AI-Driven Renewals: Faster Processing, Lower Costs, Better CX
Transforming Insurance Renewals with AI-Phone Calls
- 45% Reduction in Operational Costs
- 24% Increase in Customer Satisfaction (CSAT)
- 36% Faster Policy Renewal Process
- 50% Reduction in Agent Workload
About the Insurance Provider
A leading insurance provider offering protection, pension, savings, and health solutions. The company leverages digital-first services to ensure nationwide accessibility, optimizing customer interactions with AI-driven automation for risk assessment and policy personalization.
Challenges
- Overwhelmed Call Centers & Long Wait Times
A surge in customer calls led to delays and increased frustration among policyholders. - Missed Renewal Opportunities
Customers either forgot their renewal dates or found the process too complicated. - High Operational Costs & Rising Workload
Manual call processes increased expenses and limited scalability. - Declining Customer Trust
Delayed responses and impersonal service drove policyholders toward competitors.
Convin's Solution
- AI-Powered Call Automation
AI-driven voice agents reminded customers about renewals, reducing agent workload by 50%. - Automated Renewal Calls
AI-powered calls engage policyholders immediately, ensuring higher renewal rates and a 36% faster process. - Cost Reduction & Efficiency Gains
AI call automation cut costs by 45% and reduced agent workload by 50%, freeing agents for complex queries. - Improved Customer Experience
AI-powered multilingual support and personalized interactions boosted CSAT scores by 24%.
Business Impact
- 45% Reduction in operational costs, optimizing resource allocation.
- 30% Reduction in agent workload, allowing human agents to focus on complex cases.
- 24% Increase in CSAT with faster responses and AI-driven interactions.
Faster Renewals & Higher Retention:
- 36% Faster renewal process, reducing delays and abandoned policies.
- 28% Reduction in policy lapse rates through proactive risk management.
What Next?
After successfully transforming policy renewals, the insurance provider plans to expand AI-driven automation into claims processing, enhancing customer engagement and verification efficiency. Additionally, they aim to integrate Convin’s automated AI coaching to refine the performance of the existing agents.
Industry
Insurtech
Use Case
Policy Renewal Process
Team Size
700+ Agents
Solution
AI Phone Calls
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