Artificial Intelligence: Zurich Insurance Snaps Up AlphaChat To Automate Customer Service
AlphaChat is an Estonia-based startup specializing in conversational AI.
Zurich Insurance Group has acquired Estonia-based company AlphaChat, which provides conversational artificial intelligence (AI) technology for customer service automation. The terms of the acquisition were not disclosed. (ITIJ)
Conversational AI – the use case for Zurich
Zurich said in a statement that the deal would enhance the Group’s digital capabilities, in particular, its customer-focused strategy by differentiating the offering, improving the customer experience, and streamlining interactions.
The Group reported increasing demand from customers for personalized products and services that are available around the clock, boosting the case for conversational AI.
As such, the acquisition would strengthen its conversational AI capabilities and help the Group create a consistent and efficient approach to developing Intelligent Virtual Assistants across businesses, for both internal and external purposes.
Founded in 2017, AlphaChat has developed a conversational AI platform capable of understanding natural language, authenticating users, providing personalized responses and executing transactions, making communication with customers seamless.
“Building on our first-class team and on the strength of our product Zurich is launching an Intelligent Automation Center of Excellence in Estonia where we focus on creating AI-powered messaging automation solutions for Zurich customers globally,” revealed Indrek Vainu, CEO of AlphaChat.
Computers should converse with us
Ericson Chan, Group Chief Information and Digital Officer, said: “We have spent decades to learn how to communicate with computers through different programming languages. Now it is time for computers to learn how to have a personal conversation with all of us. Natural language processing is key to further enhance customer experience, complementing human interaction in the most natural way.”
Related Story: Genesys Closes $580M Round Led By SalesForce Ventures
Latest Alternative Investment News
Proxy advisory firm Institutional Investor Advisory Services India Ltd. (IiAS) has issued a note ahead of PayTM’s (NSE: PAYTM) annual shareholders’ meeting on August 19 calling for the replacement of…
Lockheed Martin (NYSE: LMT) and its venture finance arm Lockheed Martin Ventures plans to boost the latter’s investment outlay from $200 million to $400 million.
PicPay, the well-known Brazilian payment app, has got its shoe in the crypto door in partnership with Paxos, a leading regulated blockchain infrastructure company. Picpay is opening crypto trading services…
BT (LON: BT.A), the telecom major, announced that Barclaycard Payments had joined its partnership network seeking to help the growth of UK microbusinesses. BT customers with 0-5 employees would get…