I’ve been collecting a pile of industry data. Rapid fire, lighting round!
Per Forbes: The insurance industry faces a demographic problem with two-thirds of agents over the age of 40 and only 11% under 30. While AI tools will help with outreach and customer service tasks, they can’t force older agents to embrace change. The challenge for the industry is to get older managers to think younger and recognize the opportunity AI presents for growth and future profitability.
According to a survey by KPMG, 70% of global retail industry executives believe generative AI will have the most “transformational impact” on marketing and sales, with 68% currently exploring AI’s marketing uses. The survey also found that 66% of consumer and retail executives plan to use AI to analyze customer data and create personalized recommendations, while 64% will use it for trend and predictive analytics for inventory management.
Mastercard’s Signals report highlights five emerging use cases of generative AI in commerce: knowledge distribution, HR and training, code writing, legal, cybersecurity, treasury, marketing, customer interfaces, and service delivery. The report also suggests that AI adoption rates are increasing, with 50% of companies using AI for at least one application in 2022 compared to just 20% in 2017. The five emerging use cases identified by Mastercard are enterprise, finance, small business, retail, and travel.
A new report titled “Generative AI: A Channel Impact Analysis” by JS Group and the ANS Group highlights the potential benefits of generative AI for channel partners, including increased automation, improved personalization, and reduced costs. How are channel businesses benefiting from generative AI? Those that used AI for sales prospecting and customer acquisition experienced a 50% increase in leads and a 52% increase in conversion rates, the report cites. Additionally, effective personalization through AI integration can reduce acquisition costs by up to 50%.
We’re seeing first use cases for sure, and my hope with this data is that listeners can consider their customer’s sectors and find ways to be effective.