AI is no longer a futuristic concept; it’s a critical tool for financial services and insurance firms looking to enhance efficiency, reduce risk, and improve customer experience. But with so many AI solutions available, how do you choose the right one?
At Tovie AI, we work with leading banks, insurers, and fintechs to implement AI that delivers real business value. Two of the most talked-about approaches are Conversational AI and Agentic AI. While they
may sound similar, they serve very different purposes. Here’s how they compare, and why both matter for our industry.
Conversational AI powers chatbots, virtual assistants, and voice-enabled systems that interact with customers in natural language. It follows predefined rules and workflows, making it ideal for handling routine queries and transactions.
- Customer service: instant responses to common questions (e.g. account balances, policy details) without human intervention.
- Compliance & security: ensuring all interactions adhere to regulatory requirements with controlled, auditable responses.
- Cost efficiency: reducing call centre volumes by automating high-frequency, low-complexity tasks.
Why it works: It’s reliable, scalable, and keeps interactions consistent; key for heavily regulated industries.
Agentic AI is more advanced. Instead of just responding to queries, it can analyse data, make decisions, and act autonomously like a digital employee.
- Claims processing: automatically assessing claims, validating documents, and even approving payouts when criteria are met.
- Risk & fraud detection: monitoring real-time transactions to flag anomalies or potential fraud.
- Personalised financial advice: using customer data to suggest tailored products or investment strategies.
Why it matters: It cuts processing times, reduces human error, and adapts to changing regulations or market conditions.
The reality is, you’ll likely need both.
- Conversational AI is best for customer-facing interactions where consistency and compliance are non-negotiable.
- Agentic AI is ideal for back-office automation, where intelligent decision-making drives efficiency.
At Tovie AI, we help firms deploy the right mix: whether that’s a compliant chatbot for customer queries or an AI-driven underwriting assistant.
AI isn’t just about technology; it’s about solving real business challenges. The key is understanding where each type of AI – be it Conversational or Agentic – fits into your operations and customer journey.
Is your organisation exploring AI? Let’s discuss how we can help you implement solutions that deliver measurable results.