The Chatbot Landscape 20 Chatbot Applications Across Industries Emerj Artificial Intelligence Research

UX design agency UXDA, designs leading banking and fintech products in 37 countries. Users could potentially make fund transfers to other accounts or to pay merchants through a chatbot. Speaking to Insurance Asia, Chief Executive Officer, Raymond Ong said that is the true promise of Etiqa which it aims to uphold through compliant, tailor-fit, digitalised, and customer-centric insurance.

And if they self-learn within a startup’s app, the users within that app mutually benefit. By January he had realized it could be vital to the startup’s future, but perhaps just as a marketing tool and some limited client engagements. Now the founders are looking at building businesses for agents, including training, and for customers.

Artificial Intelligence-Based Fraud Detection in Insurance

Google Cloud offers this introductory course on Coursera to provide an overview of general AI, including key concepts, applications, and differences between traditional machine learning methods. As a student, you’ll learn about several generative AI models and tools, including those created by Google to build its own generative AI applications. To access this course’s materials, a $49 monthly subscription in Coursera is required. Chatbots lack the ability to discern shifts in voice tone or changes in conversational context (Vassilakopoulou et al., 2023), often resulting in incomplete interactions as robotic shortcomings are frequent (Xing et al., 2022). Many chatbots are confined to handling rudimentary interactions; beyond that, their responses tend to lack substance due to reliance on scripted conversational trees and basic dialog datasets (Nuruzzaman and Hussain, 2020). Failed responses from conversational robots have a negative impact on users’ judgments regarding the adoption of this technology, consequently leading to increased resistance towards its utilization (Jansom et al., 2022).

The chatbot would then suggest things that might soothe her, or take her mind off the pain — like deep breathing, listening to calming music, or trying a simple exercise she could do in bed. Ali says things the chatbot said reminded her of the in-person therapy she did years earlier. “It’s not a person, but, it makes you feel like it’s a person,” she says, “because it’s asking you all the right questions.” Many insurers have set their sights on staying on top of – if not ahead of – the game.

This allows for easy integration to a client business’ digital infrastructure, and for customer questions to further train the machine learning model from all channels. IBM’s conversational AI software is called IBM Watson Conversation, which uses the NLP engine within their Watson AI platform to create chatbots ChatGPT and serve customers. Finn AI‘s banking chatbot service can also be enabled for multiple languages, along with sentiment analysis that allows the client bank to detect the quality of the customer’s experience. These chatbots can also assist staff with new endorsements and sales from insurance agents.

This allows them to pick high ROI first AI projects in areas such as claims processing, fraud detection, underwriting, and customer service. AI Opportunity Landscapes allow insurance carriers to explore a ranking of AI vendors in insurance, giving them a starting point for selecting an experienced AI vendor that has the best chance of delivering value. Emerj also provides a complete analysis of the AI initiatives insurance chatbot examples at the top insurance companies, of which this resource is only a fraction. This paper used STRIDE21,22 as a threat modelling technique to identify the possible threats and vulnerabilities of chatbots in the insurance industry. STRIDE was selected because it is a well-established and prominent threat modelling technique. It enables a focused approach to threat elicitation by covering six specific aspects23,24.

For example, State Farm has implemented a drone program to assess property damage following natural disasters. The drones capture high-resolution images and data, which are then analysed by AI algorithms to assess the extent of the damage. This approach has reduced the time required for damage assessments by 75% and improved the accuracy of claims settlements. The Insurtech sector is undergoing a rapid transformation, driven by advancements in AI, IoT, data analytics and blockchain. The first half of 2024 has witnessed significant strides in technological adoption, reflecting the industry’s commitment to innovation and enhanced customer experiences. In addition, AI engines like ChatGPT are continuously learning from answering different inquiries.

Identification of security threats and vulnerabilities based on STRIDE

While I was tempted to use the ever-popular state_of_the_union.txt for this demo, I couldn’t come up with complex questions to ask that document. Hence, I have created a dummy HR document (using ChatGPT) for a fictitious company called GlobalCorp. The main highlights of the file include (a) country-specific annual budgets (b) in different currencies and (c) country-specific leave policies. Generally speaking — be mindful of the choice of tools you provide an agent, as these are the only tools that the agent will use to answer each of the intermediate steps.

