Robo-Advisors: AI in Insurance Improves Advisory Productivity
Advisory has been a critical component for financial services and insurance (BFSI) companies to guide new investors based on their expense plan. Driven by AI and automation, robo-advisor is an emerging platform in this space and enterprises are using it to mechanize investment advice for prospects.
A BFSI organization was looking for investment advice automation covering 90 million millennials and turned up to Cognizant for a digital solution. The provider facilitated them with an AI-enabled robo-advisor application that captures investment goals, amount, etc. to give recommendations. This resulted in gaining 500 new clients and assets of $25M within 60 days and curbed physical advisor costs by ~1.5%.
Service providers are leveraging AI in insurance to develop robo-advisor solutions and help companies in improving their advisory productivity without human intervention.
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