Most customers, once they obtain insurance, spend relatively little time managing their policy. However, when customers do need to log a new address, register a new car under an auto policy, or make some other kind of significant change, they expect an insurer to handle these tasks with ease.
Whether accessing policies online, via mobile, or through other channels, customers want their policy information to be easily available so they can modify it as needed. Insurers depend on technology to make these experiences as seamless as possible. According to a report by Capgemini, more than 75% of insurers agree that technology will help them better meet consumers’ demands. This includes Artificial Intelligence (AI) technology that can automate repetitive tasks, and make the human workforce more productive.
IPsoft’s Amelia, the market’s leading AI platform, provides a full range of policy management capabilities – from answering FAQs, to providing information on current coverage, to comparing insurance products. More importantly, Amelia’s conversational and emotional intelligence allows her to turn these activities into important customer touchpoints – an opportunity to provide personalized and proactive services, build customer loyalty, and potentially sell new products and services.
What Amelia Can Do
Amelia’s emotional intelligence and human-like conversational ability sets her apart from static, impersonal chatbots that can provide limited pre-programmed responses. She’s also available 24/7 through multiple channels such as email, text, voice and video. Many customers tell us that Amelia elevates customer service to such a degree that oftentimes, consumers don’t realize they’re interacting with an AI agent. Amelia’s humanlike qualities allow her to turn something as simple as updating an insurance policy into a personalized experience.
Policy FAQs: Using her automated training and integration capability, Amelia can deliver all relevant and up-to-date policy information, including updates on payments, billing and coverage. Not only does Amelia have access to an insurer’s product catalogue and business rules, she can also learn and be updated on industry regulations, ensuring that a company is fully compliant.
Policy changes and suggested modifications: Through her conversational interface, Amelia can execute changes to a consumer’s policy, answer any questions about insurance types, and look for ways for the consumer to save money – all within a single conversation. For example, when adding a new address for an auto policy, Amelia can ask whether the car will be parked in a driveway, which might result in a lower premium. She could ask whether a new home has an alarm for even more savings. The customer came to Amelia simply to update a policy, and leaves the conversation with more cash in their pocket.
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.
Assisting human colleagues: Amelia is a valuable team member to an insurer’s human employees, as she’s there to make their jobs easier, not take them away. Amelia can take on repeatable functions and allow employees to focus on higher-level customer activities. With her self-learning capability, Amelia can assist insurance agents in the background as they interact live with customers, and she’ll observe the interaction discretely to learn how to handle similar questions in the future.
Amelia already is in use at seven of the world’s largest insurers for a variety of functions and services, and is delivering real-life business benefits for business operations, customer experiences, and employee workforces.
Customer experience: The Amelia platform drives personalized customer experiences in policy management, with faster speed and accuracy (up to 85% in some cases) when compared to humans. By interacting with customers using her emotional intelligence, Amelia provides dynamic and elevated customer service that can lead to higher customer satisfaction.
Decreased operational costs and resolution times: By taking over more repetitive tasks and performing them at machine speed, Amelia’s scaling and transaction processing abilities can reduce operational costs and bring down call wait and resolution times.
Workforce engagement: By handing off repetitive policy management tasks to Amelia, human colleagues can engage with customers only when Amelia is unable to provide a solution, and they can pick up conversations exactly where Amelia left off – so there’s no need to repeat information and re-input data. With Amelia handling more routine processes, live agents can have more proactive discussions around new insurance products and help grow the business.