With full focus on the financial industry, the company will launch three Artificial Intelligence tools for the insurance market in July
EXCLUSIVE– A good salesperson tries to understand what the customer needs, and only then offers a product. This is a premise that is increasingly applied to the global insurance market. Now, the application of Artificial Intelligence can further reduce the distance between what the customer wants/needs and what the insurance company can offer. On this journey, N5 enters with a platform to combat technological entropy, connecting all companies’ applications in one place.
Julian Colombo, CEO of N5, explains that the company is hyper-verticalized, to serve only financial companies (banks and insurance companies). In this context, he recounts the experience of the insurance market, which uses old and diverse software. “We concentrate everything in a single place, on a platform with five dimensions:
1st CRM – Customer Relationship Management, to serve customers and prospects;
2nd SPM – Sales Performance Manager, which creates a way to manage brokers and distributors;
3rd OCM – Omini Channel Manager, which orchestrates the contact channels with customers;
4th BPM – Business Process Manager, is for the client to design a process and the platform to reproduce it;
5th EDA – Event Driven Architecture, with the entire database.”
Julian Colombo points out that all the pieces are independent and were created to talk to each other, to solve technological entropy. “There are a lot of legacy systems to integrate. If we only sold to companies without legacies, we’d be without customers.” He explains that even the newest customers already have technological challenges, because the advancement is so fast. “We’re talking about an integration cover for all technologies,” he adds.
N5 has customers throughout Latin America, the United States, Europe, and the Middle East. Although the countries have different marketing and regulatory characteristics, the technological challenges are similar.
Artificial Intelligence for the insurance market
On July 4th, N% is expected to launch some specific Artificial Intelligence solutions for the insurance market. “We think that the insurance world has two different vectors of relationship between the client and the company: one is transactional and the other is advisory,” says Colombo. People, in the insurance market as well as in other situations, at a certain moment want to be served by robots, to streamline processes. However, at other times they want to talk to people, capable of doing a consultancy and who think and advise the client.
“We are launching two artificial intelligences to dramatically increase the productivity of insurers. After that, we will launch an artificial intelligence to replace the less productive humans.” At first, AI will work with people to learn from them, what it does, what it says, and what it answers. “After that, there may be a replacement, but it’s not simple, it’s not quick. It depends on careful planning,” says Colombo.
N5 uses the principles of controlled Artificial Intelligence, which works with confidential information with high investment in security. “We work with more than 70 global companies in the financial industry. The Artificial Intelligence we use does not search for information on the internet, but in the data of each customer. AI needs to bring specific information from each customer and also perceive, in the conversation with the consumer, their emotions and satisfaction. All of this takes time and knowledge of the insurance world,” says N5’s CEO.
Most of the companies that create technology solutions are technology experts. In our case, we go from a problem to a solution. Colombo believes that some AI solutions are almost like toys, with enormous technological capacity but no knowledge of the business. “How do I create an AI that helps a company sell 53% more? Right now, the companies that are participating in the tests do more business from the first 24 hours,” he anticipates.
As a trend, Columbus predicts that technological entropy will continue to be a challenge. “Before, information had two dimensions, but with Open Finance, data is increasingly dispersed and with new competitors.” He mentions that 4% of insurance companies’ spending will be with the operation of Open Finance.
In addition, embedded insurance is essential to enter consumers’ lives at the moment they need it. And finally, Artificial Intelligence to meet the four needs of the market: increased profits, customer satisfaction, decreased costs and risk mitigation.
Revista de política Kelly Lubiato
