Gone are the days when customers tolerated lengthy insurance applications or a complex claims process.
With customer experience taking the front seat today, the insurance industry has been no exception. The insurtech industry is changing its game with excellent customer service driven by a customer-centric model.
In general, insurance is an integral part of every person’s life plan.
After all, who wouldn’t mind some security, right?
However, as Insurtech saw a steep rise in customer volumes with digitalization, it also implied the need for top-notch customer service. But amidst the strict regulations, large volumes of unstructured data, and various sensitive operations, how can customer service be streamlined equally?
The rise of AI.
AI in the form of cloud-based solutions is making a significant change in the insurtech space. According to a study by Data Bridge, the value of artificial intelligence (AI) in the insurance market will stand at USD 6.92 billion by 2028. Furthermore, it is predicted to grow at a compound annual growth rate of 24.05% between 2021 to 2028.
To keep up with the cut-throat competition, the right place to turn heads is toward contact centers.
Here are some of the main factors why the infusion of AI development services is becoming a notable change in the insurtech industry -
- To execute faster and more reliable communication 24/7 with customers
- Analyzing and detecting convoluted unstructured data
- Implement interactions in real-time
- Carry out streamlined operations within strict regulations
- Handling large volumes of data without hampering the security
Concerning the facts discussed, here are some of the critical areas where the infusion of AI can improve customer experience in the insurtech space.
How AI is unraveling complicated customer service operations
One of the most valuable developments in insurtech call centers is the introduction of contact center softwares. Below are some of the benefits of AI in insurance and how it shapes customer service.
Personalizing the sales process
Customers now appreciate personalized experiences in their buying journey - be it on a laptop or smartphone.
AI enables this experience to go live!
Contact center softwares use natural language processing and speech recognition per the National Association of Insurance Commissioners (NAIC) to address common queries and answer questions.
With contact center softwares, insurtech agents are able to sell the right product to the right customers by not compromising on personalization.
Making the claims process efficient
One of the challenging processes in insurtech is claims processing.
Meanwhile, AI has established a promising future in that domain. For instance, high call volumes from policyholders to understand their coverage or to update their policies turn into chaos leading to mismanagement and disappointed customers.
Conversely, AI enables 24/7 assistance and easy resolution of common cases, leaving a good window of time for agents to manage tough calls.
Imagine AI gathering information, plugging it into a pricing tool and generating a quote.
You heard that right! AI can replace the tedious and time-taking manual process of generating quotes via phone calls. Consumers can enjoy a faster experience leading to increased customer satisfaction.
Additionally, post-quote generation, customers often tend to have questions about coverage and adjusting the same where AI can be of great use to call center reps in resolving the same.
Managing policies efficiently
Another crucial use case where AI can come in handy is managing policies.
For example, policyholders can call to gather information on their policy, request a copy of their policy, or update policy information.
Management of underwriting
Artificial intelligence also helps in unwriting procedures and provides guaranteed assurance to customers while buying policies.
AI can also provide accurate estimates to customers based on rules and decisions for events that demand insurance coverage benefits.
With such critical data achieved accurately within less time, AI becomes highly beneficial for customer service.
As a result, insurtechs can enhance customer service with reduced processing time and increased chances of policy conversion.
According to a report, the global insurance fraud detection market size was valued at USD 4.1 billion in 2018. Moreover, the market size is expected to register a CAGR of 13.7% from 2019 to 2025.
AI entering into the insurtech space has enabled increased fraud detection and elimination. With machine learning, AI can pinpoint recurring patterns of suspicious customer or agent behavior.
Call monitoring softwares enable monitoring and tracking of fraudster behavior and strengthen your first line of defense for your call center.
Now, agents can focus on serving legitimate customers by cutting fraud losses along with operational costs.
Why Convin for your insurtech call center’s customer service?
Convin is an AI-backed conversation intelligence platform that uses natural language processing and machine learning to deliver actionable insights.
With this contact center software, you can game up your customer service.
So, we thought of letting you know about some benefits you wouldn’t want to miss.
- Support multiple communication channels
With Convin’s call monitoring software, you can handle large volumes of customer inquiries using a variety of communication channels. Convin ensures a reduction in average handle time (AHT) and increases first-call resolution (FCR) by monitoring all support channels.
- Follow and adhere to regulatory compliance
Agents can often end up violating regulations set by the company. An insurtech must also adhere to HIPPAA and PCI DSS compliance regulations.
Convin’s conversation intelligence software ensures that the agents are not breaching rules and regulations while maintaining good quality.
- Provide excellent customer care
Convin provides a customer intelligence tool that enables you to track the win-and-lose behaviors of customers.
Using this feature, agents can also repeat winning behaviors to close more deals. The root cause of dissatisfied customers can often be traced to avoid highly escalating cases.
Results first, payment later.