Sebastian Glock, a Senior Technology Evangelist at Cognigy, explores how AI technology can improve the customer experience for the insurance industry today
Insurance was one of the last hyperpersonalized financial goods, with customers expecting a oneone connection with their agent and to be treated like family in the event of a calamity and the need to submit a claim.
Insurers today have more data on their clients’ requirements than ever before, thanks to changes in the way insurance is advertised, underwritten, and sold. Insurance policy and claims service, on the other hand, has become less personal as a result of a shift away from inoffice treatment and towardcustomer service, and consumers are feeling the sting of depersonalisation.
The cheaper cost of centralised and automated customer support for insurance carriers only saves money provided the client experience isn’t compromised. Conversational AI can personalise and soothe consumer encounters, delivering high-quality experiences across all channels – whether voice or digital platforms like WhatsApp or Facebook Messenger – while keeping a simplified approach
Using self-service, automation and AI in insurance customer service
Consumer selfservice choices are becoming more common in a variety of industries, including insurance. Virtual pre-policy walkthroughs can help prospective policyholders. Remote claims handling, which includes video-conferencing with claims professionals and image-based paperwork submitted via a customer’s mobile device, allows claimants to speed processes.
Automation is gaining traction as workflows and operations that can be completed with little or no human intervention help reduce back office operational costs.Customers who wish to buy a policy, renew a policy, expand coverage, pay a premium, or report or check the status of a claim may usually do so quickly and easily using an automated system that prompts them for data inputs and speeds the process forward. Artificial intelligence (AI) aids insurers in improving consumer relations and anticipating their demands. Conversational AIpowered virtual agents, in particular, allow customers to have humanlike experiences even if a real agent isn’t immediately available when they contact a customer care centre for help. As soon as a conversation is started, a virtual agent insurance chatbot can begin examining who the consumer is and what their problem is. In some circumstances, the virtual agent can assist in resolving the issue without the need for escalated support. If a customer service representative (CSR) is needed, they will already have all of the necessary information about the customer’s account and the issue at hand. It should never be necessary for the customer to repeat themselves
The future of conversational AI for the Indu industry
Conversational AI’s utility in insurance customer care continues to grow. Contact centres can gradually offload tedious jobs, allowing their CSR team to focus on more gratifying work, as NLP (Natural Language Processing) technology improves and clients become accustomed to engaging with virtual agents and chatbots across all channels.
Conversational AI, like other automation technologies, may cut expenses by reducing the time it takes to respond to customer inquiries and minimise turnover by improving customer experience. Because it costs five times as much to acquire new customers as it does to keep them, concentrating on increasing the quality of existing customers’ experiences is critical to protecting a company’s bottom line. Conversational AI has the potential to save expenses while also increasing consumer and employee happiness. Some of our insurance customers claim that up to 62 percent of their customers can manage their own problems without the need for human interaction
