TECHNOLOGY businesses mitigate their own risks , to help prevent a claim from occurring .
Most insurance customers want simplicity , transparency and speed – from quote to claim . To achieve this , insurance providers are increasingly using automated processes , offering quicker ways of doing things with a greater degree of accuracy but without losing the human touch when it ’ s needed .
Mohit Manchanda Customer service is ripe for transformation , with many opportunities to reduce friction for both customers and agents .
AI and machine learning are already transforming the quality of customer service that the insurance sector can offer - not just for automated chatbots ( by recognising a customer ’ s needs and pulling historical data for more personalised chatbot experiences ) but live telephone calls too .
For customer service in insurance , AI is improving the experience in two ways . First , conversational AI allows customers to selfserve across a range of digital channels .
Conversational AI or chatbots today are natural language-based and can easily personalise the journey based on customer intent , tone , and profile to handle simple to medium complexity queries in an efficient and empathetic manner .
Second , AI-based assistants , who listen to an ongoing call and provide transcription , intent identification , and next best action in real time , can help agents to understand different accents , provide the right information , and create a personalised experience for customers for medium to high-complexity queries .
AI can provide procedural guidance to agents , especially those who are new to their roles , to handle customer queries in a compliant yet customer-centric manner - something which is critical for a product as complex as insurance .
Making an agent ’ s work easier implicitly improves the experience of the customer . They experience shorter , more efficient calls and a faster resolution . We have seen over 40-50 % more efficient query resolution in areas where AI has been deployed .
insurtechdigital . com 75