Today, the expectations of insurance customers are heavily influenced by the tech first disruptors. In order for traditional insurance companies to continue with their market domination, they will need to take a comprehensive and structural approach to transform their business models to compete with the nimbler tech-savvy entrants- Insurtechs, which are redefining product offerings and customer experience (CX).
The insurance industry is going through a tectonic shift, as more consumers are buying insurance policies online rather than taking the help of agents/brokers, in order to minimize contact – a behavioural change that has accelerated due to the recent Covid-19 pandemic. The online insurance market in India is expected to grow to INR 220 billion by 2024 (Mordor Intelligence report). However, most insurance companies are overwhelmed with the increased surge and face a hard time in resolving queries of leads and customers.
Since the trend is only going to increase in the future, it’s critical for insurance companies to reimagine their inbound support strategy. With limited resources and increasing support queries, insurance companies need to leverage the right technology and automation to see results.
AI Voice bots, for example, are becoming increasingly popular among insurance companies and are being leveraged by many insurance companies to answer mundane support requests and streamline the claims process. In this blog, we dive deeper and understand exactly how AI Voice bots are driving value for insurance companies when it comes to inbound support –
Role of Voice AI
Voice AI is a combination of technologies that enables interaction between computers and customers through voice. AI Voice bots that are powered by Voice AI are built using sophisticated and advanced Artificial Intelligence (AI) algorithms.
With the ability to understand the context and intent and hold human-like conversations they can engage with customers and assist them without any human intervention.
By connecting with the customer at different stages in the customer journey, be it to remind them about upcoming renewals, lead qualification, answer FAQs or inform about claim submission status, AI voice bots delight the customer while freeing up additional agent bandwidth to take up complex tasks.
While the solution is equally effective in increasing renewals and for proactive customer engagement, in this blog, we’ll just focus on how it can streamline inbound support –
Answering FAQs around policy quickly
Insurance companies receive a lot of inbound queries daily around premium payment terms, maturity date, lock-in period and more. A huge chunk of these queries are mundane in nature and don’t need human assistance. However, most insurance companies still resolve these questions manually.
With limited bandwidth, companies struggle in reducing response times. Also, this negatively impacts the productivity of the agents as they waste their time answering repeated queries each day.
A great way to fix this is by leveraging AI voice bots to answer these questions. They can easily understand the customer’s query and resolve it instantly 24/7. Customers no longer need to wait in a queue or go through complicated IVR systems. With the right integrations, AI voice bots can easily fetch customer past data to provide a personalized support experience.
By freeing up agent bandwidth, human agents get more time in resolving complex support queries. Customers on the other hand get immediate answers to their queries which could have otherwise easily taken a few minutes.
Additionally, AI voice bots are extremely helpful in tackling surges in the number of support queries during certain events such as a flood, earthquake etc.
Enhancing the claims experience
The claims process is a defining moment in a policy holder’s life. They expect it to be frictionless. However, most of the time they’re left disappointed. Traditionally, the insurance claims process has been slow and challenging. Getting a claim processed in a few days or weeks with minimal effort is nothing less than a miracle.
With time, insurance companies have understood this. They know it’s critical for customer retention, sustainable growth and differentiating themselves from the competition. Hence, they constantly employ different strategies and technology solutions to streamline their claims process and make it more efficient.
But, oftentimes, the reason for dissatisfaction among customers has to do with the lack of information around the status of the claim (especially during life-changing events) than the overall processing time. To fix this, insurance companies can leverage AI voice bots.
AI voice bots can intelligently assist customers throughout the claims process and even proactively inform them about the status of their claims. They can answer common questions around how to raise a claim, claim forms and more. If required they can also seamlessly do handoff calls to agents.
By engaging with customers at every stage and keeping them in the loop, they prevent any information gap and remove the need for them to reach support. This significantly enhances the customers’ claims experience, thus increasing satisfaction and customer loyalty.
The road ahead for Insurers
By focusing on convenience, personalization, friction less customer service and building loyalty insurers can stay ahead of the competition and attract loyal customers. But the road ahead for them is not easy. Insurers need to invest in customer-centricity to build and maintain a competitive edge.
Skit is an Augmented Voice Intelligence Platform, helping businesses modernize their contact centers and customer experience by automating and improving voice communications at scale. By enabling preemptive, intelligent problem solving and seamless live interactions, we have automated over 15 million calls for global enterprises across industries. We help our customers streamline their contact center operations, reduce costs, and also enhance customer experience and engagement.
Connect with us if you’re interested in learning more about the platform and how it can streamline your contact center strategy.