Conversational Analytics / 19.08.2020

Improving Customer Service in Insurance with AI and Automation

The global insurance industry plays a pivotal role in providing a safety net as the economy chugs along, and we go ahead with our day-to-day lives. More so when things don’t turn out the way we expect, like in present times when the world is going through so much of turbulence and uncertainty, the right insurance policy is a godsend.

Though the insurance industry has been around for a long time, it has been slow to embrace newer technologies and live up to customers’ expectations. The fact that most people find it very confusing to choose the right insurance policy is proof enough that the industry needs to make renewed attempts to win over customers and gain their much-needed trust. A proactive customer service approach can make a big difference. So, let’s jump right in.

Simplify and make insurance more accessible

We all know that we need the right insurance. But how many among us are adequately insured? People don’t buy as much coverage as they ought to buy because most people find insurance a complex topic. People perceive insurance as a maze of policy conundrum, hidden quotes, opaque terms and conditions, lengthy claims processes, and invisible clauses within the fine print. The list goes on.

The right technology can help. AI and automation can be put to work to simplify the mystery surrounding insurance policies. It can take the customers on a step-by-step journey of fully understanding the plan before they commit to it. This way, customers are more forthcoming about their reservations, queries, and apprehensions regarding the insurance policies. A conversational AI chatbot or virtual bot can connect with the customers, empathize with them, understand their needs, and specifically recommend strategies to them without leaving any room for doubt or fear. If a customer query gets a little complex, the virtual assistant can promptly transfer the live call or chat to a human agent who can help the customers better. The customers don’t have to be needlessly put on hold while the company can hire fewer agents and intelligent machines can take over many of the tasks from humans and do a great job while at it. This way more people would be willing to sign up for your insurance products and eventually buy from you. Think about it.

Help contact center reps to serve customers better

Getting the best insurance policy is half the battle won. As a customer, making it work is equally important, right? This is where appropriate after-sales customer service and support comes into the picture. Your contact center agents are doing all they can to help customers apply for claims and ensure that timely disbursal of monies is done. But in an increasingly complex world and with a burgeoning customer base, your contact center agents can easily get overwhelmed.

Conversational automation and analytics powered by AI can help save the day for you. It gives the contact center agents a complete view of all the customers – their histories, policies chosen, claims status, processing updates, impediments to full disbursal of claims, and so on. Thus, the agents can always stay on top of things without worrying about mundane and repetitive tasks. Most such tasks would be automated, like creating a call summary or doing the after-call work when each call ends with crucial takeaways highlighted. Completing the mandatory paperwork, formalities, and nitty-gritty of the insurance policy claims management can all be handled by the AI-powered digital assistant. This leaves the contact center agents with ample time to do more value-added services like empathizing with the customers. Give it a thought.

All this goes a long way in cementing your brand’s ties with the customers. So, customers no longer have to look at insurance with suspicion. Your contact center agents would be happy to help the customers at every instance, thanks to AI and automation working in the background. Now, that’s a win-win situation.

Such kind of proactive customer service and customer support truly builds trust within the customer community. Before long, they would be talking about your brand to friends and family waxing eloquent about your excellent customer service. Remember, there is no marketing like word-of-mouth marketing. So you don’t just create happy customers; you create brand advocates. AI and automation can surely help you do that.

Connect with Uniphore to learn how you can improve customer service in the insurance industry with AI and automation.