Introducing Morgan

Smart CoreIn Part 1 of this series, I described a situation where customer service representatives (CSR) at ABC Insurance, a mid-sized Tier 2 insurer, didn’t have the technology available to make timely decisions to help their customers. Now, a week later, they and the other CSRs are very happy to see that their core system has been upgraded. They’ll have Morgan to assist them in their day-to-day operations.

But what is Morgan and what does it do that makes Daniel and Shauna so happy? Morgan is a trusted advisor that helps them make smart and effective business decisions throughout the insurance lifecycle. In addition to guiding CSRs with standard processes, Morgan is a super-assistant that engages with CSRs through dialogue. It can automatically process standard transactions and, for more complex situations, uses advanced data analysis to either take action or make recommendations.

Morgan is ABC Insurance’s Smart Core™ and is excellent at:

  • Providing a single source of truth: One place where information is consolidated and can be retrieved and analyzed in real time
  • Becoming an advisor: Continuously monitoring the condition of claims, policies, submissions, and other processes and then providing advice about actions that should be taken and customers who require attention
  • Functioning as a super assistant: Sweeping away simple, repetitive tasks so that CSRs can focus on tasks where their skills and expertise are most valuable

Morgan is at its best when all three attributes work together. Think about how different Daniel’s interaction with Barbara (an ABC Insurance policyholder) would have been with Morgan. On receiving the call, Daniel would have responded:

“Hello, Barbara! We’re aware that your car’s been in the body shop since last week and there was a slight delay in sending the payment to the shop from our end. We’ve contacted our bank, and your car should be ready for pick-up tomorrow.”

Let’s examine how things are different with Morgan. Daniel was able to:

  • Identify Barbara from the call and not ask for basic information
  • Predict the reason for the call before Barbara explained it
  • Have a response ready with the problem already identified and resolved

Similarly, Shauna would have been able to reconcile agent commission payments with one click and resolve the matter. In addition, she could have easily created the report on policy renewal rates for her underwriting manager.

ABC Insurance could just as easily have configured Morgan to interact with the customer directly. Morgan has the ability to answer common repetitive questions and engage a CSR only when there’s an exception. This can further drive down loss adjustment expenses as well as other costs.

Another of Morgan’s key attributes is that it gets smarter with more interactions between customers and CSRs. Morgan will soon be able to create claims before they’re reported; alert workers before they get injured; create tailored products for individual customers; detect customer sentiment and take appropriate action; prevent losses before a catastrophe strikes; design new products; recommend new profitable markets for insurers; and much more...

It will take time for insurers to adjust to Morgan. But as it proves its value time after time, insurers will trust Morgan with increasingly complex decisions.

In Part 3, I’ll illustrate examples of how Morgan makes insurance knowledge workers more efficient and effective, enabling them to focus on more strategic initiatives to support the business.