Cards with Stories Flashcards
In the bustling city of Metropolis, a tech-savvy insurance company named InsureTech Inc. employed a team of AI chatbots to revolutionize their customer service and sales operations.
The first of these chatbots was named “HelpBot”. HelpBot was the first point of contact for customers seeking support. Whether it was answering frequently asked questions, providing policy information, or helping customers file claims, HelpBot was always ready to assist. It was like a friendly, knowledgeable guide, always available at the click of a button.
Next in line was “ClaimBot”. ClaimBot specialized in claims processing. When a customer had a claim, ClaimBot was there to collect all necessary information. It would then provide regular updates on the status of the claim, and answer any questions about the process. ClaimBot made what was often a stressful process much more manageable for customers.
Then there was “LeadBot”. LeadBot was a master of lead generation. It would engage with potential customers, collecting their information and answering their questions about InsureTech’s products and services. LeadBot was like a friendly, digital concierge, always ready to help potential customers understand what InsureTech could offer them.
Finally, there was “SalesBot”. SalesBot was designed to support InsureTech’s sales efforts. It provided detailed information on insurance products, helped customers choose the right coverage options, and even provided quotes. SalesBot was like a personal insurance advisor, always ready to help customers make the best decisions for their insurance needs.
Together, these chatbots formed a powerful team, transforming InsureTech’s operations and providing exceptional service to their customers. They were a testament to the power of AI in the insurance industry, showing how technology could enhance customer service, claims processing, lead generation, and sales support.
How do wearables help insurers?
Wearables track - Physical activity, Heart rate:, Sleep patterns:, Blood pressure, Body composition:, Blood glucose, Stress levels:, Breathing patterns, Environmental factors.
Risk assessment: Wearables can provide insurers with a wealth of data about their customers’ health and behavior,
Personalized products: By using wearables data, insurers can offer more personalized insurance products and services to their customers. For example, an insurer might offer a lower premium to customers who are physically active and have a healthy lifestyle.
Customer engagement: Wearables can be used to engage with customers and encourage them to adopt healthy behaviors.
Early intervention: Wearables data can be used to identify health issues early,
Memory aid
Imagine you’re wearing a high-tech wristband, a wearable device. This isn’t just any wristband, it’s like a mini health lab right on your wrist.
Wearables Track: As you go about your day, the wristband quietly tracks your physical activity, heart rate, sleep patterns, blood pressure, body composition, blood glucose, stress levels, breathing patterns, and even environmental factors. It’s like a silent health companion, always monitoring and recording.
Risk Assessment: Now, imagine that this wristband is connected to your insurance company. The data it collects doesn’t just stay with you, it’s shared with your insurer. They use this wealth of data to assess your health and behavior, to understand how much of a risk you pose as a customer.
Personalized Products: Based on the data from your wristband, the insurance company can offer you personalized insurance products. For example, if your wearable shows that you’re physically active and maintain a healthy lifestyle, you might be rewarded with a lower premium. It’s like your healthy habits are being recognized and rewarded.
Customer Engagement: The insurance company doesn’t just use the wristband to monitor you, they also use it to engage with you. They might send you reminders to take a walk if you’ve been sedentary for too long, or congratulate you when you reach a health goal. It’s like having a health coach who’s always there to motivate you.
Early Intervention: The most important aspect of this wristband is its ability to identify potential health issues early. If it detects irregular heartbeats or high blood pressure, it can alert you and your insurer. This allows for early intervention, which can prevent minor health issues from becoming major problems.
what impact does internet of things have on insurance
Risk assessment: IoT devices, such as sensors and wearables, can provide insurers with real-time data on risks such as property damage, accidents, and health issues. This data can be used to improve risk assessments and pricing, and to offer personalized insurance products to customers.
🟣Eg: water leak sensors at homes reduce risk of water damage and hence reduce claim risk.
🟣Telematics on cars.