However, chatbots cannot provide emotional support or human warmth (Vassilakopoulou et al., 2023). Likewise, many workplaces will disappear because digitalization may be understood as the social negative utility of I4.0 (Kovacs, 2018). According to the Sprout Social Index™, consumers no longer just want fast responses—70% expect personalized responses to ChatGPT App their customer service needs. On top of that, 76% of consumers notice and appreciate when companies prioritize customer support, meaning companies that fail to do so will inevitably fall behind. You can foun additiona information about ai customer service and artificial intelligence and NLP. Low-code platforms provide a visual development environment that allows users to create applications using drag-and-drop components and pre-built templates.

For AI-changes-everything enthusiasts, this type of gen AI use case probably just isn’t sexy enough. But live projects with results are not to be taken lightly (in the ten years since I first wrote about blockchain, not one vendor has stepped up with a live production customer for me to write about). In addition to language understanding and generation skills, LLMs also can come up with answers on their own. With Quiq AI Assistants, the one article, one answer constraint is a thing of the past, allowing all the information relevant to a question to be combined into an answer precisely matching the customer’s inquiry. Findem revolutionizes talent acquisition and management by using generative AI to produce dynamic, 3D candidate data profiles.

And without being able to comprehend the data, you risk manifesting the prejudices and even the violence of the language that you’re training your models on. Advances in artificial intelligence — such as Chat GPT — are increasingly being looked to as a way to help screen for, or support, people who dealing with isolation, or mild depression or anxiety. Human emotions are tracked, analyzed and responded to, using machine learning that tries to monitor a patient’s mood, or mimic a human therapist’s interactions with a patient. It’s an area garnering lots of interest, in part because of its potential to overcome the common kinds of financial and logistical barriers to care, such as those Ali faced. Its chatbot-only service is free, though it also offers teletherapy services with a human for a fee ranging from $15 to $30 a week; that fee is sometimes covered by insurance.

The Innovation Paradox in Property and Casualty Insurance

Online businesses’ operating processes have drastically improved since AI started to dominate the digital space. Generative AI allows business owners to optimize their websites by integrating AI-powered chatbots, data analysis tools, and interlinking different platforms to have streamlined work processes. Using generative AI in e-Commerce helps business owners improve their marketing campaigns by targeting the right audience for their products or services, which contributes to an increase in sales and revenue. Generative artificial intelligence (AI) is having an impact on nearly every industry, enabling users to create images, videos, texts, and other content from simple prompts. As developers improve these tools, new examples of generative AI in different applications reveal the usefulness of this dynamic technology. In addition to the constructs inherent to the TAM, a factor that proves to be particularly significant in the analysis of the utilization of artificial intelligence technologies is trust (Mostafa and Kasamani, 2022).

The partnership between the health system and the technology company has three main components. The first is the creation of a Duke Health AI Innovation Lab and Center of Excellence, the second is the creation of a cloud-first workforce, and the third is exploring the promise of large language models (LLMs) and generative AI in health care. Generative AI programs can deliver better answers than official customer service chatbots, Joon-Seong Lee, senior managing director at Accenture’s Center for Advanced AI, claimed. Lee said that Google’s Gemini AI program helped him figure out how to navigate a bank’s system to link one account to another; the bank’s chatbot failed to understand the question.

These eighteen responses were subsequently used to conduct an initial analysis to establish the validity of the scales. In the third stage, upon purchasing the insurance and remitting the premium, the customer transitions into a policyholder. As legal status changes, as while the initial two steps lack a direct link between the insurer and customer, the policyholder becomes a creditor to the insurer, akin to a bank depositor’s relationship with the bank (Guiso, 2021).

The lack of a human touch can make these systems appear less reliable than someone who can give personalized advice and answer queries in real-time. They can do it only by acquiring the right talent and developing scalable technology infrastructures that can adapt to the future changes in the environment. Insurtech should use modular software architecture that can easily integrate with external systems, and can be migrated to a yet unknown future stack. On the other hand, trends like hyper-personalization, instant profiling, automatic underwriting and fraud detection can help cut costs and provide better experience to the customers.

In an experiment that Koko co-founder Rob Morris described on Twitter, the company’s leaders found that users could often tell if responses came from a bot, and they disliked those responses once they knew the messages were AI-generated. In conclusion, ChatGPT is a valuable resource for companies that are seeking to enhance consumer experience and improve operational efficiency. As the technology continues to evolve, more companies are likely to adopt ChatGPT and other chatbot resources to meet changing customer needs and stay competitive in an unpredictable marketplace. Massive Bio’s chatbot can provide information on enrollment processes, details of clinical trials, and potential concerns that patients may have regarding participation, and it can match candidates who might be eligible for specific clinical trials. Acrisure Innovation is the software development arm of insurance brokerage Acrisure and puts an emphasis on creating AI-powered technologies to advance the insurance industry. For example, its team members use AI to transform large amounts of data into actionable intelligence.

