About the Insurance Provider

A rapidly expanding insurtech leader, this company leverages AI to optimize policyholder engagement, risk assessment, and market forecasting. Offering protection, pension, savings, and health solutions, the company prioritizes a digital-first approach to enhance accessibility, ensuring a seamless insurance experience for millions of customers.

Challenges Faced by the Insurance Provider

As a major player in the insurance sector, the company struggled with customer retention, policy renewals, and high operational costs.

• Overwhelmed Call Centers & Rising Costs: Increasing call volumes stretched agent capacity, resulting in long wait times and abandoned renewal requests. Manual outreach efforts were inefficient and costly, making it challenging to scale customer engagement effectively.
• Declining Policy Renewal Rates: Policyholders frequently miss renewal deadlines due to a lack of timely reminders, leading to lost revenue and churn.
• Lack of Personalized Engagement: Traditional call center interactions were generic, failing to establish meaningful customer connections that could drive retention.
• Agent Overload & Inefficiencies: High agent workloads limited their ability to focus on complex, high-value customer interactions.

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Convin’s Solution

The insurance provider leveraged AI Phone Calls to overcome these challenges, introducing automation, structured engagement strategies, and AI-powered insights.

Automated AI-Driven Policy Renewal Calls

AI-powered voice agents proactively reminded policyholders about upcoming renewals and guided them through the process. This ensured:

• Fewer missed renewals, which led to a decrease in churn rates.
• Personalized interactions that made policyholders feel valued and informed.
• Automated follow-ups that kept customers engaged throughout the renewal cycle.

Automating Routine Calls 

Routine calls were automated, allowing human agents to focus on more complex customer interactions. This approach led to:

• Reduction in agent workload, enabling teams to allocate resources more effectively.
• Higher first-call resolution rates as Convin’s AI Phone Calls handled routine queries efficiently.

Real-Time Call Analysis & Risk Identification

The AI Phone Calls solution flagged policyholders at risk of churn by analyzing call data, allowing for proactive intervention. This resulted in:

• Improved customer retention strategies with timely, personalized outreach.
• Enhanced service personalization, fostering customer trust and loyalty.

Reduce Inefficiency & Costs

With AI Phone Calls taking over routine tasks, the company slashed inefficiencies, reduced costs, and delivered a seamless customer experience

Business Outcomes

Since deploying AI Phone Calls, the insurance provider has significantly improved efficiency, customer satisfaction, and revenue retention.

Operational Impact:

• Reduction in operational costs, reducing financial strain while improving service scalability.
• Reduction in agent workload, allowing human agents to focus on complex cases and relationship-building.

Customer Experience & Retention:

• 24% Increase in CSAT, driven by faster response times and personalized engagement.
• AI-powered multilingual support, improving accessibility for diverse customer demographics.
• Proactive customer risk management, minimizing policy lapse rates through timely intervention.

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Looking Ahead: Expanding AI-Driven Capabilities

Building on the success of AI-driven policy renewals, the insurance provider aims to extend automation into key operational areas:

• Claims Processing Optimization: AI-powered verification and customer support for faster claim resolutions.
• Enhanced AI Coaching for Agents: Utilizing Convin’s automated training to upskill agents based on real-time performance insights.

The company is poised to lead the insurtech space by leveraging these AI-driven enhancements.