Insurtechs are entering an era of technological advancement. With numerous functions within one system in the insurance industry, demands for better service are growing.
Moreover, the insurance industry, operating on paper, saw a sudden shift online post-pandemic. But despite the developments in operations, the importance of top-notch service remained.
But on catching a close look inside the insurtech space, it’s clear how sales and distribution particularly play a crucial role.
From agents, distributors, and sales managers - the sales and distribution branch is evidently complex with critical functions. To streamline these functions and extract maximum output, AI entered the realm.
According to a forecast, artificial intelligence in the insurtech market will witness market growth of 29.2% from 2021 to 2028.
Recently, AI has become a sincere companion in the insurtech industry. Sales, on the other hand, are reaching whole new heights!
In this article, you will be witnessing -
- Challenges in the Insurtech space you can’t avoid
- Insurtech plus call monitoring software directly implies benefits
- Welcome to the future of Insurtech
Challenges in the Insurtech space you can’t avoid
An Insurtech call center witnesses some pivotal functions for smooth flow of business.
From a distance, a call center software can look the same as any other. But what happens within each can be significantly different.
A call center operating in sales for insurtech will look similar - different functions and goals.
But the question is ‘how does a call monitoring software solve the intrinsic tasks pertaining to an insurtech?”
Before any developments happen or a problem is solved, it is obvious that a problem to exist in the first place.
Listed below are some of the intrinsic factors in insurtech that AI could transform using automation.
- Customer experience was a challenge in terms of streamlining expectations and responses.
Being a sensitive space, Insurtech faces challenges in keeping up with the customer’s expectations.
For instance, be it an in-house claim settlement or a third-party claim settlement, insurtech companies have to be careful about customer experience.
Similarly, imagine an insured person not receiving their daily hospital cash on time.
These situations can sabotage a customer’s trust without a second thought.
- Lack of understanding of the characteristics of agents and customers
Customers come with an expectation to get the best deal in the shortest time. Often, an agent without a proper understanding of the customer’s needs can lose a golden lead.
On the other hand, an agent can face multiple issues in their sales journey. A product knowledge gap or lack of understanding of the insurance industry is just the beginning.
- Difficulty in replacing traditional insurance products and distribution channels
Traditional products have been running in the market since time immemorial. The same goes for the difficulty of gaining consumers’ trust online.
Many customers had the habit of signing on physical paper or talking face-to-face to agents. Insurtech is a new concept to them altogether.
So when an agent calls them up for a new policy, they might be hardly welcoming.
- Reducing the customer acquisition cost
Before capital flows inwards, a considerable amount also goes outwards. Naturally, the customer acquisition cost goes into various branches.
A sales journey witnesses a similar monetary transaction. This amount goes into multiple channels of investment.
Although a successful acquisition demands this, it can burn a hole in the pockets. What if customer acquisition costs could be regulated and minimized?
Keep reading to know more.
Insurtech plus call monitoring software directly implies benefits
AI interventions in the insurtech space can lead to troubleshooting of existing obstacles. The points below will help you understand this better.
- Engage customers
An omnichannel approach is directly proportional to more engaged customers. Customers love to be heard on time and responded to without fuss.
With conversation intelligence, ccustomer satisfaction has taken the front seat. A delighted customer always stays.
Call monitoring software is the key to intelligent digital assistants or agents responding promptly and creating a positive customer experience
- Boost the quality of service
A top-notch service always wins in the insurtech industry. Timely follow-ups and a deeper understanding of the customer’s needs always help.
A conversation intelligence software will enable sales leaders to stay updated with the agent’s performance.
Not only that, if needed, peer-to-peer call center coaching often comes to the rescue in improving agent call quality
- Enhance agent productivity
As mentioned above, peer-to-peer coaching is the tool that will never let your agents feel blank at work.
Well-trained agents perform at their best. But training itself is a time-consuming process.
But don’t worry! We got news for you.
Using conversation analysis software, an agent’s productivity can shoot for the stars. With 100% auditing, not a single agent’s performance can go unnoticed.
- Scope to generate potential leads
Ever thought if you knew exactly what your customers were thinking?
Knowing your customer’s behavior could be a great asset. Isn’t it?
You can make the most of the existing leads using a call center monitoring tool.
A call center monitoring tool allows you to understand your customers’ behavior and track trends in their buying journey.
Also, using this tool, you will never miss out on a single opportunity to nurture a potential customer.
Welcome to the future of Insurtech
Insurtech companies are touching higher horizons by introducing AI in sales. Although AI in the insurance industry is a recent concept, it’s not long before conversation intelligence becomes the future.
A conversation intelligence software like Convin will always lead to more efficient sales. From agents to leaders, one software can change the future of your business.
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