The results show that the low acceptance of chatbots can be explained by the use of TAM constructs, performance expectancy and ease expectation along with trust. The use of such data requires a high level of relational trust regarding the intentions and use of private and sensitive data. Regarding RQ1, what is customers’ average intention to use and attitude toward using chatbots in communications with the company to manage existing policies (e.g., to notify a claim)? Customers get speedy, efficient support for their common issues and agents get to focus on complex tasks only they can handle, increasing satisfaction for both parties. There are four main types of chatbots, each with unique customer service capabilities and applications.

The study analysed potential security and privacy exposures in the chatbot architecture and discovered that the security community has not yet implemented comprehensive requirements for chatbot security. The researchers started by understanding how the existing chatbot architecture works by following the path that a message takes from the client module to the communication module, the response generation module, and the database module. However, they did not provide a framework for identifying chatbot security attacks and mitigations. So far, the literature has reported some studies on the security of chatbots used in the financial industry. Some of the previous research efforts on chatbot security are presented as follows. According to Ref.42, understanding the underlying issues requires identifying the critical steps in the methods used to design chatbots related to security.

As a result, Gradient AI’s technology has streamlined insurance areas like business owners, commercial auto and group health. So far, very few studies have focussed on the data security of insurance chatbots. In a study by Ref.20 that investigated the potential use cases of conversational agents in insurance companies, it was discovered that security and integration issues are among the challenges faced by new conversational agents like chatbots. Also, the need for effective mechanisms that foster trust and address privacy concerns has been emphasised by Ref.19. Appian offers a low-code platform for automating business activities like document extraction and classification. Its AI abilities allow the efficient extraction of data from structured and semi-structured documents, such as invoices and forms.

• Insider also pointed out that AI’s “rapid rise” means regulation is currently behind the curve.
• Doug Marquis joined Zywave in 2018 as chief technology officer, leading the company’s R&D functions.
• In the next part of the article, we’ll take a closer look at the trends specific to insurtech, where AI is used to automate some key processes, improve essential KPIs, or turn the current business model upside down.
• According to a customer story presented by Dutch fraud detection company FRISS, Turkish insurer Anadolu Signorta reached 210% ROI within 12 months of using their platform.

If AI can help doctors make faster, more accurate clinical decisions, patient care will benefit. Patient care could get even better if AI reaches the point where it can offer accurate diagnoses and treatment planning faster than humans can. The competitive landscape is going to rapidly shift to those who are both good at fine-tuning GPT and that bring proprietary data to create a unique output.

BetterHelp shared private information of more than 7 million users with platforms like Criteo, Facebook, Pinterest and SnapChat, according to the FTC statement. The mental health platform will have to pay $7.8 million, and the FTC has banned it from sharing consumer health data for advertising purposes. Even if the information an AI system offers to its user isn’t the product of a hallucination, is it serving its intended purpose? It’s part of a family of language-learning models (LLMs) that use big-data inputs of sequential data (like the beginning of a sentence) to predict what should follow.

Maybe the most controversial applications of AI in the therapy realm are the chatbots that interact directly with patients like Chukurah Ali. Paris-based Shift Technology provides a solution that differs from traditional claim scoring by using probability analysis. It also provides users with actionable analytics that will red-flag suspicious claims. Compliance with financial regulation, data security and privacy laws has to be at the heart of everything we do at Firemelon and we have invested heavily in this area over the last 4 years.

Healthcare chatbots are vital for improving the efficiency of a healthcare organization in terms of analysis, scheduling, organizing abilities, communicative skills and more. Healthcare chatbots need to be used as basic resources for getting health-related information or searching for doctors, but users must not completely depend on them. Chatbots have the potential to enhance the healthcare experience saving both patients and doctors time, but they aren’t a cure-all. While real-time identification of suspicious activity can save bank customers from falling victim to theft, it is equally useful in the insurance business.

LLMs can have a significant impact on the future of work, according to an OpenAI paper. The paper categorizes tasks based on their exposure to automation through LLMs, ranging from no exposure (E0) to high exposure (E3). CEO of INZMO, a Berlin-based insurtech for the rental sector & a top 10 European insurtech driving change in digital insurance in 2023. Betterview reports that inaccurate roof age estimates lead to approximately $1 billion in lost premiums annually. Achieving more precise estimates could reveal frequently overlooked risk factors, including structural weaknesses, damage from environmental forces, and the potential for collapse.

