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Conversational AI for Insurance Lead Generation

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Haptik

According to Accenture, as many as 79% of insurance executives believe that AI will transform the way their companies communicate with customers.

The insurance sector, like many other verticals, has certainly benefited tremendously from AI automation. Conversational AI, in the form of chatbots or virtual assistants, serves as the perfect automated insurance agent — educating prospective customers about insurance, helping them compare plans and policies, and even making personalized recommendations based on their needs.

Let us take a deep-dive into some of the key reasons why Conversational AI is the perfect lead generation tool for an insurance brand.

This is where an AI Assistant can be really useful. It enables prospective customers to explore the complex web of technical terms, rates, terms & conditions and other crucial information in a seamless conversational manner. Customers can ask an insurance chatbot any query using the words or phrasing of their choice — the Natural Language Understanding (NLU) capabilities of the assistant ensures that it understands the customer’s query perfectly and instantly provides the relevant information.

Consider the above example, in which an interested customer gets their questions about Term Life Insurance answered instantly during the course of a conversation, making them more likely to move on to the next step of the purchase journey. And contrast this with a static website that the customer would have had to painstakingly navigate to find the answers they needed.

An AI Assistant can help customers compare plans, answer queries around benefits and coverage, and even provide tools such as interest calculators to help the customer get a better understanding of the costs and benefits involved.

Customers today, particularly Millennial customers, have gotten accustomed to quick answers in real-time interactions. Conversational AI enables insurance brands to meet that expectation, and significantly improves lead generation, as well as the likelihood of a conversion down the line.

With a virtual assistant, the prospective customer can simply provide their details over the course of a conversation, rather than having to fill up a long, static lead form — a factor which significantly boosts lead generation through the insurance brand’s website.

Of course, educating customers and answering their questions is only the first step. Insurers need to go the extra mile to keep prospects engaged and get them on board. Insurance agents often need to serve as advisors to their prospective customers — discussing their specific requirements and their risk profile, and making recommendations based on these discussions. And Conversational AI helps with that task as well.

With an AI-powered recommendation engine in place, a virtual assistant can engage the customer in a conversation about their insurance needs, build a profile based on their responses, and make personalized policy recommendations, complete with quotes.

Being presented, not just with general information, but with concrete recommendations to match their insurance needs, is sure to increase the customer’s engagement with the insurer, and makes it more likely for them to explore the purchase further.

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The AI Assistant can also effectively upsell and cross-sell to existing customers, making relevant recommendations that complement their existing policies, thus further contributing to the bottom line.

One of the challenges of customer engagement in the insurance sector is its perceived opacity. As we’ve discussed, insurance is a complex subject, and this complexity leads customers to believe that they are not getting ‘straight answers’ from insurance agents. They are constantly wary of the ‘fine print’ which may carry hidden clauses and being led into buying something that they don’t really need or want. An AI Assistant helps insurers present themselves as being more transparent by swiftly and seamlessly closing information gaps.

Moreover, an insurance chatbot doesn’t just make sales pitches but engages the customer by freely offering access to information around policy features, terms, and pricing — all this in clear and simple language that helps dispel the notion that something is being hidden from the potential customer.

Being able to gain the customer’s trust through transparent information dissemination, rather than explicit promotion, is one of the key reasons why Conversational AI is such a great tool for lead generation in the insurance sector.

Last, but not least, an AI Assistant can be deployed across a wide range of platforms beyond just the insurer’s website or app, including popular channels such as WhatsApp and Facebook Messenger. This further contributes to making insurance, and insurance providers, more accessible to potential customers, and increases the likelihood of getting them into the purchase funnel.

By serving as helpful, knowledgeable and transparent insurance advisors, they gain the trust of customers and ease them into the funnel — thus proving to be a great asset to the lead generation efforts of insurance brands.

Want to develop a Conversational AI solution for your brand? Get in Touch

Source: https://chatbotslife.com/conversational-ai-for-insurance-lead-generation-a5139fb395ab?source=rss—-a49517e4c30b—4

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How does it know?! Some beginner chatbot tech for newbies.

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Wouter S. Sligter

Most people will know by now what a chatbot or conversational AI is. But how does one design and build an intelligent chatbot? Let’s investigate some essential concepts in bot design: intents, context, flows and pages.

