1 Artificial INTELLIGENCE Imagine the Possibilities… © Copyright Park Avenue Financial Group...

1

Artificial INTELLIGENCE

Imagine the Possibilities…

© Copyright Park Avenue Financial Group 2009

2

Presenting Presenting

MITCH and ABBYMITCH and ABBYA Computer Program that can think, speak, present and process digital information in A Computer Program that can think, speak, present and process digital information in

a conversational, synthetic interview environmenta conversational, synthetic interview environment

They never get sickThey never get sickThey never take a breakThey never take a breakThey never retireThey never retireThey never take a vacationThey never take a vacationThey never need to be re-trainedThey never need to be re-trainedThey’re Available 24/7 including HolidaysThey’re Available 24/7 including HolidaysThey answer 100,000 in-bound calls simultaneouslyThey answer 100,000 in-bound calls simultaneouslyThey make 100,000 out-bound calls simultaneouslyThey make 100,000 out-bound calls simultaneouslyThey’re Available 24/7 including HolidaysThey’re Available 24/7 including Holidays

Presenting Presenting

MITCH and ABBYMITCH and ABBYA Computer Program that can think, speak, present and process digital information in A Computer Program that can think, speak, present and process digital information in

a conversational, synthetic interview environmenta conversational, synthetic interview environment

They never get sickThey never get sickThey never take a breakThey never take a breakThey never retireThey never retireThey never take a vacationThey never take a vacationThey never need to be re-trainedThey never need to be re-trainedThey’re Available 24/7 including HolidaysThey’re Available 24/7 including HolidaysThey answer 100,000 in-bound calls simultaneouslyThey answer 100,000 in-bound calls simultaneouslyThey make 100,000 out-bound calls simultaneouslyThey make 100,000 out-bound calls simultaneouslyThey’re Available 24/7 including HolidaysThey’re Available 24/7 including Holidays

ArtificialArtificial IINTELLIGENCENTELLIGENCE


3

• Purpose of the Power Point?Purpose of the Power Point?

Artificial Intelligence

Introduce a New Technology – Artificial Intelligence ProgramIntroduce a New Technology – Artificial Intelligence Program

Demonstrate How New Technology can Increase Efficiencies:Demonstrate How New Technology can Increase Efficiencies:

Answers ALL calls first ring – no hold timeAnswers ALL calls first ring – no hold time

Conversational Technology listens, speaks, asks Conversational Technology listens, speaks, asks questions, gives information to the Caller questions, gives information to the Caller

Makes reminder calls, appointments, educates and trainsMakes reminder calls, appointments, educates and trains

Demonstrate How New Technology can Reduce CostsDemonstrate How New Technology can Reduce Costs

Telco costs reduced by halfTelco costs reduced by half

Staff FTE reductionStaff FTE reduction

Cents per minute ($.08-$.13)Cents per minute ($.08-$.13)

Demonstrations: Demonstrations: Introductory & Appointment :Introductory & Appointment :

Health Insurance – Term Insurance – National City Bank – Air Tran AirlinesHealth Insurance – Term Insurance – National City Bank – Air Tran Airlines

1.877.232.0738 1.866.433.3379 Online 1.866.629.54291.877.232.0738 1.866.433.3379 Online 1.866.629.5429

Introduce a New Technology – Artificial Intelligence ProgramIntroduce a New Technology – Artificial Intelligence Program

Demonstrate How New Technology can Increase Efficiencies:Demonstrate How New Technology can Increase Efficiencies:

Answers ALL calls first ring – no hold timeAnswers ALL calls first ring – no hold time

Conversational Technology listens, speaks, asks Conversational Technology listens, speaks, asks questions, gives information to the Caller questions, gives information to the Caller

Makes reminder calls, appointments, educates and trainsMakes reminder calls, appointments, educates and trains

Demonstrate How New Technology can Reduce CostsDemonstrate How New Technology can Reduce Costs

Telco costs reduced by halfTelco costs reduced by half

Staff FTE reductionStaff FTE reduction

Cents per minute ($.08-$.13)Cents per minute ($.08-$.13)

Demonstrations: Demonstrations: Introductory & Appointment :Introductory & Appointment :

Health Insurance – Term Insurance – National City Bank – Air Tran AirlinesHealth Insurance – Term Insurance – National City Bank – Air Tran Airlines

1.877.232.0738 1.866.433.3379 Online 1.866.629.54291.877.232.0738 1.866.433.3379 Online 1.866.629.5429


4

• What is Artificial Intelligence?What is Artificial Intelligence?


•Artificial Intelligence is the science and engineering of making intelligent Artificial Intelligence is the science and engineering of making intelligent machines, especially intelligent computer program application.machines, especially intelligent computer program application.

