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Historically, companies in the insurance industry face a dilemma regarding their customer experiences: they often fluctuate from end to end. On the one hand, customers are incredibly satisfied because they appreciate the peace of mind and the financial and wellness protection offered by insurance coverage. In these cases, the relationship between the customer and the insurer is characterized by trust, reliability and satisfaction. Fast claims processing, clear communication and personalized service contribute to this positive dynamic.
On the contrary, frustrations can easily arise when customers encounter obstacles in their interactions with insurance companies. Complex policy terms, dispute over claims, and lack of response from customer service representatives can lead to feelings of confusion, distrust, and dissatisfaction. These negative experiences can make customers feel undervalued and encourage them to look for another insurance company or express their complaints through online reviews or with their acquaintances.
This polarized nature underlines the importance of insurers prioritizing transparency, simplicity and focus on the customer in its operations and the IA is your best ally in achieving these objectives.
AI to improve customer service and reduce response times
Un inadequate customer service, including long wait times, representatives who don't respond, or lack of personalization, can exalt the frustration and dissatisfaction. Customers are waiting timely assistance and clear communication with their insurers, not meeting these expectations can lead to negative experiences, customer losses and monetary losses for companies. It costs an insurance company about 7 to 9 times more to acquire new customers than to retain them.
Thanks to the adoption of the Generative AI, the FAQ bots (FAQs bots) are now essential elements within the customer support infrastructure that are available 24/7 and without waiting times. Its implementation involves a significant reduction in the number of repetitive queries handled by human agents, which in turn shortens response times, provides more consistent responses and increases case resolution efficiency.
By being able to upload a personalized knowledge base to the insurance industry, such as a glossary of terms, product catalog and also connect it to the CRM, the bot will be able to answer more general questions, such as “What is a deductible?” , to more specific and personalized ones such as “What do I need to start a claim for Sirius Trading Corp.'s group major health insurance?”
In addition, solutions such as Knowledge Analytics by inConcert they allow us to keep this knowledge base updated, but also to increase the improvement of business KPIs thanks to the proactive self-discovery of topics or possible future inquiries automatically.
Generative AI for effective management and timely complaint handling
Usually, an insurance claim is accompanied by a stressful and challenging moment for the customer, so finding obstacles, such as refusals, delays in resolutions or insufficient explanations can cause tensions and erode trust in the insurer. It also involves a series of steps and collection of information that can be overwhelming in this same context.
For these same reasons, it's key to manage customer requests as quickly, professionally and effectively as possible. Fortunately the AI has come to optimize these processes without sacrificing the Human touch and making it possible to make a complex process more user-friendly.
For example, technology such as image or text recognition allows a bot to collect the documents necessary to initiate the claim, extract the necessary information and fill out the requests automatically, or also provide claim status at any time.
It is also very common in the sector to have to comply with guidelines and regulations. By using Artificial Intelligence as a compliance tool, you can reduce manual processes, human errors, and mitigate risks associated with fraud, falsification, erroneous rulings, and more.
These are just a few examples of the application of AI for insurers, however there are many more possibilities: sales work, collections, assistance to the human agent, obtaining feedback, and others.
By striving to provide consistent and positive experiences through technology such as Artificial Intelligence and addressing weaknesses that generate frustration, insurers can build stronger relationships with their customers and differentiate themselves in a competitive market.
Using AI is no longer a science fiction technology, it's a reality and is already being used by our customers. If you are interested in continuing to explore the use of this technology for insurers or another industry, at inConcert we can support you in the process of implementing your project.