I like using Google’s Dialogflow platform for my intelligent assistants. Dialogflow has a very accurate NLP engine at a cost structure that is extremely competitive. In Dialogflow there are roughly two ways to build the bot tech. One is through intents and context, the other is by means of flows and pages. Both of these design approaches have their own version of Dialogflow: “ES” and “CX”.

Dialogflow ES is the older version of the Dialogflow platform which works with intents, context and entities. Slot filling and fulfillment also help manage the conversation flow. Here are Google’s docs on these concepts: https://cloud.google.com/dialogflow/es/docs/concepts

Context is what distinguishes ES from CX. It’s a way to understand where the conversation is headed. Here’s a diagram that may help understand how context works. Each phrase that you type triggers an intent in Dialogflow. Each response by the bot happens after your message has triggered the most likely intent. It’s Dialogflow’s NLP engine that decides which intent best matches your message.

Wouter Sligter, 2020

What’s funny is that even though you typed ‘yes’ in exactly the same way twice, the bot gave you different answers. There are two intents that have been programmed to respond to ‘yes’, but only one of them is selected. This is how we control the flow of a conversation by using context in Dialogflow ES.

Unfortunately the way we program context into a bot on Dialogflow ES is not supported by any visual tools like the diagram above. Instead we need to type this context in each intent without seeing the connection to other intents. This makes the creation of complex bots quite tedious and that’s why we map out the design of our bots in other tools before we start building in ES.

The newer Dialogflow CX allows for a more advanced way of managing the conversation. By adding flows and pages as additional control tools we can now visualize and control conversations easily within the CX platform.

source: https://cloud.google.com/dialogflow/cx/docs/basics

This entire diagram is a ‘flow’ and the blue blocks are ‘pages’. This visualization shows how we create bots in Dialogflow CX. It’s immediately clear how the different pages are related and how the user will move between parts of the conversation. Visuals like this are completely absent in Dialogflow ES.

It then makes sense to use different flows for different conversation paths. A possible distinction in flows might be “ordering” (as seen here), “FAQs” and “promotions”. Structuring bots through flows and pages is a great way to handle complex bots and the visual UI in CX makes it even better.

At the time of writing (October 2020) Dialogflow CX only supports English NLP and its pricing model is surprisingly steep compared to ES. But bots are becoming critical tech for an increasing number of companies and the cost reductions and quality of conversations are enormous. Building and managing bots is in many cases an ongoing task rather than a single, rounded-off project. For these reasons it makes total sense to invest in a tool that can handle increasing complexity in an easy-to-use UI such as Dialogflow CX.

This article aims to give insight into the tech behind bot creation and Dialogflow is used merely as an example. To understand how I can help you build or manage your conversational assistant on the platform of your choice, please contact me on LinkedIn.

Source: https://chatbotslife.com/how-does-it-know-some-beginner-chatbot-tech-for-newbies-fa75ff59651f?source=rss—-a49517e4c30b—4

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Who is chatbot Eliza?

Between 1964 and 1966 Eliza was born, one of the very first conversational agents. Discover the whole story.

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Frédéric Pierron

Between 1964 and 1966 Eliza was born, one of the very first conversational agents. Its creator, Joseph Weizenbaum was a researcher at the famous Artificial Intelligence Laboratory of the MIT (Massachusetts Institute of Technology). His goal was to enable a conversation between a computer and a human user. More precisely, the program simulates a conversation with a Rogérian psychoanalyst, whose method consists in reformulating the patient’s words to let him explore his thoughts himself.

Joseph Weizenbaum (Professor emeritus of computer science at MIT). Location: Balcony of his apartment in Berlin, Germany. By Ulrich Hansen, Germany (Journalist) / Wikipedia.

The program was rather rudimentary at the time. It consists in recognizing key words or expressions and displaying in return questions constructed from these key words. When the program does not have an answer available, it displays a “I understand” that is quite effective, albeit laconic.

Weizenbaum explains that his primary intention was to show the superficiality of communication between a human and a machine. He was very surprised when he realized that many users were getting caught up in the game, completely forgetting that the program was without real intelligence and devoid of any feelings and emotions. He even said that his secretary would discreetly consult Eliza to solve his personal problems, forcing the researcher to unplug the program.

Conversing with a computer thinking it is a human being is one of the criteria of Turing’s famous test. Artificial intelligence is said to exist when a human cannot discern whether or not the interlocutor is human. Eliza, in this sense, passes the test brilliantly according to its users.
Eliza thus opened the way (or the voice!) to what has been called chatbots, an abbreviation of chatterbot, itself an abbreviation of chatter robot, literally “talking robot”.