•It is related to the similar task of using computers to understand human It is related to the similar task of using computers to understand human intelligence, but intelligence, but AIAI does not have to confine itself to methods that are does not have to confine itself to methods that are biologically observable. biologically observable.

•Research on Research on AIAI started after WWII when a number of persons started work on started after WWII when a number of persons started work on intelligent machines.intelligent machines.

•By the late 1950’s many researchers had entered the field and emphasis in the By the late 1950’s many researchers had entered the field and emphasis in the research had been directed to programming computers. research had been directed to programming computers.

•The 1990’s saw an emphasis on speech recognition and reached a practical level The 1990’s saw an emphasis on speech recognition and reached a practical level for limited purposes.for limited purposes.

•Artificial Intelligence is the science and engineering of making intelligent Artificial Intelligence is the science and engineering of making intelligent machines, especially intelligent computer program application.machines, especially intelligent computer program application.

•It is related to the similar task of using computers to understand human It is related to the similar task of using computers to understand human intelligence, but intelligence, but AIAI does not have to confine itself to methods that are does not have to confine itself to methods that are biologically observable. biologically observable.

•Research on Research on AIAI started after WWII when a number of persons started work on started after WWII when a number of persons started work on intelligent machines.intelligent machines.

•By the late 1950’s many researchers had entered the field and emphasis in the By the late 1950’s many researchers had entered the field and emphasis in the research had been directed to programming computers. research had been directed to programming computers.

•The 1990’s saw an emphasis on speech recognition and reached a practical level The 1990’s saw an emphasis on speech recognition and reached a practical level for limited purposes.for limited purposes.


5



Understanding Natural Language:Understanding Natural Language:

Just getting a sequence of words into a computer is not enough.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 computer has to be provided with an understanding of the domain the text is about.the text is about.

This computer program can think and speak. Presents digital information This computer program can think and speak. Presents digital information in a conversational, synthetic interview environment. in a conversational, synthetic interview environment.

Understanding Natural Language:Understanding Natural Language:

Just getting a sequence of words into a computer is not enough.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 computer has to be provided with an understanding of the domain the text is about.the text is about.

This computer program can think and speak. Presents digital information This computer program can think and speak. Presents digital information in a conversational, synthetic interview environment. in a conversational, synthetic interview environment.


6



Expert Systems:Expert Systems:

A A “knowledge engineer”“knowledge engineer” interviews experts in a certain domain and interviews experts in a certain domain and tries to embody their knowledge in a computer program for carrying tries to embody their knowledge in a computer program for carrying out some tasks.out some tasks.

One of the first expert systems was MYCIN in 1974 which diagnosed One of the first expert systems was MYCIN in 1974 which diagnosed bacterial infections of blood and suggested treatments.bacterial infections of blood and suggested treatments.

Expert Systems:Expert Systems:

A A “knowledge engineer”“knowledge engineer” interviews experts in a certain domain and interviews experts in a certain domain and tries to embody their knowledge in a computer program for carrying tries to embody their knowledge in a computer program for carrying out some tasks.out some tasks.

One of the first expert systems was MYCIN in 1974 which diagnosed One of the first expert systems was MYCIN in 1974 which diagnosed bacterial infections of blood and suggested treatments.bacterial infections of blood and suggested treatments.


7

Artificial Intelligence• Potential Activities Include: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

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


8

• The Carnegie Mellon University ConnectionThe Carnegie Mellon University Connection


• Carnegie Mellon University – private research university in Pittsburg, PA

• School of Entrepreneurship

• On Campus Partners•Microsoft

•Intel

•Cisco

•Apple

• Carnegie Mellon University – private research university in Pittsburg, PA

• School of Entrepreneurship

• On Campus Partners•Microsoft

•Intel

•Cisco

•Apple


9

• AI Program FunctionalityAI Program Functionality


Availability:Availability: 2424

77

365365


10



Capability:Capability:

Can handle in excess of 100,000 calls Can handle in excess of 100,000 calls simultaneouslysimultaneously

In or Out BoundIn or Out Bound


11



On line forwarding:On line forwarding:


12



Male or Female:Female:Male or Female:Female:


13



AI program is available in 26 different languages:AI program is available in 26 different languages:

• Opens up avenues to reach ethnic minorities Opens up avenues to reach ethnic minorities

underserved.underserved.

• Provides improved customer service for minority Provides improved customer service for minority

groups.groups.

