Insurance companies are increasingly using artificial intelligence to sell policies and assist customers with insurance advice.Today, chatbots -a computer programme that carries out conversations via auditory or textual methods -have partly replaced humans at insurance firms to answer customer queries, giving recommendations and issuing policy documents. ICICI Lombard is using a program called MyRA to underwrite two-wheeler insurance as well as fire and burglary insurance for SMEs and offer them quotations in real time. "MyRA has engaged in 65,000 interactions with customers and has successfully sold over 750 policies through chatbot without any human intervention," said an ICICI Lombard spokesperson. "With artificial intelligence being utilised across indus tries, we are leveraging the bene fits of these technological advances in our processes," said Antony Jacob, chief ex ecutive, Apollo Munich Health Insurance. "With the help of machine learning, the chatbot will better under stand customers and offer them a more personalised and helpful experience."

Source: Economic Times September 19, 2017 03:22 UTC