Claims management: IoT devices can also be used to improve claims management processes. For example, sensors can be used to detect damage to property or vehicles, and wearables can be used to monitor health and fitness. This data can help insurers to assess claims more accurately and quickly, and decide whether it is a genuine claim or not.
🟣Water leak sensor data to cross check water damage claim.
🟣Smart watch data to cross verify heart attack claim.
Loss prevention: IoT devices can also be used to prevent losses from occurring in the first place. For example, sensors can be used to detect water leaks or fire hazards, and alert homeowners or businesses to take action. This can help to prevent costly losses and reduce insurance claims.
New insurance products: IoT technology can enable the development of new insurance products, such as usage-based insurance for vehicles or pay-per-mile insurance for drivers. These products are tailored to specific risks and behaviors, and can provide customers with more personalized and affordable insurance options.
Memory aid
Imagine a city called Insureville, where the citizens are always looking for ways to make their lives safer and their insurance more affordable. In this city, the insurance companies have started using IoT (Internet of Things) devices to help their customers and improve their services.
In the heart of Insureville, there’s a family living in a smart home filled with IoT devices. They have water leak sensors installed throughout their house. These sensors are like vigilant guards, always on the lookout for any signs of water leaks. If a leak occurs, the sensors alert the family immediately, allowing them to fix the problem before it causes significant damage. The insurance company also gets this data, which helps them assess the risk of water damage for this house. Because the family is proactive in preventing water damage, their insurance premium is reduced.
Now, let’s move to the roads of Insureville. The cars here are equipped with telematics devices. These devices record data about the car’s usage, like how much it’s driven, how fast it goes, and even how hard the brakes are hit. This information helps the insurance companies to offer personalized insurance products. For example, if a driver only uses their car for short trips in the city, they might be offered a pay-per-mile insurance plan, which could be more affordable for them.
But what happens when something goes wrong? Let’s say a citizen of Insureville has a car accident. The telematics device in their car records the event, providing valuable data to the insurance company. This helps the company to quickly and accurately assess the claim. It’s like having an unbiased witness at the scene, providing reliable information about what happened.
Similarly, if a citizen wearing a smartwatch has a heart attack, the data from the watch can be used to verify the claim. The watch records heart rate and other health data, which can provide evidence about the health condition of the wearer at the time of the incident.
Finally, these IoT devices also play a crucial role in preventing losses. For example, the water leak sensors in homes not only detect leaks but also help prevent potential water damage. This reduces the number of claims, saving both the insurance companies and the citizens of Insureville money.
So, in the city of Insureville, IoT devices are like superheroes, helping to assess risks, manage claims, prevent losses, and even create new, personalized insurance products. They’re changing the way insurance works, making it more efficient, affordable, and fair for everyone.
What are smart contracts?
A smart contract is a self-executing digital agreement that uses computer code to enforce the terms of a contract. It is a computer program that automatically executes the terms of an agreement between parties when certain predefined conditions are met.
Smart contracts are typically built on blockchain technology, which is a distributed ledger system that records transactions in a secure and transparent manner. The code of the smart contract is stored on the blockchain and is visible to all parties involved in the contract.
Smart contracts are often used to automate transactions and remove the need for intermediaries such as banks, lawyers, or other third-party institutions. They can be used to facilitate the exchange of assets, property, or money, and can also be used to enforce the terms of a contract.
For example, let’s say that two parties want to enter into a smart contract for the sale of a property. The contract would be programmed to automatically execute the transfer of funds from the buyer to the seller once certain conditions are met, such as the successful completion of a property inspection or the transfer of the property title.
Because smart contracts are self-executing and rely on blockchain technology for their security and transparency, they are seen as a more efficient and secure way to conduct transactions compared to traditional methods.
Benefits of smart contracts
Automated Claims Processing: Imagine a robot sitting at a claims desk, processing all the paperwork swiftly and accurately.
Transparency: As the robot works, it’s behind a clear, see-through glass wall. Everything it does is visible to everyone, symbolizing the transparency of the process.