• First to market with minority penetrationFirst to market with minority penetration


14




Captures calls as audio files:

Prepares written transcript of entire conversations:

Dashboard and Web access:

Reports, Standard and Ad Hoc:

Self-Administration:

Captures calls as audio files:

Prepares written transcript of entire conversations:

Dashboard and Web access:

Reports, Standard and Ad Hoc:

Self-Administration:

15



Consistent information:

Accurate information 100%

of the time:

Consistent information:

Accurate information 100%

of the time:


16



Information stored for instant recall:Information stored for instant recall:


17



Online dashboard:

Campaigns can be set-up easily

Online dashboard:

Campaigns can be set-up easily

Calls logged, documented, time and date stamped.Calls logged, documented, time and date stamped.

Calls can be made, messages can be left and Calls can be made, messages can be left and follow-up calls can be performed.follow-up calls can be performed.


18



Return customer calls at no extra charge:

Very inexpensive per minute

charges for usage

Return customer calls at no extra charge:

Very inexpensive per minute

charges for usage


19



Electronic capability to transmit information to any type of program:

Electronic capability to transmit information to any type of program:


20



Reminder and renewal calls

Accept payments over the phone – check and/or credit/debit cards:

Reminder and renewal calls

Accept payments over the phone – check and/or credit/debit cards:


21



Demonstrations and training capability:Demonstrations and training capability:


22



Live chat to assist via online process:Live chat to assist via online process:


23



Trend spotting and opportunity identification:Trend spotting and opportunity identification:


24


Artificial Artificial IntelligenceIntelligence

Analysis and increased efficiencies:Analysis and increased efficiencies:


25

• What Does AI Mean for Business?What Does AI Mean for Business?


One of Business’ primary purposes is to exchange or effect the flow of One of Business’ primary purposes is to exchange or effect the flow of information internally and to its customers and clients.information internally and to its customers and clients.

AI can be used to increase the flow of information internally and to and AI can be used to increase the flow of information internally and to and from customers in a cost-effective manner.from customers in a cost-effective manner.

Result:Result:Better relationship with and more responsive to “customer’s needs”Better relationship with and more responsive to “customer’s needs”

Better inter-departmental communicationBetter inter-departmental communication

Cross selling of other products and services that you have availableCross selling of other products and services that you have available

Unlimited capacity – no bottlenecks in serviceUnlimited capacity – no bottlenecks in service

Decreased operating costs Decreased operating costs

Maximizing returns on money and time invested (working smarter)Maximizing returns on money and time invested (working smarter)

One of Business’ primary purposes is to exchange or effect the flow of One of Business’ primary purposes is to exchange or effect the flow of information internally and to its customers and clients.information internally and to its customers and clients.

AI can be used to increase the flow of information internally and to and AI can be used to increase the flow of information internally and to and from customers in a cost-effective manner.from customers in a cost-effective manner.

Result:Result:Better relationship with and more responsive to “customer’s needs”Better relationship with and more responsive to “customer’s needs”

Better inter-departmental communicationBetter inter-departmental communication

Cross selling of other products and services that you have availableCross selling of other products and services that you have available

Unlimited capacity – no bottlenecks in serviceUnlimited capacity – no bottlenecks in service

Decreased operating costs Decreased operating costs

Maximizing returns on money and time invested (working smarter)Maximizing returns on money and time invested (working smarter)


26

• MITCH Case Study 1MITCH 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%+

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%+


27

• MITCH Case Study 2MITCH 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

reservations87% of callers able to book reservations without additional assistance Customer response time reduced by 76%Overall increase in customer satisfactionIncrease in overall gross revenue

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

reservations87% of callers able to book reservations without additional assistance Customer response time reduced by 76%Overall increase in customer satisfactionIncrease in overall gross revenue


28

• What does all of this mean for your Business?What does all of this mean for your Business?



29

• Where do we start?Where do we start?



Well:Well:

• Less paper to handleLess paper to handle

• Opportunity to more marketsOpportunity to more markets

• Greater penetration of those new marketsGreater penetration of those new markets

• Cross selling of other products that you have availableCross selling of other products that you have available

• Unparalleled customer serviceUnparalleled customer service

• Consistent, accurate informationConsistent, accurate information

• Maximizing returns on money and time invested (working Maximizing returns on money and time invested (working smarter)smarter)

Well:Well:

• Less paper to handleLess paper to handle

• Opportunity to more marketsOpportunity to more markets

• Greater penetration of those new marketsGreater penetration of those new markets

• Cross selling of other products that you have availableCross selling of other products that you have available

• Unparalleled customer serviceUnparalleled customer service

• Consistent, accurate informationConsistent, accurate information

• Maximizing returns on money and time invested (working Maximizing returns on money and time invested (working smarter)smarter)

1 Artificial INTELLIGENCE Imagine the Possibilities… © Copyright Park Avenue Financial Group...

Documents

Transcript of 1 Artificial INTELLIGENCE Imagine the Possibilities… © Copyright Park Avenue Financial Group...