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Artificial
INTELLIGENCE
Imagine the
Possibilities…
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© Copyright Park Avenue Financial Group 2009
Artificial INTELLIGENCE
Presenting
MITCH and ABBY
A Computer Program that can think, speak, present and process digital information in
a conversational, synthetic interview environment
They never get sick
They never take a break
They never retire
They never take a vacation
They never need to be re-trained
They’re Available 24/7 including Holidays
They answer 100,000 in-bound calls simultaneously
They make 100,000 out-bound calls simultaneously
They’re Available 24/7 including Holidays
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• Purpose of the Power Point?
Introduce a New Technology – Artificial Intelligence Program
Demonstrate How New Technology can Increase Efficiencies:
Answers ALL calls first ring – no hold time
Conversational Technology listens, speaks, asks
questions, gives information to the Caller
Makes reminder calls, appointments, educates and trains
Demonstrate How New Technology can Reduce Costs
Telco costs reduced by half
Staff FTE reduction
Cents per minute ($.08-$.13)
Demonstrations: Introductory & Appointment :
Health Insurance – Term Insurance – National City Bank – Air Tran Airlines
1.877.232.0738
1.866.433.3379
Online
1.866.629.5429
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• What is Artificial Intelligence?
•Artificial Intelligence is the science and engineering of making intelligent
machines, especially intelligent computer program application.
•It is related to the similar task of using computers to understand human
intelligence, but AI does not have to confine itself to methods that are
biologically observable.
•Research on AI started after WWII when a number of persons started work on
intelligent machines.
•By the late 1950’s many researchers had entered the field and emphasis in the
research had been directed to programming computers.
•The 1990’s saw an emphasis on speech recognition and reached a practical level
for limited purposes.
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• What is Artificial Intelligence?
Understanding Natural Language:
Just getting a sequence of words into a computer is not enough.
The computer has to be provided with an understanding of the domain
the text is about.
This computer program can think and speak. Presents digital information
in a conversational, synthetic interview environment.
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• What is Artificial Intelligence?
Expert Systems:
A “knowledge engineer” interviews experts in a certain domain and
tries to embody their knowledge in a computer program for carrying
out some tasks.
One of the first expert systems was MYCIN in 1974 which diagnosed
bacterial infections of blood and suggested treatments.
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• Potential Activities Include:
Appointment setting/telephone sales (automated)
•Reduce overall client acquisition cost
•Consistent marketing message, improved compliance
•Gives powerful tool to attract and keep clients
•Tested and validated by major worksite carrier and other Fortune
500 Companies
Inbound customer support (telephone or internet)
• Reduce labor costs
• Increase availability (ABBY and MITCH never go home)
Inbound claims processing
• Claim status notification
• Reduce labor costs
Automated telephone functions
• Telephone and/or internet (ABBY and MITCH assisted)
• Reduce labor costs
• Consistency of information
© Copyright Park Avenue Financial Group 2009
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Artificial Intelligence
• The Carnegie Mellon University Connection
•
Carnegie Mellon University – private
research university in Pittsburg, PA
•
School of Entrepreneurship
•
On Campus Partners
•Microsoft
•Intel
•Cisco
•Apple
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• AI Program Functionality
Availability:
24
7
365
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• AI Program Functionality
Capability:
Can handle in excess of 100,000 calls
simultaneously
In or Out Bound
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• AI Program Functionality
On line forwarding:
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• AI Program Functionality
Male or Female:
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• AI Program Functionality
AI program is available in 26 different languages:
• Opens up avenues to reach ethnic minorities
underserved.
• Provides improved customer service for minority
groups.
• First to market with minority penetration
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• AI Program Functionality
Captures calls as audio files:
Prepares written transcript of entire conversations:
Dashboard and Web access:
Reports, Standard and Ad Hoc:
Self-Administration:
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• AI Program Functionality
Consistent information:
Accurate information 100%
of the time:
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• AI Program Functionality
Information stored for instant recall:
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• AI Program Functionality
Online dashboard:
Campaigns can be set-up easily
Calls logged, documented, time and date stamped.
Calls can be made, messages can be left and
follow-up calls can be performed.
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• AI Program Functionality
Return customer calls at no extra charge:
Very inexpensive per minute
charges for usage
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• AI Program Functionality
Electronic capability to transmit information to any
type of program:
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• AI Program Functionality
Reminder and renewal calls
Accept payments over the phone – check and/or
credit/debit cards:
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• AI Program Functionality
Demonstrations and training capability:
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• AI Program Functionality
Live chat to assist via online process:
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• AI Program Functionality
Trend spotting and opportunity identification:
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• AI Program Functionality
Analysis and increased efficiencies:
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• What Does AI Mean for Business?
One of Business’ primary purposes is to exchange or effect the flow of
information internally and to its customers and clients.
AI can be used to increase the flow of information internally and to and
from customers in a cost-effective manner.
Result:
Better relationship with and more responsive to “customer’s needs”
Better inter-departmental communication
Cross selling of other products and services that you have available
Unlimited capacity – no bottlenecks in service
Decreased operating costs
Maximizing returns on money and time invested (working smarter)
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• MITCH Case Study 1
Major insurance carrier
-Implemented ABBY to make appointment with business-owners to sell
insurance products to consumers. Used AI system to gain initial
appointment and make a pre-appointment reminder call the night
before as well as a post-appointment call offering a free gift
Results:
161 appointments in twenty (20) minutes from 10,000 calls (100,000 planned
calls but stopped after twenty minutes), $1.3 M in premium written
Agents focused on meeting prospects and managing sales cycle instead of
prospecting
Total Cost: $20,000 (averaged $2.00 per call)
Return-on-Investment: 1000%+
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• MITCH Case Study 2
Major Airline
-Implemented ABBY to lower labor costs and increase availability of
offering 24/7 customer support for booking airline reservations.
Had previous experience with traditional live call center.
Implemented AI for customers to book reservations
Results:
Decrease of over 95% in call center costs – averaged over $9.8M in
hard-dollar savings over previous methodology
Dramatic increase in customers’ ease of booking reservations
87% of callers able to book reservations without additional
assistance Customer response time reduced by 76%
Overall increase in customer satisfaction
Increase in overall gross revenue
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• What does all of this mean for your Business?
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© Copyright Park Avenue Financial Group 2009
Artificial Intelligence
• Where do we start?
Well:
• Less paper to handle
• Opportunity to more markets
• Greater penetration of those new markets
• Cross selling of other products that you have available
• Unparalleled customer service
• Consistent, accurate information
• Maximizing returns on money and time invested (working smarter)
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© Copyright Park Avenue Financial Group 2009