When asked whether the InsureBOT can cut the broker out of the market in the future, Nangla (CEO) stated that for simple products where only simple conversation and some details are required, it can.
"But for complex stuff where there is still the need for subject matter expertise and a larger knowledge base, it won't replace brokers," he concluded.
Synechron, a global financial services consulting and technology services provider, has launched Neo, a set of Artificial Intelligence (AI)-based solutions for the financial services industry. The firm stated it had built 14 reusable applications, or accelerators, which aim to reduce operating costs and create better client experiences. The offering includes an InsureBOT, a chatbot that has been made available for insurers in the UK and is designed to serve either as an internal virtual assistant or a frontline customer representative.