Source: https://chatbotslife.com/who-is-chatbot-eliza-bfeef79df804?source=rss—-a49517e4c30b—4

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FermiNet: Quantum Physics and Chemistry from First Principles

Weve developed a new neural network architecture, the Fermionic Neural Network or FermiNet, which is well-suited to modeling the quantum state of large collections of electrons, the fundamental building blocks of chemical bonds.

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Unfortunately, 0.5% error still isn’t enough to be useful to the working chemist. The energy in molecular bonds is just a tiny fraction of the total energy of a system, and correctly predicting whether a molecule is stable can often depend on just 0.001% of the total energy of a system, or about 0.2% of the remaining “correlation” energy. For instance, while the total energy of the electrons in a butadiene molecule is almost 100,000 kilocalories per mole, the difference in energy between different possible shapes of the molecule is just 1 kilocalorie per mole. That means that if you want to correctly predict butadiene’s natural shape, then the same level of precision is needed as measuring the width of a football field down to the millimeter.

With the advent of digital computing after World War II, scientists developed a whole menagerie of computational methods that went beyond this mean field description of electrons. While these methods come in a bewildering alphabet soup of abbreviations, they all generally fall somewhere on an axis that trades off accuracy with efficiency. At one extreme, there are methods that are essentially exact, but scale worse than exponentially with the number of electrons, making them impractical for all but the smallest molecules. At the other extreme are methods that scale linearly, but are not very accurate. These computational methods have had an enormous impact on the practice of chemistry – the 1998 Nobel Prize in chemistry was awarded to the originators of many of these algorithms.

Fermionic Neural Networks

Despite the breadth of existing computational quantum mechanical tools, we felt a new method was needed to address the problem of efficient representation. There’s a reason that the largest quantum chemical calculations only run into the tens of thousands of electrons for even the most approximate methods, while classical chemical calculation techniques like molecular dynamics can handle millions of atoms. The state of a classical system can be described easily – we just have to track the position and momentum of each particle. Representing the state of a quantum system is far more challenging. A probability has to be assigned to every possible configuration of electron positions. This is encoded in the wavefunction, which assigns a positive or negative number to every configuration of electrons, and the wavefunction squared gives the probability of finding the system in that configuration. The space of all possible configurations is enormous – if you tried to represent it as a grid with 100 points along each dimension, then the number of possible electron configurations for the silicon atom would be larger than the number of atoms in the universe!

This is exactly where we thought deep neural networks could help. In the last several years, there have been huge advances in representing complex, high-dimensional probability distributions with neural networks. We now know how to train these networks efficiently and scalably. We surmised that, given these networks have already proven their mettle at fitting high-dimensional functions in artificial intelligence problems, maybe they could be used to represent quantum wavefunctions as well. We were not the first people to think of this – researchers such as Giuseppe Carleo and Matthias Troyer and others have shown how modern deep learning could be used for solving idealised quantum problems. We wanted to use deep neural networks to tackle more realistic problems in chemistry and condensed matter physics, and that meant including electrons in our calculations.

There is just one wrinkle when dealing with electrons. Electrons must obey the Pauli exclusion principle, which means that they can’t be in the same space at the same time. This is because electrons are a type of particle known as fermions, which include the building blocks of most matter – protons, neutrons, quarks, neutrinos, etc. Their wavefunction must be antisymmetric – if you swap the position of two electrons, the wavefunction gets multiplied by -1. That means that if two electrons are on top of each other, the wavefunction (and the probability of that configuration) will be zero.

This meant we had to develop a new type of neural network that was antisymmetric with respect to its inputs, which we have dubbed the Fermionic Neural Network, or FermiNet. In most quantum chemistry methods, antisymmetry is introduced using a function called the determinant. The determinant of a matrix has the property that if you swap two rows, the output gets multiplied by -1, just like a wavefunction for fermions. So you can take a bunch of single-electron functions, evaluate them for every electron in your system, and pack all of the results into one matrix. The determinant of that matrix is then a properly antisymmetric wavefunction. The major limitation of this approach is that the resulting function – known as a Slater determinant – is not very general. Wavefunctions of real systems are usually far more complicated. The typical way to improve on this is to take a large linear combination of Slater determinants – sometimes millions or more – and add some simple corrections based on pairs of electrons. Even then, this may not be enough to accurately compute energies.

Source: https://deepmind.com/blog/article/FermiNet

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