognitive systems enable advisors
to deliver cost effective personalized advice.

Cognitive systems read the relevant information and helps Managers, Agents, Analysts to
inform the customer better with “Google knowledge”.

As the world is becoming more and more competitive every advice/suggestion will be
questioned by the customer as his knowledge has also broadened with internet and pace of
innovation is accelerating. So evidence based advice will be a must in the future and these
systems use structured and unstructured methods and helps in giving more efficient
recommendation and also in Digital engagement with clients to answer questions, executes
actions, and provides recommendations.

As the next evolution of self service, these cognitive systems are the Software-as-a-Service that
understands context and dialog. This Engagement Advisor automates customer interaction by
fielding questions in natural language with informed, evidence-based reasoning, so you can get
to the heart of your customers’ needs.

Cognitive systems communicate on customer’s terms, so it can prioritize and solve problems
the way a human could. Now contact centers can understand their customers based on past
history and engage them wherever, whenever, and empower them at the point of action.

These systems combines vast data to offer educated, evidence-based answers and not Web
links or FAQ responses reducing the number of times needed to hand off to a live Call Center
agent, this will result in reduced call center workloads and costs which will result in happier
customers.

These systems pulls up the data that an agent wouldn’t as it is looking for semantic links, not
just doing text-matching based on keyword which is usually done by a customer service
representative.

These systems also provide organizations with the ability to identify when a customer needs to
speak with a customer experience representative, rather than continuing in a self-service
application.

For example, if a customer reaches a point in conversation during a self-service interaction that
could prompt either customer churn or a timely sales opportunity, Watson's knowledge of pre-
defined business guidelines allows the solution to signal when it is time to transfer the
conversation to an agent. The customer is not arbitrarily transferred to just any agent among the
potentially hundreds who work at a call center. The solution pinpoints the exact agent to handle
a customer's inquiry, based on specific factors such as an agent's experience, channel used,
training and even license to discuss or sell a given product and then transfers the customer with
the accompanying detail of the self-service interaction.

Employees in a contact center can gain access to a cloud-based advisor that can read and
uncover insights from millions of pages of data-driven content within seconds, from product
guides to call transcripts. The result: cognitive computing that will augment a contact center
agent's knowledge and shift their time from searching for answers to discovering timely insights
that solve problems, facilitate new opportunities, and improve the customer experience.

As we see cognitive computing can redefine the business of insurance and make it more
customer centric offering a personalized customer service and can act as a catalyst for future
insurance.

Case Study

Nearly 150,000 people leave the military each year and one million people will leave in the next
five years. So as a broad-based financial service catering to the military community, USAA
sought a leading solution for serving the right information directly to military service members in
need of guidance as they transition into civilian life.

USAA teamed up with IBM Watson to provide a one-stop shop for veterans in need of
assistance on matters from job searches to government benefits and insurance. To offer the
best and most relevant content for users, Watson analyzes and understands more than 3,000
documents on topics exclusive to military transitions, enabling members to ask and receive
answers to separation-related questions. As a result, IBM and USAA have enhanced how they
engage with the greater military community, creating an approachable and scalable solution for
veterans.
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