In years past, consumers looking to purchase insurance needed to visit a local agent’s office. With the invention of phone-based services, in-person visits were replaced with calls to sales and support centers. Nowadays, consumers can find virtually everything they need online. Still, online services can be confusing and cumbersome, and many people end up right back in an insurance agent’s office, or back on the phone, to receive a quote or policy details.
Insurance companies need technology that will provide customers fast and accurate policy information with limited hassle — and preferably without an in-person visit or a phone call. This is especially true for Quote-to-Cash (QTC), the end-to-end process where firms create, price, and prepare initial policy quotes, and collect cash from customers who sign on the (sometimes digital) dotted line. Inadequate QTC services can slow an insurer’s ability to issue new policies, and generate new revenue.
Insurers’ have digitized many services, but they need to do more, especially in such an ultra-competitive industry. Many are considering how Artificial Intelligence (AI) platforms, with autonomic and cognitive features, can turbocharge their digital strategies. According to IDC, cognitive AI spending among insurers is expected to rise to $1.4 billion by 2021, at a compound annual growth rate (CAGR) of 48%. In addition to cost savings, insurers want AI platforms to deliver personalized virtual services across multiple channels.
Amelia, IPsoft’s virtual AI agent, may be a machine, but she provides the best-possible human insurance agent experience in the industry. In fact, she’s already on the job at major insurance carriers around the world. Amelia 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 ever visit an agent’s office or make a support call again.
What Amelia Can Do
Many QTC functions are high-volume and repeatable – exactly the kind of tasks that Amelia was designed to carry out at scale. She captures customer data, accesses policy rates and coverage information, makes policy recommendations, and finally executes customers’ policy purchases.
Accurately collect customer data: Amelia’s automated training and workflow ability allow her to learn quickly about an insurer’s business operations, and conduct the end-to-end QTC process for a variety of insurance products. In many cases, it’s as easy as uploading a file. Amelia also can be trained on industry regulations, and can receive regular updates to stay current with the law, making her a de-facto compliance officer.
Personalized, conversational approach: Through her intelligent interface, Amelia can have a natural conversation with a customer about insurance needs and personal habits. For example, in auto insurance, Amelia can ask whether a customer has a driveway, or if they use their car for work, both of which could impact policy premiums. With that information in mind, Amelia will offer initial policy information and quotes. Amelia’s emotional intelligence allows her to display empathy and detect sentiment, so she can reassure customers with appropriate phrases and comments that they’re making the right choices.
Connect with human colleagues (whisper agent): Amelia’s ability to learn and improve over time helps her collaborate with her human customer service colleagues. 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 will use her knowledge to coach the agent through the customer engagement; if not, Amelia will help 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.
All of these services can be delivered in multiple channels (web, phone, text, chat etc.) on a platform that is available 24/7 and highly scalable, providing limitless support capacity so a customer never waits long for quality service.
IPsoft’s Amelia delivers operational savings and real-life business benefits to insurance customers, elevating customer service through her innovative technology.
Operational costs: 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.
Greater efficiency and accuracy: With her ability to scale and 24/7 availability, transaction and support resolution times are drastically reduced, in some cases by a factor of 4x. She can also reach accuracy levels in excess of 85% in managing certain conversations and policy transactions.
Improved customer experience: As time-to-resolution rates and customer wait times go down, Amelia can drive up customer satisfaction rates over time. As a self-learning, emotionally intelligent platform, Amelia gains experience and knowledge over time so she can constantly improve performance. She keeps customers engaged and satisfied because she can speak like a human, moving quickly between subjects within a conversation, without losing any context.
Enhanced workforce: Human support agents engage with customers only when Amelia is unable to provide a solution, and those agents can pick up exactly where Amelia left off in a conversation. With Amelia handling more routine and repeatable processes, human colleagues can focus on higher-value tasks and customer interactions.