The insurance sector is today at crossroads between digital transformation and customer retention. There is an urgent need to address customer needs, develop new customer acquisition/retention models, and most importantly ensure a great CX.
Managing business operations manually and following traditional methods may be overwhelming for the companies to meet the needs of customers.
According to the Insurance Information Institute (III), the insurance sector is often seen as the late adopter latest technology.
The use of advanced algorithms and Artificial Intelligence can help insurance companies provide a better customer experience at a very low operating expense. Customer Analytics and automation solutions can help insurers reach customers 3X faster at less than 70% of the operating costs and maintain a high degree of customer-centricity.
The Future of CX in Insurance
McKinsey & Company has conducted extensive research on the future of the insurance sector across the globe. The key findings of the research are –
- Personalized customer experience in each and every stage of the journey
- Developing flexible plan
- Reinvent skills and capabilities
AI omnichannel analytics will help you deliver a personalized user experience by thoroughly understanding the user needs based on their interactions over various channels. What is smarter in modern AI omnichannel analytics is you can analyze voice data along with the other text and chat data. These data and processed information will also help you develop and deliver a personalized experience with the help of deep customer insights.
Present-day audience want answers quickly and clearly; delaying the process will lead to a bad customer experience and a possible churn. Conversational AI bots help you deliver service 24/7. When there is an update or launching a new policy, all you have to do is add the corresponding information into the system.
How Can AI analytics & Conversational AI boost ROI in Insurance Sector
Okay, now that we know that AI tools can help you reduce the operating expenditure and provide a better customer experience, let us see the impact of Conversational AI.
Optimize Human Resources
Insurance companies work hard to provide customer support in vernacular languages. Since the insurance sector has to deal with customers from various states and regions, they need to appoint separate agents for each language.
Multilingual conversational AI bots provide customer support in the languages you prefer. For example, assist365 can manage inbound and outbound conversations in more than 20 languages. Above all, the bots quickly understand the user’s intent and provide services in a language of the customer’s preference.
Clear and Persistent Communication
Keeping regular touch with the customer is always crucial in a business. Say for example, if a customer pays the policy due amount once a year, you might need to remind the customer about the policy payment or renewal a month before. As the payment date comes closer, you can increase the number of calls and text messages by two times a day. Persistency is one of the key factors in the insurance sector, and you can achieve it using conversational AI bots.
Policy lapse reminder bots helped a big Insurance company to collect $800K policy amount and increased customer base by 15%. See our case study to know more about it.
Recover Lost Leads
As mentioned in the McKinsey & Company report, providing a personalized CX is very crucial. This applies to the leads as well. Each lead is unique, and providing the personalized information for the lead’s requirements will improve the chances of bringing in new customers into the company. New-age AI solutions let you give meaningful and deep insight into the leads’ interactions with your Company. The AI uses tags and other mechanisms to optimize campaigns for linear engagement.
Since all procedures are automated, all you have to do is strategize the plan; the rest-all is taken care of by the smart AI algorithm models.
FAQ and Self-service Methodology
Many big brands and tech giants already adopt this methodology. Providing self-help forums and FAQ sections will help the audience quickly find the information they want. Plus, your agents don’t have to provide solutions for frequently asked questions.
For example, if a customer wants to know the procedure to claim the policy amount after maturity, they can simply see access a voice-guided knowledge base to see the procedure instead of waiting in the call for hours to get connected with the agents.
Though customers can go and see the information on the knowledge, sometimes they need direct support. At that time, the FAQ AI bots will be of great use. When the customer asks a question, the FAQ bots provide the right information from the files.
Since all frequently asked questions are taken care of by the bots, the agents can concentrate on addressing more intelligent questions.
How Much Can You Save?
Let us take a sample case that 100 agents to provide customer support.
English: 40 agents
Regional language 1: 40 agents
Regional language: 2: 20 agents
A Freshdesk case study states that The average hourly cost for a single agent might be around $20 (including wages and other technical costs). And for a day with 10 hours of working time, the agent might cost you $200 per day. The cost for a month will be around $4000 (including wages and other operational costs).
Let us assume the same case by replacing human agents with conversational bots
Multilingual AI bots can handle all three languages — English, Regional language 1, and 2. The bots are available 24×7, all day. Conversational AI bots can handle customer’s basic questions, thereby reducing the human agents’ time on call. As a whole, the AI bots can replace nearly 60 agents on your team and results in an operational expense reduction of up to 70%.
That is approximately $2800 you can save!
Gnani.ai’s Conversational AI Solutions for Insurance
assist365 – AI-powered conversational assistant uses the power of ML and NLU to automate the entire customer service workflow across both inbound and outbound. Right from the conversational IVR to handling complex queries, assist365 can provide seamless customer support service.
- Claims Processing & Payment Assistance Bots
- Lead Qualification Bots
- Bill Payment Bots
- Lapse Reminder Bots
- Customer Onboarding Bots
Our Virtual Assistant solutions are helping Insurance companies achieve –
- 33% renewals achieved – on par with human efforts
- 100K+ policies handled MoM
- 70% reduction in overall Opex
Reach out to us to understand the full potential of Conversational AI and AI in omnichannel analytics which you can help your teams reimagine customer experience.