Over the last 2 months, Finitas has been collating key insights surrounding all topics of Artificial Intelligence (AI). Over the 5 polls we released, we gathered over 80 votes creating a detailed and highly informative array of insight that reveals the future of AI according to our expert following on LinkedIn.
This is a 2 part insight series. In this part, we cover topics including; Personable interactions versus AI and financing and accounting, as well as our conclusion to the mini-series. Please read on to find out what Finitas has to say about this evolving sector.
Personable Interactions VS AI
'How crucial are personalised interactions with your insurer to you?'
AI and technology are constantly growing at rapid speed and detracting more and more in-person interactions. From customer service to ordering food at restaurants tech is taking over the way we streamline tasks. In the world of insurance is this change good or bad? Do people prefer personable interactions or automated scripts? Please read on to find out more.
A huge 59% of voters find personalised interactions with insurers ‘extremely important’, and 29% of voters follow close behind with tailored interactions being ‘important’ to themselves. Interestingly 12% of poll voters believe that it’s not very important at all.
One anonymous voter from our polls commented that they have had ‘bad customer experiences, with a number of companies, that are using AI to at least initiate their online/ telephone support services. The AI systems in place appear to be restricted in what they can handle. So, are unable to process anything that is slightly outside what they expect. Frequently, I have ended up going around in circles, with no way out other than to end the support query. The AI systems do not even appear to be able to identify when they are unable to progress something. Suggesting poor design of the underlying AI processes and associated management.’
It is clear that although some people enjoy the lack of human interaction AI is still in its early stages of development and must go a long way before it can become fully reliable, swift, and functional in replacing tailored interactions. Insurance companies and other organisations should ensure to provide quality personalised support experiences before attempting to streamline services with poorly designed AI automation services.
Financing and Accounting
'How do you believe AI’s enhanced analytical capabilities are most beneficial in finance and accounting?'
As AI continues to revolutionise finance and accounting, we became curious about its most significant impacts on the industry. From automating routine tasks to delivering complex data-driven insights, AI is reshaping the way we understand and manage finances.
Half of the respondents (50%) believe that improved decision-making is the most beneficial capability of AI in finance and accounting whereas equal numbers of remaining voters (25%) consider that enhanced fraud and risk assessments or real-time data processing provide the most benefit to the sector.
The Conclusion
From each poll, the benefits of artificial intelligence are clear, streamlined services, enhanced safety, and the rise of integrated AI. However, these positives are not documented without their negative counterparts which show hesitation and frustration in choosing to move forward with this new modality of work in FinTech. As all industries evolve and develop, the foundations must be rooted in stability.
Success is only achievable if a state of symbiosis between technology and human cognition is created. This will ensure the sustainability of these new systems for years to come, and an industry that can excel in its business with ease.
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