IPsoft
Developer IPsoft Inc.
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Use Cases

Meet Amelia, Your Digital Insurance Sales Expert

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Meet Amelia, Your Digital Insurance Sales Expert

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.

Hello there
Nice to see you!

amelia avatar

I just bought my first car, and need insurance
That’s great news. I can help you find the right policy.

amelia avatar

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.

[With Amelia] IPsoft fits companies looking to automate end-to-end customer-facing processes. IPsoft’s robust NLU and dialogue management, married to enterprise-grade security, make it a top pick for companies looking to do more than just answer questions.

FORRESTER RESEARCH: THE TOP 10 CHATBOTS FOR ENTERPRISE CUSTOMER SERVICE BY IAN JACOBS, JUNE 29 2017

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.

We want to let customers know about all our products without annoying them.

I analyze data to recommend products that the customer would actually be interested in. I’ve got this.

amelia avatar

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.

4,000EMPLOYEE IT REQUESTS HANDLED BY AMELIA IN HER FIRST THREE WEEKSSEB

Results

IPsoft’s Amelia delivers operational savings and real-life business benefits to insurance customers, elevating customer service through her innovative technology.

With her ability to analyze customer data and intents, Amelia can dynamically introduce relevant products into the conversation.

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.

Manage Your Life Insurance Policy with Help From Amelia

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Manage Your Life Insurance Policy with Help From Amelia

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.

Hello there
Nice to see you!

amelia avatar

My wife is expecting our second child this month.
Congratulations! I can help make whatever policy changes you need.

amelia avatar

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.

Amelia’s focus is on common yet simple problems that amount to nearly half of all support requests.

CREDIT SUISSE

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.

We’re spending so many resources fielding basic queries like confirming policy info

I free your agents from low-level queries while maintaining customer satisfaction. I’ve got your back.

amelia avatar

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.

98%INTENT RECOGNITION ACCURACYENFIELD COUNCIL

Results

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.

Amelia’s conversational intelligence allows customers to just speak naturally.

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.

Enabling Efficient Life Insurance Underwriting with Amelia

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Enabling Efficient Life Insurance Underwriting with Amelia

Discussing life insurance is typically not an enjoyable conversation, given the topic. Obtaining life insurance can be just as uncomfortable – a consumer submits a variety of information to an underwriter who decides whether that person should be issued a policy, what kind, and for how much. Much of this process involves tasks that are data-heavy and repeatable, such as the submission of personal, medical and financial data.

Insurers worldwide are looking to technology to make life insurance underwriting faster and more cost efficient, and that includes more advanced use of Artificial Intelligence (AI). One Accenture survey1 found that 79% of insurance executives agree that AI will revolutionize the way they gain information from and interact with customers.

Hello there
Nice to see you!

amelia avatar

Could you add a new beneficiary to my plan?
Of course, I’ll need their name and some other personal information.

amelia avatar

With AI and other digital technologies, insurers hope to issue life insurance policies more quickly. Insurers also want to use AI to detect fraud and risk, so the company is not issuing policies based on fraudulent data, or issuing ones that leave the company with undue liability. Some insurers are even teaming up with healthcare providers, mobile health app providers and other partners use AI as part of broader life and wellness programs. Achieving any of these goals will require an AI platform that can work at scale, provide insights and recommendations, and adapt according to consumers’ changing life needs.

IPsoft’s Amelia, the industry’s most advanced cognitive AI platform, can assist life insurers with her cutting-edge capabilities to optimize the underwriting process end-to-end, and bring personalized service to consumers.

What Amelia Can Do

Amelia is uniquely suited to serve life insurers in the underwriting process. Not only can she process inquiries faster than humans, she has the ability to learn and improve over time, and recognize patterns, information and anomalies that should be considered before issuing life insurance policies.

Our system makes it too complex for customers to securely make policy changes on their own.

My secure backend integration lets me access to multiple sources in real time. Your customers and I can handle this on our own. I’ve got this.

amelia avatar

Personal data collection: Amelia’s automated training means she can be uploaded with underwriting processes and workflows, learn new processes over time, and also adhere to all legal, regulatory and privacy requirements. As a customer initiates a conversation with Amelia through her conversational interface, she can use her integration abilities to connect to various systems and data sources to collect all necessary personal information. Customers can upload any information, such as medical and physical records, directly to Amelia, or Amelia can inform customers what information in required for their application to be processed.

Recognize patterns: Through 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, 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 report them to her human colleagues. Applying for life insurance can be a tedious process. Amelia’s emotional intelligence allows her to display empathy and sentiment, using specific reassuring phrases and sentences, so a customer feels like their interactions are valued.

Amelia is available through multiple channels on a platform that is available 24/7 and highly scalable, providing limitless capacity and consistent quality customer service. Amelia also speaks as human speak – she can be trained to speak words and phrases in up to 100 languages, and her natural language understanding lets her recognize common phrases and utterances, so she never loses track of a user’s intent.

2,300CUSTOMER SERVICE SESSIONS FIELDED BY AMELIA IN FIRST THREE MONTHSENFIELD COUNCIL

Results

IPsoft’s Amelia can bring new advantages and benefits to life insurance companies, resulting in better business operations, improved customer experiences, and higher productivity.

Amelia is available 24/7 and scales with consumer volume, so users never have to wait on hold for a lengthy period of time.

Operational costs: Most large companies are dealing with flat or stretched IT budgets. Amelia’s transaction processing and scaling capabilities can reduce overall support costs by up to one-third, savings that can be reinvested into the business for higher-value and innovative projects.

Faster processing times: With her ability to scale, always-on availability and machine-speed integration, Amelia improves transaction and support resolution times, in some cases two to four times faster than current systems.

Improved customer experience: Amelia’s elevates customer experience and grows smarter over time, with unparalleled accuracy levels – as high as 90% on certain transactions.

Enhanced workforce: Amelia is deigned to work and collaborate with her human colleagues, elevating issues only when she is unable to answer an issue on her own. In addition, she can take on and speed up the more repeatable elements of the life underwriting process, so human colleagues can focus on higher-value tasks.

Reduced risk: Amelia’s intelligence allows her to root out potential fraud or “bad-risk” customers that might result in negative outcomes for life insurance companies. She can confirm a customer’s identity, analyze information to detect patterns and possible fraud, and make recommendations on whether a company should issue policies.