49% of consumers are willing to favor brands that explain data usage in AI interactions
17/04/2024Artificial intelligence (AI) has become a fundamental tool for companies striving to provide personalized and efficient customer interactions. However, a new report reveals that the lack of transparency in data usage by brands is affecting consumer trust. According to Twilio's fifth 'State of Consumer Engagement Report', based on a global survey including over 4,750 B2C executives and 6,300 consumers across 18 countries, 49% of consumers would trust a brand more if it disclosed how it uses data from AI-driven interactions. The report also highlights that, although 91% of brands claim to be transparent with their customers about AI usage, only 48% of consumers agree. In this context, data protection emerges as a priority for consumers, with six out of ten indicating it's the best way for brands to earn their trust. This data security concern is shared by, the 40% businesses globally that considerate important to find a balance between security and customer experience as one of their most pressing challenges. AI-driven customer experience for brands AI-driven personalization is a key strategy to enhance customer relations. The report points out that companies adopting personalization experience a significant increase in consumer spending, averaging 54% more compared to those that don't. AI not only helps bridge the customer experience gap but also provides additional benefits, such as better data-driven decision-making and increased customer satisfaction. However, the report highlights that many companies face difficulties in activating customer data. Globally, only 16% of brands fully agree that they have the necessary data to understand their customers.
[ ... ]
Digital insurance with AI sets the trend in the Insurtech market
12/04/2024Digital insurance, connected and driven by generative Artificial Intelligence (AI), is making a milestone in the Insurtech market, according to a report prepared by the technology consultancy NTT Data. The report, 'Insurtech Global Outlook 2024,' delves into the three waves of innovation that are reshaping the insurance sector and also offers recommendations derived from its main findings. NTT Data experts detail that, after reaching record investment figures in previous years, the sector experienced an adjustment in 2023, reflecting both the bursting of a bubble and a strategic adaptation to new global economic and political realities. Three waves of innovation in digital insurance The NTT Data report identifies "three waves of innovation" in the insurance industry: digital insurance, connected insurance, and generative insurance. The first ones, they explain, mark the entry of Insurtech companies into the market, while connected insurance leads the shift towards proactive prevention strategies and personalized approaches for the client. The latter, generative insurance linked to AI, they add, are helping insurance companies to generate high-impact models in society, while also complying with ethical regulations. In fact, according to this work, cybersecurity and AI emerge as fundamental pillars for the transformation of the sector. The report highlights, for example, an investment of 640 million dollars in cybersecurity, with a growth in the number of transactions and an increasing focus on protection against cyber risks. In addition, artificial intelligence, with investments of over 50 billion dollars, is consolidating, according to the NTT Data report, as a disruptive force, paving the way for revolutionary solutions and business models.
[ ... ]
European companies are facing million-euro losses due to connectivity issues
12/06/2023A study by Cradlepoint reveals that European businesses could be losing milions of euros every week as a result of connectivity problems. According to the State of Connectivity in Europe report, conducted in collaboration with Censuswide, 74% of companies experience at least 2 hours of connectivity loss each week. One hour of downtime can be valued at 332,600 euros, according to Statista. These connectivity issues have also generated additional operating costs for 47% of the surveyed companies, and 33% have missed out on business opportunities due to these problems. Furthermore, the education sector is affected, as 80% of respondents state that poor connectivity hinders the development of skills necessary to thrive in a modern economy. The study also highlights that 21% of European companies have lost talent due to connectivity issues. The findings also conclude that improving connectivity is considered crucial for 90.5% of the surveyed companies, as it would help them better manage potential economic, social, and political challenges and increase their resilience to future disruptions.
[ ... ]