Insurance is one of the world’s most complex and heavily regulated industries. To address the challenges of the current business environment, the sector is increasingly turning to a new class of digital colleagues powered by Artificial Intelligence (AI) to bridge back-end processes with automated front-end engagements. This combination of functions empowers companies to inject efficiencies and scale throughout their operations – including their marketing efforts.
Digital colleagues such as IPsoft’s Amelia can automate and optimize up- and cross-selling opportunities that can lead to tangible, real-world value business value. In this post, we will explore how digital colleagues can be valuable to upselling relevant products to insurance customers.
Be Highly Targeted
Upselling is an important sales strategy for all companies to secure new customers, and generally requires a greater investment in time and resources than selling to existing, and one would assume satisfied, customers. To achieve the highest ROI on up- or cross-sells, companies must be deliberate in their approach, and communicate relevant and specific products to customers. Taking an imprecise “spray-and-pray” approach is not only a recipe for potential missed sales opportunities; it can negatively impact the experience for all customers without some tailoring and personalization. Digital colleagues can prove particularly valuable in this regard as they can automate and optimize segmentation and messaging functions for targeted upsells.
When it comes to segmentation, digital colleagues can translate engagements with customers into quantifiable data points and then defined customer groups. For example, a digital colleague at a health insurance company might field questions from a customer about what prenatal checkups are covered. This engagement might logically prompt the system to automatically place these customers in an “expecting parent” segment.
Members in this group would be the prime audience for information on adding a dependent to a healthcare plan, or perhaps – if it’s within the scope of the provider – information on life insurance coverage. Similarly, if a digital colleague at an auto insurance provider discerns that a child in a household is approaching the legal driving age in their state, it may target messages relevant to families considering adding new drivers to a coverage plan (e.g., “BTW, here’s a handy landing page we created with FAQs from parents of new drivers.”).
Digital colleagues can use customer segments to coordinate messaging through a variety of mediums such as auto-generated (but personalized) emails and physical mail, or through paid social targeting. Case in point: One Japanese telco used Amelia to auto-segment users based on information gleaned from online engagements, which helped the company increase the cost-effectiveness of their social marketing campaigns “by a factor of 80.” However, the most persuasive messaging might come from engagements where the customer proactively reaches out to the company.
When consumers engage with digital colleagues, they can seamlessly inject up- and cross-sells into customer conversations, e.g., “I’m glad I was able to assist you today. Before you go, we have some new deals on adding new drivers to your coverage, would you like me to email you information?” Since AI allows for scaled, automated engagements, providers can implement A/B testing to discern which marketing approaches are more successful, which can dramatically contribute to ROI on messaging/marketing campaigns. In addition, with digital colleagues handling more automated tasks, human workers at insurance providers can provide an additional level of personalized customer contact when needed, making their roles more fulfilling.
In the never-ending drive to reach customers with new or enhanced insurance services, providers can turn to digital colleagues to provide new, automated functionality at scale, and turbocharge up- and cross-sell opportunities.