If your company handles insurance-related customer interactions, it’s time to consider Artificial Intelligence (AI). In one consumer study, 74% of consumers say they would take insurance advice from a virtual assistant, while a similar percentage of insurance executives expect AI to improve business. However, as with any emerging technology, some companies have been slow to adopt AI into customer-facing activities. That’s because many executives don’t fully understand how beneficial AI can be to their business. Almost 40% of all practitioners who have not yet invested in AI don’t know where AI can be used in their business, according to Deloitte.
Amelia, IPsoft’s cognitive AI agent, provides the best-possible insurance agent experience in the industry. She doesn’t just doesn’t collect information – she engages in a real dialogue, makes recommendations, and executes transactions faster than humans with a personalized touch. Amelia eliminates the need for a customer to visit an agent’s office or make a support call.
In fact, we’ve dedicated an entire section of our marketplace to Amelia’s insurance-specific roles. She can serve as an agent who fields customer questions across a wide variety of subject areas, including renters, property, marine, auto, and life insurance. Within each of these areas, she has the ability to handle customer queries and transactions, such as incident registrations, policy recommendations, deductible and payment inquiries, rider recommendations, and a whole lot more.
How Amelia Can Help
Amelia is an expert at gathering, verifying, and processing customer information. She has natural conversations with customers about insurance needs and personal habits in order to offer policy information and quotes. She displays empathy and detects sentiment in order to reassure customers with appropriate phrases and comments when needed.
Her ability to learn and improve over time helps her collaborate with her human customer service colleagues, and elevates her above static, low-level chatbots. Non-licensed agents are not permitted to advise on or sell certain products and services. When those agents receive a call and need to service a customer, they can quickly interact with Amelia and determine whether they can assist that customer. If so, Amelia uses her knowledge to coach the agent through the customer engagement; if not, Amelia helps the agent refer the customer to a colleague who can. In the end, the customer receives correct information and an efficient service experience, the agent is confident that they’ve done the right thing, and the company knows their employees are complying with all proper and legal procedures.
Amelia can deliver all relevant and up-to-date policy information, including updates on payments, billing and coverage. She can access and advise on data from an insurer’s product catalogue based on specific business rules, and she can learn and comply with industry regulations.
She can execute changes to a consumer’s policy, answer any questions about insurance types, and look for ways for the consumer to save money. With her ability to speak as humans do, customers feel assured that Amelia is providing helpful and accurate information before making any changes. She can also assist a customer if any inaccurate information is discovered and make corrections.
With her advanced analytics, Amelia can analyze a customer’s submitted information and help human agents determine whether the data is up-to-date and accurate. She can then make recommendations on whether a policy should be issued, for what amount and at what premium level. As she collects knowledge over time, she can recognize anomalies that may indicate fraud, and reports them to her human colleagues.
Amelia’s services are delivered across multiple channels (web, phone, text, chat, etc.) 24/7/365. She provides limitless support capacity, which means a customer never waits long for quality service even during spikes in customer call volume.
With Amelia’s transactional processing and scaling ability, insurers can reduce their support costs by up to one-third and reinvest those savings back into the business. Because of her scalability, transaction and support resolution times are drastically reduced. She can also reach accuracy levels in excess of 95% in managing certain conversations and policy transactions.
Amelia is Proving Her Value
Allstate, the largest publicly held personal lines insurer in the US, first deployed Amelia in September 2017. She has collaborated with Allstate live agents on more than three million calls. She leads agents through step-by-step procedures on a variety of support issues, including policy details and policyholder information.
Amelia is trained on almost 40 different insurance topics for Allstate. She has lowered call duration from 4.6 to 4.2 minutes and 75% of customer inquiries have been solved during the first call, compared with 67% prior to Amelia’s hiring. In one month alone Amelia assisted on almost 250,000 calls. Also, 99% of Allstate agents who worked with Amelia said they were completely satisfied with their interactions with her.
Mike Brady, former CTO at one of the world’s largest insurance companies in the world, said he’s seen transactions that took humans nine or 10 minutes to complete being done in as little as seven minutes with Amelia. Before he hired her, Brady said that sometimes transactions would be “sitting in someone’s work queue for three and half hours, and [with Amelia] the queuing delay was completely eliminated.” What’s more, Amelia would regularly achieve 97% accuracy for the insurer.
Amelia is a proven, enterprise-ready and scalable cognitive AI platform. She is proving her value with our insurance clients, and delivers them a competitive edge against other companies that have yet to make AI investments. Given current market trends and shifting consumer tastes, the time for insurers to investigate and invest in AI is now.