Fraud Prevention: Around this glass wall, there’s a strong, impenetrable shield protecting the robot and the claims it’s processing from any outside interference, representing the fraud prevention aspect of smart contracts.
Cost Efficiency: Every time the shield blocks an interference, a coin drops into a piggy bank sitting next to the robot. This symbolizes the cost efficiency of smart contracts, as they prevent unnecessary expenses.
Trustless Environment: The robot, the glass wall, and the shield are all part of a self-driving car that doesn’t need a driver. It’s moving along a path, symbolizing the trustless environment of smart contracts, where no external control is needed.
Speed and Efficiency: This self-driving car is moving at the speed of a cheetah, swiftly delivering the claims processed by the robot, representing the speed and efficiency of smart contracts.
Customization: As the car moves along, it passes through a tailor’s shop. The tailor adjusts the car’s cover to fit perfectly, just like a smart contract can be adjusted to fit the needs of the insured party.
Reduced Paperwork: Finally, the car arrives at its destination, where a paper shredder is waiting. The robot hands over the processed claims, which are digital, and the shredder gets rid of the unnecessary paperwork, symbolizing the reduction in paperwork due to smart contracts.
How can drones help insurers?
insurers can use drones to inspect roofs, electrical systems, and other areas that may be difficult or dangerous to access for Risk assessment:
Claims management: Drones can be used to gather visual data and other information on property damage,
Memory aid
Once upon a time, in the busy city of Riskton, insurance companies were facing a daunting task. In an urban environment filled with towering buildings and intricate electrical systems, evaluating potential insurance risks was not just challenging but also fraught with danger. Enter SkyView, a fleet of nimble, intelligent drones equipped with high-resolution cameras and state-of-the-art sensors.
SkyView’s mission was to revolutionize the world of insurance in Riskton. Its first task was risk assessment. Traditionally, human inspectors would have to navigate slippery roofs, dizzying heights, and complex electrical systems to assess a property’s risk factors. However, the SkyView drones could fly over these obstacles with ease, capturing images and data from angles no human could reach. Their sensitive sensors could even detect potential issues hidden from the human eye. This aerial perspective transformed the risk assessment process, making it safer, faster, and far more accurate.
But SkyView’s capabilities did not end there. When a storm ravaged Riskton, leaving behind a trail of damaged properties, the drones stepped up once again. As part of their claims management function, the drones swiftly took to the skies. They hovered over the devastated properties, capturing images and video footage of the destruction. This data allowed insurance companies to evaluate the extent of the damage remotely, thus expediting the claims process significantly.
The SkyView drones were especially beneficial for assessing hard-to-reach areas and large-scale disasters. For instance, after a particularly severe storm, a drone could survey an entire neighborhood in the time it would take a human adjuster to evaluate a single property. This speed and efficiency were invaluable in helping the citizens of Riskton receive their insurance settlements promptly, allowing them to rebuild their lives faster.
Thus, through the dual functions of risk assessment and claims management, SkyView brought about a new era of efficiency and safety in Riskton’s insurance industry. The drones’ bird’s eye view of the world changed the landscape of insurance, proving that even the sky is not the limit when it comes to innovative solutions.
How can social media activity help insurers target potential customers?
Identifying life events: Social media activity can be used to identify life events, such as a marriage, birth of a child, or new job, that may trigger a need for insurance coverage.
Analyzing interests: For example, if a customer is a frequent traveler, insurers may target them with travel insurance products.
Monitoring sentiment: For example, if a customer frequently posts about car accidents or traffic congestion, insurers may target them with auto insurance products.
Story to help remember
Once upon a time, in the bustling city of Metropolis, there lived a young woman named Ava. Ava was a social butterfly, always connected to the world through her social media platforms. She loved sharing her life’s moments, big and small, with her friends and followers.
One day, Ava announced a significant life event on her Facebook page: her marriage to her long-time partner, Max. The post was filled with joyous photos of the couple, their friends, and family. This event was picked up by an AI system at a leading insurance company, which identified this as a potential trigger for a need for new insurance coverage. The system suggested the couple might need to consider a joint health insurance plan or even life insurance.
