For most insurance companies, billings and payments is the area that generates the highest volume of inquiries, and consumers’ expectations for how these issues should be handled are sky-high. Customers expect a fully digital, interactive and personalized insurance experience; they want to pay their bills, resolve billing disputes and confirm payments all with just a few keystrokes or a small number of swipes on their mobile device, and with little hassle or frustration. Insurers, in turn, want digital systems that will help reduce costs and fraud, with high degrees of accuracy and efficiency.
As Forrester pointed out in a recent report, insurance carriers and agents are investing heavily in new technologies for the creation of enhanced customer experiences, and that includes Artificial Intelligence (AI) technology. Not only can AI make the premium billing and payment process faster and more accurate, it can provide insurers with an opportunity to solidify customer relationships, and even upsell new products and services.
When companies hire Amelia, the industry’s foremost digital colleague, to be part of their hybrid team, they transform billing and payment procedures with increased efficiencies and improved customer experiences.
What Amelia Can Do
As the leader in enterprise AI, Amelia can help insurance companies turn what many would consider fairly routine exercises – getting insurance bills and making payments – into high-impact customer service opportunities, which in turn can reduce costs and raise productivity. She can do it faster than humans, and she can scale with high transaction volumes.
Amelia’s ability to speak like a human, show emotion and make recommendations sets her apart from static, impersonal chatbots that can provide limited pre-programmed responses. Amelia elevates customer exchanges to the point where customers don’t realize they’re interacting with an AI platform and not an actual person.
Insurance billing: Insurers can quickly teach Amelia about their billing and payments procedures, as well as their overall business processes, thanks to her automated training. Using her workflow and automation abilities, Amelia can perform end-to-end processes more quickly than a live agent, with greater accuracy compared to automated voice systems. Payment disputes and issues can be stressful and irritating for customers; if a customer has missed a payment, or an insurer has suspended coverage because of late payments, a customer wants quick action. With her emotional intelligence, Amelia can display the necessary empathy to calm a customer and walk through any remediation, so the customer feels that their needs are valued by the insurer.
Policy information: Through her conversational interface, Amelia can provide any policy information for a customer during a payment interaction, should a customer want to check on policy details or requirements. If a customer is interested in making policy modifications, Amelia can advise the customer on what effect those changes will have on their premium.
Payment queries: Amelia integration hub allow her to connect to multiple data sources and back-end business processes, so she can accurately present up-to-date policy balances and payment information. She can also schedule future payments, recall all previous payment activity and even make recommendations on new products during payment inquiry sessions.
All of these services can be delivered through multiple channels on a highly scalable platform that is available 24/7, so customers can view bills and make insurance payments whenever it’s convenient. With her ability to learn words and phrases in up to 100 languages, she can recognize everything from full sentences to common expressions, and interact naturally with customers.
Amelia brings new levels of performance to insurance billing and payments procedures, while delivering superior customer service that can build trust and strengthen relationships between insurers and their customers.
Improved customer experience: Amelia can achieve up to 85% accuracy on certain transactions and inquiries, and her self-learning ability means she’s constantly searching for ways to improve and grow smarter over time. Amelia’s ability to read sentiment and emotion elevates her above pre-programmed static chatbots, creating more personalized customer experiences.
Operational costs: Amelia can scale with demand and never miss a beat when it comes to processing transactions, allowing insurers to reduce support costs by up to one-third – savings that can be used re-invested for other projects.
Decreased wait time for billing and payments: With her always-on availability and machine-speed integration with an insurer’s data and information, transaction and resolution times are accelerated, in some case as high as 4x compared to previous benchmarks.
Enhanced workforce: With Amelia handling routine billing and payments processes, she frees her human colleagues to focus on customers’ more intricate needs. Amelia can elevate unique billing or payment issues to human colleagues as needed, then learn from those live agent interactions so she can handle similar issues herself in the future.