The key to retail success in today’s digital world is for retailers to understand where their most significant opportunity exists. Retailers need to anticipate their customers’ needs and competitors’ capabilities by adopting a digital platform. By using Artificial Intelligence (AI) in customer-facing functions, the online retail world can enhance customer satisfaction, increase time efficiency and reduce customer churn.
There are many examples of AI technologies that can aid in this effort. Visual Search can help by detecting and displaying a more tailored array of products related directly to the consumers’ aesthetic guide. Online Personalized Storefronts can improve customer satisfaction by creating a custom shopping experience for each shopper. Conversational Support can streamline the process promptly with 24/7 available support. The backbone of digital transformation is AI. No matter which journey they chose to follow, AI-powered retail experiences will become essential for…
On February 7th, 2019, Microsoft announced the availability of a new SaaS chatbot offering designed for use in the healthcare industry. They designed it to be a very fast-to-market conversational AI with built-in healthcare language models, terminology, and be compliant with security standards in the industry (HIPAA, ISO 27001, ISO 27018, CSA Gold, GDPR).
Mid-March I began my exploration into this offering and started building my first “Scenario.” Once you have created a bot, you are delivered to a new portal and are quickly presented with a showing of pre-baked templates for you to modify and make your own. At the time there were three available and four listed as coming soon.
I decided to start with the Provider Lookup scenario. Once I created the scenario, I was then taken to a well-designed CMS tool for building it. The tool displays the…
Let’s jump right back into the thick of this topic. In the first part of this blog series, we discussed why insurers should be empowering their customers to complain in fairly general terms. Check out the link to our Decision Maker’s Guide to Complaint Enablement for more background on this topic.
This post dives deeper into a few key metrics: retention rates, customer lifetime value, and quantity of feedback gathered. To do so, we’ll take a look at the financial impact of non-complainers. While you read, it may also be helpful to consider whether you are currently measuring or utilizing any data to achieve similar goals.
Before getting to specifics, here’s a quick recap of what was covered last time:
J.D. Power’s 2018 research tells us that the industry average score for providing a satisfying purchase experience is 839 out of 1,000.1
Here’s an interesting fact from a Forbes article published earlier this year, regarding end-consumers in the insurance industry:
“91% of non-complainers just leave”1
This tells us that there are two types of customers in the insurance world: complainers, and non-complainers. Among non-complainers, more than nine out of ten actively choose to take their business to another company. The insurer they leave behind must deal with the following consequences:
Loss of future revenue streams
Lack of insight into why the customer chose to leave in the first place
The significance these metrics have on bottom line revenue can’t be understated. These are customers that were already paying for a service – that had already gone through a decision-making process, chosen one insurer, and were so dismayed with some aspect of their service that they chose to begin this entire search process again.
But there’s a simple…
AI is one of the hottest trends in tech right now, and therefore it’s no surprise that there is literally an army of consulting companies out there right now who are ready willing and able to help clients pursue the dream of AI. However, with a saturated market comes the age old question of “do these guys really know what they are doing?” In a field like AI where the technology itself is often too complex to comprehend it can be very easy to partner with a company that says all the right things but doesn’t have the chops to back any of it up.
I recently read an article on Forbes that sought to help consumers weed out the charlatans by listing the top 5 questions to ask to ensure that an AI vendor can deliver results. Being an AI…