Cortex Logic delivers Intelligent Virtual Assistants and Advisors
The spectrum of intelligent virtual assistants and advisors starts from those with low technology integration and complexity such as chatbots that simply provide information, to ones that are more integrated and complex and can provide assistants and even advice. Some examples include personal financial assistants, robo-advisors for insurance plan selection, portfolio management, and wealth management, personal shopping bots, customer support bots, security bots, travel agents, personal health assistants/advisors, personal knowledge assistants/advisors, tutors and learning partners, and personal agricultural assistants/advisors.
Intelligent virtual assistants & robo-advisors and automation of certain tasks:
- financial services (wealth management, insurance (e.g., insurance plan selection), portfolio management, personal financial assistant, etc.)
- medicine and healthcare (medical assistants and advice, wellness, medical insurance, etc.)
- education (tutors, knowledge assistant, learning partner, etc.)
- retail (personal shopping, etc.)
- call centres and customer support (e.g., customer support bots)
- travel agents
- security bots
- monitoring and diagnostics
- process supervision
- personal administration and services
As illustrated in the diagram below the general complexity of deployment with respect to chatbots, intelligent virtual assistants and robo-advisors various, amongst others, with respect to the following characteristics:
- From no or few business rules deployed to a large number of expert and/or data-driven rules utilized
- From static information to more dynamic information
- From no machine learning to more end-to-end use of machine learning (e.g. deep learning) making use of all available data sources
- From just information-simple search to intuitive guidance based on keywords, ontology, and deep language understanding
- From query and response (single instance) to response based on context, history and profile
- From FAQs, standard operating procedures and limited knowledge bases to guidance on process, related transactions, and relevant knowledge
- From single language – single Avatar to multi-language support – multi Avatar for each login or account.
- From no or limited support services to more deeply integrated human expert and/or machine intelligence driven support services
- From no or shallow integration into business, operational, and data systems to deep integration into all data sources, and/or business and operational systems
- From no or shallow Internet of Things (IoT) integration to deep personal, home, and/or industrial IoT integration.
Intelligent virtual assistants and robo-advisors are, for example, a good fit for life and short term insurers. Machine Intelligence’s initial impact primarily relates to improving efficiencies and automating existing customer-facing, underwriting and claims processes. It is also clear that the impact of Machine Intelligence will be more profound as it will be used to identify, access and underwrite emerging risks and identify new revenue sources. the diagram below illustrated some of the Machine Intelligence applications for the Insurance industry with respect to enhance services such as personalized customer experience, digital advice, automating and augmenting underwriting and robo-claims adjusting. The specific value added are respectively redefining the value proposition to the customer, redefining distribution, enhancing efficiencies and reducing claims processing time and costs. Some of the Machine Intelligence capabilities include natural language processing. machine learning (including deep learning), graph analysis, deep question and answer systems, audio/speech analytics, sensors/IoT, soft robotics, virtual personal assistants and simulation modelling.