Alexa, can you get me an Insurance?

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By FINTECH Books Contributor, Tobias Troendle
Follow: @TobiasTroendle

“Alexa, do you want to marry me?”  More than 250.000 customers already asked
Amazons voice-controlled digital assistant the question of all questions. Also,
more and more companies think about intensifying their relationship with
digital assistants like Amazon’s Alexa or Google Home.

With over 8 million devices sold, solely on the Amazon-side, new opportunities arise within their customers’ homes, the only place where touch is not necessarily the preferred input method. Especially for the insurance industry with its consultation-intensive products, the possibilities of digital assistants sound
promising. Solutions for product sales and customer care can be easily
implemented and offer an easy path into the world of artificial intelligence.But leveraging digital assistants and taking the apple of temptation with its easily accessible APIs comes at a risk.

All tools and skills offered by insurers must be built on to some voice-based operating system, owned by one of the internet-giants who might decide from time to time to reduce various functions to a commodity. Additionally, when discussing personal information e.g. for a health insurance via digital assistants, there are major concerns about data protection (especially outside the US) that have to be discussed.While ignoring virtual assistants might open up a chance for InsurTechs to step in, a suitable strategy needs to be found on how to proceed with this technology.

We would like to share our insights and experiences from working in innovation projects with major players in the insurance-industry on how to leverage digital assistants and finding new business models, while keeping dependencies and risks as low as possible. Therefore, we would like to provide a structured approach for the creation and assessment of voice-based business models, as well as an outlook on future potentials of digital assistants with a higher degree of artificial intelligence to come.

If you would like to learn more about FinTech please look at our video courses at FINTECHCircleInstitute.com