How an Insurance Provider Cut Costs by 45% and Boosted Renewals with AI Phone Calls

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  • 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 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.

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.

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. 

Industry
Insurance Technology
Headquarters
United States
Founded
2015
Contact Center Size
700+ agents

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How an Insurance Provider Cut Costs by 45% and Boosted Renewals with AI Phone Calls

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Headquaters
United States
Founded
2015
Company Size
700+ agents
Industry
Insurance Technology
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Summary

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.

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.

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. 

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