Ava was also an avid traveler, often posting pictures of her adventures around the world on Instagram. She loved exploring new places, trying exotic foods, and immersing herself in different cultures. The same AI system, analyzing her interests, recognized her frequent travels. It suggested that Ava might benefit from a travel insurance product, ensuring her trips were always worry-free.
Meanwhile, Max was a bit of a car enthusiast. He frequently tweeted about his experiences on the road, often expressing frustration about the city’s traffic congestion and occasional minor accidents. The AI system, monitoring sentiment, picked up on Max’s frequent posts about car-related issues. It suggested that Max might be a good candidate for a comprehensive auto insurance product, offering him peace of mind on his daily commutes.
In this way, the AI system, powered by social media data, was able to identify life events, analyze interests, and monitor sentiment to provide Ava and Max with personalized insurance product suggestions. It ensured that they were always covered, no matter what life threw their way.
How does advanced analytics help insurance companies?
1) Helps insurance companies predict future losses
2) help insurers to price policies more accurately by analyzing data on applicants, such as their health, occupation, and lifestyle
3) Fraud detection
4) Customer segmentation (to target marketing efforts).
Story to help remember
Once upon a time, in the city of Insurancetown, a significant problem plagued the insurance companies. Unpredictable future losses were causing financial turmoil and turmoil among the companies’ executives. That’s when Predicto, a bright, capable AI tool, entered the picture, boasting its first virtue: the power to help insurance companies predict future losses.
Predicto had a unique way of seeing the world. It sifted through mountains of historical claims data, crunched the numbers and identified trends invisible to the human eye. With this deep, data-driven understanding of past events, Predicto could forecast future losses, enabling insurance companies to allocate resources more effectively and secure their financial stability.
However, Predicto’s skills didn’t stop at predicting losses. Its second virtue was that it could also analyze intricate data about insurance applicants, such as their health, occupation, and lifestyle. This analysis allowed Predicto to provide insurers with a clearer picture of the risk each applicant posed. As a result, insurers were able to price their policies more accurately and fairly, which was beneficial for both the company and the insured parties.
Despite these groundbreaking contributions, Predicto was not satisfied. It was determined to contribute more to the industry. Its third virtue was its knack for sniffing out fraudulent claims. Through a comprehensive analysis of numerous variables, Predicto could detect inconsistencies and patterns indicative of fraud. This capability led to substantial savings for insurance companies and fostered a more trusting and honest environment within Insurancetown’s insurance market.
Predicto’s final virtue was its ability to segment customers effectively. It understood that not all customers were the same, and their needs and preferences varied widely. Predicto analyzed customer data and grouped them into distinct segments based on characteristics such as their age, gender, lifestyle, and purchasing habits. This segmentation allowed insurance companies to target their marketing efforts more effectively, leading to improved customer satisfaction and loyalty, and a significant increase in profits.
So, through its four virtues, Predicto revolutionized Insurancetown’s insurance market. It brought stability, fairness, honesty, and customer-centricity to the industry, transforming it for the better and forever changing how the city’s insurance companies operated. It’s no surprise that Predicto became the city’s unsung hero, silently working in the background to help the insurance industry thrive.
How is insuretech impacting the insurance industry in india?
t’s not just about digitizing processes; it’s about making insurance more customer-centric. It’s about using technology to understand and serve customers better.
Younger generation these days are very tech savvy and they embracing technology in almost every aspect of their lives - from shopping and banking to socializing and working.
How is this relevant to my role.
- Understanding of Financial Technologies (FinTech): This will enable you to better understand the technical solutions in your ERP software. The principles you’ve learned in FinTech can help you improve the software’s functions for financial management and transactions, which are crucial in insurance operations.
- Knowledge of Insurance Technology (InsurTech): This will provide you with insights into the latest technology trends in the insurance industry. Understanding these trends will allow you to suggest improvements and incorporate new features in the ERP software to meet the evolving needs of the insurance company.
