How an Insurance Provider Cut Costs by 45% and Boosted 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 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.