Insurance Robo-Advisor
What Does Insurance Robo-Advisor Mean?
Insurance robo-advisors are AI-driven software that provide insurance services with little to no human involvement. These robo-advisors offer relevant assistance by gathering information from the customer and processing it through an algorithm to deliver personalized recommendations.
Insuranceopedia Explains Insurance Robo-Advisor
Robo-advisors are often described as the future of insurance. Currently, most insurance applications are handled by human agents, typically through face-to-face interactions. However, web-based applications and automated processes are expected to replace traditional brokers.
Insurers stand to benefit from robo-advisors by significantly reducing labor costs. As the technology advances and as new customers become more adept at using and interacting with digital tools, robo-advisors have the potential to deliver customer service that matches or even surpasses that provided by human agents.
