I'm not the most organized person. I usually have a millionthings going on in the morning, and I'm usually trying to figurethem out as I'm rushing to catch a flight. Thankfully, I have help.She's someone who can tell me if I need to wear a coat, how long itwill take me to get to the airport, and even when my dinnerreservation is on Saturday.

No, I don't have a butler or personal assistant. I haveSiri.

While the capabilities of voice assistants like Siri and Alexastill have issues, there's no denying that the human-robot exchangeis quickly becoming commonplace, and adoption is onlyincreasing. Accordingto Juniper Research, 55% of U.S. households will have GoogleHome, Sonos One, or Amazon Echo installed in their home by2022.

This demand for voice-controlled artificial intelligence (AI) is part of abigger trend toward more personalized, customized, conversationalexperiences where digital interactions help consumers make everydaydecisions while feeling more like talking to a trusted friend.Companies that make voice-controlled AI agents a central part ofthe digital customer experience stand to reap significantrewards.

Related: Chatbots: The smart solution for insurance customerservice

Insurance is no exception

According to recent research from NTT DATA Services, customerson-the-go seek opportunities to work with and through the mobilizedversions of AI agents to accomplish tasks. For everything fromquotes, bill pay, and claims customers want to accomplish manytasks on their own without having to speak to a human.

Unfortunately, insurers may not be ready. Only 16% of consumers are totally satisfied withthe digital insurance experiences they're currently getting.Top complaints listed by the respondents included:

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        • Inability to complete tasks
        • Too many or irrelevant options
        • Processes that take too long
        • Multiple requests for the same information

While consumers across demographics cited these as commonproblems with their financial services and insurance providers(FSIs), the study found the younger generation of customers hadeven higher expectations.

See also: Jake from State Farm, meet your new neighbor:Chatbots

Generational concerns

The survey divided consumers into two groups:

— "Settlers" are an older generation of loyalusers who want fast and simple experiences.

— "Explorers" are younger, less loyalindividuals who value customized support that is easily availablevia mobile.

While Settlers make up most of today's users, Explorers are the consumers of the future. Itis this group that demands stronger services from FSIs, dictatingthe direction institutions must take if they are to be successfulin the coming years.

These early adopters are often indicators of the next big trendand seek more than just high-level recommendations about theirfinances. Rather, they desire personalized and customized advice onincome, expenses and savings. This may take the form of advisingconsumers on insurance options, proactively sending paymentreminders, and even recommending exactly how to spend or save largebonuses.

In fact, 61% would even be interested in having their bankforcefully intervene or prevent a transaction when they risk goingover budget in a certain category.

Related: 5 insurance and artificial intelligence predictionsfor 2018

Valuable consumer data

In exchange for these services, consumers will share personalinformation. More than 60% of Settlers and 81% of Explorers agreeto share their online retail purchases —if it means their bank will help them manage their money or theirinsurer will help them reassess their risk. Some consumers may goeven further, allowing access to:

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        • In-store retail purchases
        • Geolocation information
        • Uber/Lyft Information
        • Social media information

Despite this potential for increased customer satisfaction andloyalty, institutions are not yet there yet. There is no doubt FSIscan handle the simple tasks; users have no problem getting quotesor paying bills. But for the more complex tasks, FSIs areundeniably lacking when it comes to the digital experience.

FSIs are undeniably lacking when it comes to the digitalexperience. (Photo: iStock)

What's the risk if carriers fail to meet expectations?

For the Explorers, it's huge: Eighty-six percent saying theywould leave their FSI if they could get a better digital experience elsewhere.

This leaves carriers with a challenge. How do they simplify anexperience that is by necessity becoming even more complex?

Though Explorers want personalized guidance, that doesn'tnecessarily mean human guidance. Rather, 41% of respondentsindicated their preference for interactions with AI agents, andthat number will continue to grow as AI becomes more advanced.

Related: Insurers face new challenges in the age ofengagement

Where the robots come in

Imagine Siri or Alexa not only having the ability to look upyour favorite song, but also walk you through your insurancerenewal process and explain what all the complicated terms mean toyou. Sound impossible? Existing AI agents can already do this ifthey have access to the right data at the right time, and that'sthe rub.

For carriers to be able to deliver on the kind of personalized, customized, conversationalexperiences, these Explorers expect they'll need accurate,timely, and actionable real-time data. Yet 68 percent of carrierssurveyed said data was the most critical challenge to deliveringbetter digital experiences

What's behind that challenge? Over 50% cited an inability tomanage data and turn it into actionableinsights. For an industry so reliant on data for things likerisk assessment and product pricing how can data be the challenge?It all starts with how the carrier thinks about data. Is it aprecious object to be squirreled away in a siloed database, or isit an asset to be shared and used across the organization?

We all know what the correct answer is, but we don't always knowwhere to start. As with many things, success starts with astrategy — one that focuses on the fourkey areas currently challenging carriers: data quality, data mining, data analytics, and dataaccess. Focusing on these categories allows carriers to betterunderstand their customers and build the kinds of relationshipsboth Settlers and Explorers seek.

This customer knowledge will lead to smarter agents, betterquotes, and interactions via Alexa or Siri that feel personal andhelp customers plan well. As a result, these data-drivenexperiences will yield higher retention, increased loyalty, greateradvocacy and ultimately a greater lifetime customer value.

Lisa Woodley is vice president of FSI CustomerExperience for NTT DATA Services. She can be reachedon Twitter: @LisaWoodley.

The opinions expressed here are the author's own.

See also:

AI and machine learning: What it is andisn't

AI in claims: It's happening now