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AI in Insurance: Building a Customer-First Approach With Convin’s Call Monitoring Software

Rimlee Patgiri
January 23, 2023
12
 mins read

Last modified on

January 23, 2023

Ever wondered why insurance companies have been slow at reflecting technological changes compared to other industries? 

The answer is simple: Insurance is an ancient, prcoess-driven, and highly regulated industry. 

Much of the insurance data goes into manual paperwork and bureaucracy. These processes have been going on for so long that friction is established in adapting to new paths.

While the world is heading towards a digitalized, easier, and more convenient way of functioning, resulting in improved customer experience, insurance stands as the “tortoise” in “The Hare & the Tortoise.”

Contrarily, customer experience is one of the most crucial aspects for insurance companies to retain customers.

Digitalization in insurance

Now, let’s move to the end of the tunnel. 

Are you tired of long wait times and unhelpful customer service reps when it comes to your insurance needs? Well, fear not because AI is here to save the day!

AI in insurance saves the day

Artificial intelligence (AI) has rapidly become a game-changer in the insurance industry. It has the potential to revolutionize the way insurance companies operate and provide better, more personalized services to customers.

According to research by IBM, 35% of insurance organizations at a pilot stage or beyond implementing AI are outperforming. 

Thanks to advances in artificial intelligence, insurance companies are now improving the market efficiency of the insurance sector.

AI-powered chatbots, for example, can quickly and accurately answer customer questions, freeing up human reps to handle more complex issues.

But that's not all!

AI is also helping insurance companies to understand their customers better, allowing them to provide more tailored and relevant products and services. This means that you, the customer, can expect a more personalized and satisfying insurance experience overall.

In short, AI is transforming how insurance companies interact with their customers, and it will only get better from here!

Some of the prominent fields where AI is revolutionizing customer service are -

  1. Faster claim settlement
  2. Reduces the rate of fraud
  3. Improves the market efficiency of the insurance sector
  4. Reduces the cost of operation
  5. Greater price transparency
  6. On-demand policies

Why Improve Insurtech’s Customer Service with Convin

As mentioned above, an insurtech’s primary focus must be customer satisfaction. Clearly, it is less likely for a customer to return to its insurer after a bad customer experience. 

Convin’s call monitoring software, on the other hand, has managed to touch upon these challenges and provide the perfect solution. Learn how customer-agent discussions get a whole new experience with Convin.

Drives Customer Acquisition and Retention

Convin decrease the cost of customer acquisition by enabling smoother policy renewals for new customers. 

With Convin, training and coaching agents on essential services such as handling case management, renewal inquiries, order booking, and more services gets easier resulting in lower ramp-up time and higher customer satisfaction.

Supports Over Multiple Communication Channels

Convin helps in handling large volumes of customer inquiries across multichannel communication platforms. Ensure reduction in average handle time (AHT) and increase in first call resolution (FCR) by monitoring all support channels. 

Follows and Adheres to Regulatory Compliance

Convin aids in tracking agent compliance breaches and violations. It ensures agents follow HIPAA, PCI DSS, SOC 2, SSAE 16 (SAS 70), ISO, or CFPB compliance regulations while not compromising quality.

Want to take the customer-first approach? Here you go!

How Does Convin Boost Customer Service

Convin consist of a robust interface to game up your customer service with its conversation intelligence platform. Below are some of the features you will come across that enhance your customer service experience. 

1. Customer Intelligence

Convin’s Customer Intelligence

Convin’s customer intelligence tool is the ultimate tool to upscale your business by taking a customer-first approach. It accounts for two sections -

1. Insights by Convin: Convin’s customer intelligence generates a range of insights that include keywords corresponding to calls, chats, and emails and captures business-winning or losing attributes. These can include objections, questions, product features, competition, sentiments, etc.

Insights by Convin

As we mentioned above about the importance of the customer in an insurtech, delivering a positive experience can be accelerated by understanding their grievances prior to occurrence. 

For instance, a customer seeking claims might endure a vigorous amount of frustration until they turn their back on the insurer forever. Situations such as these can be dodged with Convin’s customer intelligence tool. 

2. Custom Tracking: Custom tracking brings you one step closer to finding relevant keywords voluntarily that could aid in identifying win-loss opportunities.

Convin’s Custom Tracking Tool

For example, you can type any competitor’s name, and Convin skims through every conversation to find customers mentioning the same with the respective context. 

Not only that, Convin presents the results under these particular categories: 

  • Phrase/Keyword
  • Occurrence
  • Calls
  • Accounts
  • Snippets
  • Actions

2. Automated Coaching

Convin’s automated coaching helps improve customer service in insurtech by providing rigorous feedback to customer service agents. This feedback can help agents improve their performance and address any issues they may have in dealing with customers.

For example, an automated coaching system can monitor calls between agents and customers and provide suggestions on handling difficult or complex situations. This can help agents provide better service to customers and reduce the time it takes to resolve their issues.

Additionally, with peer-to-peer coaching, managers, and supervisors can assign personalized coaching sessions and add them to the library with a deadline.

Overall, with Convin’s automated coaching, your insurtech can cut down on ramp-up time and boost productivity. 

3. Analysis Dashboard

Last but not least, Convin has its own analysis dashboard as a hallmark of insights. The analysis dashboard consists of call and chats analysis from all levels that include team, rep, and parameters.

Convin’s analysis dashboard

Most importantly, as a promise to keep your insurtech compliant, Convin’s violations analysis plays a vital role in detecting anomalies in conversations. 

Summing up, with Convin as a part of your tech stack, you don’t need to worry about violating HIPAA, PCI-DSS, SOC 2, SSAE 16 (SAS 70), ISO, or CFPB regulations.

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Final thoughts

In conclusion, customer service is an important part of the insurtech industry. With Convin, insurtech companies are able to provide better and more efficient service to their customers. 

As the insurtech industry continues to grow and evolve, providing high-quality customer service will remain a top priority.

Want to learn more? Get on a quick call with us.

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