His skill set encompasses Econometrics, machine learning, and causal inference, and he is proficient in Python, R, and SQL, among other tools. Today, chatbots are being introduced in a wide range of industries in the Middle East such as retail, real estate, banking, hospitality, government, and education. Financial services, health, and insurance industries are key areas where chatbot deployment is expected to grow in the region over the next few years. Incorporating AI into strategic, operational areas is essential for insurance companies to stay more competitive in today’s challenging economy.

Project Management Institute (PMI) designed this course specifically for project managers to provide practical understanding on how generative AI may improve project management tasks. It discusses the fundamentals of generative AI, its applications in project management, and tools for enhancing project outcomes and covers topics such as employing AI for resource allocation, scheduling, risk management, and more. Indigo uses AI to improve fraud detection where it detects fraud schemes that traditional approaches may miss by analyzing large amounts of datasets and atypical trends. This allows insurers to reduce fraudulent claims while improving overall fraud detection accuracy.

• That’s why some companies have used AI to revamp the quote process to collect more data.
• Lemonade’s policy chatbot, Maya, can onboard customers in as little as 90 seconds, compared to the approximately 10 minutes it would take with traditional insurers online.
• Gartner has forecast that global IT spending in the insurance industry increased by 4.4 per cent in 2019, with a total budget of US$225 billion.
• Microsoft seeded it with anonymized public data and some material pre-written by comedians, then set it loose to learn and evolve from its interactions on the social network.

The software is likely trained on the client company’s backlog of text conversations between customers and customer service agents. Because of this, the end product is usually more suited to handle the client’s customer base than if the software came pre-trained. Babylon Health offers a similar chatbot to the Ada guide in that users can also input their symptoms in order to gain a possible diagnosis along with treatment recommendations.

But what we have is, you know, a digital and API-type approach that is attractive to new partners and new customers. Lost luggage is the bane of many travellers, and not a good start or end to a holiday or business trip. Smart Luggage has harnessed one of the latest uses of parametric technology to offer real-time technology for airline passengers who cannot locate their checked luggage upon arrival or departure.

Duolingo, the language learning platform, unveiled its latest offering Duolingo Max in March 2023. Powered by GPT-4, this new subscription tier allows users to partake in new features and exercises based on generative AI. The application is currently in Beta and will allow users to streamline channels and threads, draft messages faster, and provide easy access to research resources.

A recent statement from VP of Optum’s Center for Digital Health Sonia Samagh published in January 2021 describes how her team emerged from COVID-19 as the resident division of UnitedHealth Group’s AI-enabled digital transformation. She announces explicit goals of building a new “virtual medical group” and virtual care team within Optum in the near future. Despite the astronomical growth, numbers had slowed slightly from last year in the time since, according to Wilson. With a 360-view of the customer, the assistant can recommend available wellness programs and cost-saving measures that include virtual care for common medical issues, an option many patients never considered before the start of the COVID-19 pandemic.

Acting like a friendly, chatty in-store assistant, the bot aligns perfectly with Sephora’s customer-centric approach. If you don’t believe it, check out Caesars Sportsbook’s X customer service strategy. Their DM bot builds transparency between their support teams and their customers, all while offering emperor treatment. Users can easily upgrade services, explore new offers and get detailed info on Equated Monthly Installment (EM) schemes through a conversational interface. The bot handles FAQs, checks balances and sends purchase notifications, all while redirecting to customer support when needed. Kayak’s chatbot on Facebook Messenger helps you search, plan, book and manage your travel all in one place.

The bigger players are often unable to meet those customer demands in real life because of the need to ensure their key distribution — which provides the bulk of their business. Many similar apps on the market, including those from Woebot or Pyx Health, repeatedly warn users that they are not designed to intervene in acute crisis situations. And even AI’s proponents argue computers aren’t ready, and may never be ready, to replace human therapists — especially for handling people in crisis.

Thus, more understanding of insurance chatbots’ security threats and vulnerabilities is needed. Earlier this year, Colorado became the first state to pass comprehensive legislation to regulate developers and deployers of high-risk AI to protect the consumer. High-risk AI systems are those that have a substantial input into consequential decisions relating to education, employment, financial or lending services, essential government services, healthcare, housing, insurance, or legal services.