- Digital Transformation: FinTech and InsurTech are driving forces behind digital transformation in the finance and insurance sectors. Your understanding of these fields can help facilitate more efficient digital transitions for the insurance company you’re working with.
- Risk Assessment: Both certifications provide a solid understanding of how technology can be used to analyze and predict risks, a key aspect of insurance. This can help improve the ERP’s risk management features.
- Customer Experience: FinTech and InsurTech often focus on improving the customer experience, such as simplifying processes or enabling mobile access. This knowledge can be used to enhance the user-friendliness and overall customer experience of your ERP software.
Remember that the goal as a lead BA is not only to understand and represent the business requirements but also to guide the strategic direction of technology, ensuring it is in line with industry trends and customer needs. Your certification should empower you to do this more effectively.
Relevance to aspiration
Without knowing your specific career aspirations, I’ll provide a few potential ways the FinTech and InsurTech certification could align with common career goals in your field:
- Advancing to Management Positions: The knowledge from these certifications can help you understand the technological trends and needs in the finance and insurance sectors. This understanding can make you a more effective leader and improve your ability to make strategic decisions, which are key competencies for higher management roles.
- Specialization in FinTech or InsurTech: If you aspire to specialize in these areas, your certification is a strong foundation. It can open up opportunities for you to work on more complex projects related to financial and insurance technologies, positioning you as an expert in your field.
- Consulting Roles: The certification can prepare you for a consulting role in the FinTech and InsurTech industries. As a consultant, your job would be to advise companies on how to navigate and adopt new technologies in their operations.
- Product Management: If you’re interested in becoming a product manager for finance or insurance-related software products, the certification will equip you with a solid understanding of the landscape and user needs.
- Starting Your Own Venture: If you aspire to start your own company in the FinTech or InsurTech space, the certification provides a comprehensive understanding of these fields, which could help you identify gaps in the market and create innovative solutions.
- Innovation Roles: Many companies are looking for innovative leaders who can help them stay ahead in the digital age. Your certification shows that you are equipped to understand and apply the latest technology trends, which could be valuable in an innovation-centric role.
If your career aspirations align with one or more of these paths, your FinTech and InsurTech certification could be highly beneficial in achieving your goals.
How does this help customer pain points?
Your FinTech and InsurTech certification can equip you with a deep understanding of technology trends, customer needs, and potential solutions in the finance and insurance sectors. This knowledge is valuable when it comes to identifying and addressing customer pain points. Here’s how:
- Understanding of Latest Trends: Knowing the latest technological trends and solutions in FinTech and InsurTech can help you identify innovative ways to solve customer problems. For instance, if customers find traditional insurance claim processes tedious and time-consuming, you could suggest incorporating AI-powered chatbots for faster and easier claim processing.
- User Experience Enhancement: The certification likely includes principles of user experience design and customer journey mapping. You can use these principles to identify areas of friction in your customers’ journey and propose solutions to improve their experience.
- Risk Assessment and Management: A key pain point in the insurance industry often revolves around risk assessment and management. With the knowledge from your certification, you could improve or create features in the ERP system that accurately analyze and predict risks, thereby helping the insurance company to make better decisions.
- Operational Efficiency: InsurTech can provide solutions that streamline operations, reduce costs, and increase efficiency. By identifying areas where these improvements can be made, you can alleviate pain points related to operational inefficiency.
- Data-Driven Decisions: Both FinTech and InsurTech leverage data extensively. Your understanding of data analytics can help you provide insights based on customer behavior data, which in turn can be used to improve products, services, or overall customer experience.
- Security Improvements: Cybersecurity is a major concern in both the financial and insurance sectors. Your certification can help you understand and implement better security measures, addressing customer concerns about data privacy and security.
Remember, the goal is to use this knowledge to empathize with the customer, understand their struggles, and provide solutions that alleviate their issues while enhancing their interaction with the product.
