Ventiv Resource Library
Issue link: https://ventiv.uberflip.com/i/1454073
Progressive has also addressed the customer service angle by leveraging their iconic spokesperson, Flo. The company worked with Microsoft Azure to create a natural language processing-enabled chatbot that serves as a virtual assistant for customer service. Customers can access the chatbot through the company's Facebook messenger account. BRAVE NEW WORLD | 11 Matt White, technology and innovation manager in Progressive's acquisition experience group, said the Flo chatbot can help customers file a claim, get an insurance quote, change premium payment due dates and answer basic auto insurance questions. "We wanted the chatbot persona to be friendly and helpful to consumers in their path to purchasing insurance, and ultimately, in becoming customers of Progressive for what we hope will be decades." Progressive even added a bit of humor (just like the real Flo). If you ask her about her favorite food, she quickly responds, "I could go for a taco right about now but was told I could only have one every hour." Catastrophe Management Since 1980, the United States has sustained 308 weather and climate disasters where overall damages/costs reached or exceeded $1 billion. The total cost of these 308 events exceeded $2.085 trillion. With changing weather patterns around the world, catastrophes represent significant financial hazards to insurers, including the risk of insolvency, an immediate reduction in earnings and statutory surplus, the possibility of forced asset liquidation to meet cash needs, and the risk of a ratings downgrade. So, it is no surprise that catastrophe management is becoming the next frontier for AI and data analytic modeling. Travelers' CAT modelers pride themselves on their capabilities in leveraging the power of AI and sophisticated modeling techniques. The company is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance through independent agents. It also happens to be a data-driven company powered by AI.