Vmeeting customer needs
A leap of faith or a sound approach? Time will tell. In any case, at Xolv, we believe that developments within Artificial Intelligence (AI) unstoppable are. This is not a very bold opinion, we readily admit. But it is definitely based on something. In fact, we see - from the sidelines - that our customers and relations are dealing with these developments.
Customers are becoming increasingly demanding and require a solution that must be as tightly tailored as an Italian designer's suit. To extract the information relevant to you from all available data, robotisation and self-learning computers have simply become indispensable. Credit insurers see this too; by investing in the latest technologies they can differentiate themselves from the competition and thus help you even better service are.
Off the beaten track
The use of AI is already underway in areas such as risk assessment. 'Previously', this was done using extracts from the Chamber of Commerce and structured summaries of annual reports. These days, insurers are no longer just treading those beaten paths. They are already busy analysing so-called unstructured data and then converting it into valuable information. So that they can even better substantiated credit limits can issue.
In doing so, insurers use, among other things, web scrapers and self-learning computers, which collect and analyse all kinds of data. Think social media channels, but also news reports, local media, sector analysis, historical data and much more. Everything about data that can be legally obtained can be used to optimise services. With the customer is the big winner, although the way the privacy of businesses and entrepreneurs is handled is sometimes questioned.
Either way, big data is here to stay in the financial landscape. Credit insurers are preparing well. And whether you are an initiator or follower, our advice is: do the same!
Want to know more about how credit insurers are engaging with Big Data and Aritificial Intelligence? Contact partner Jeroen Ottevanger, who can tell you what opportunities and challenges it presents for you and your customers.
