Conversational AI in Insurance
April 29, 2021 • 3 minute read

A guide for Conversational AI in Insurance

We’ve long been in the business of creating exceptional customer experiences and our innovation within the insurance space is no different. Our Intelligent Virtual Assistant for Insurance is designed to deliver empathetic customer care across every touchpoint in the policyholder journey using a blend of Conversational AI and human intelligence.

The Insurance Industry is Ready for Disruption

According to Gartner, by 2022, 85% of customer service interactions will start with self-service, up from 48% in 2019. 

Why does this matter for insurers? Well, policyholders are no exception and they’re more connected than ever. Customers want control over all touchpoints with their provider and they want fast access to information including price, coverage, and policy information. Customers want the ability to turn to digital channels to complete a variety of transactions with more ease and less frustration. This trend will only be amplified as time passes. 

In fact, in a J.D Power study, they found that 74% of consumers research insurance purchases online, but only 25% end up making a purchase online. Customers are signalling that they like the freedom that digital transformation can provide, but automation hasn’t met the demand or expectation– until now. 

Our IVA for Insurance is designed to perform better than the best insurance representative or contact center agent. It is always available, strictly follows regulations and business rules, handles surges in call volumes with ease, and most importantly transforms the policyholder experience by acting with the utmost empathy. 

Approach Customers with Empathy and Scalability

Insurance companies are in the business of supporting policyholders in times of distress and providing peace of mind to everyday life. That’s where our empathetic approach to self-service comes in. 

We approach each interaction with understanding and efficiency. This can look like a customer reporting a first notice of loss (FNOL) or filing a claim. In the moment of need, our IVA for Insurance expresses empathy for the policyholder and then seamlessly collects the information to start the claims process. In the stressful days that follows, policyholders can follow-up with the IVA to get status updates and learn more about next steps for their claim. This all occurs without subjecting customers to any wait times to speak to live agents.

Provide an optimal channel approach for customers

It’s common for customers to use text channels and voice channels in different scenarios, depending on the support that they require. For instance, a customer might want to use webchat to compare policies, or use text to send images to report damage. Today’s expectation is that the customer will have the ability to communicate through the channel most convenient to them at that given moment. By optimizing channel choice based on customer and industry data, our IVA for Insurance can meet this expectation.

An IVA provides a seamless connection between voice and text, allowing a seamless customer service interaction that is engaging and conversational.

Create Personalized touchpoints

According to Accenture, 88% of insurance customers demand more personalization from providers. We make this a reality through integrations into key back-end systems and knowledge bases. Customer information can be utilized quickly and efficiently, adding context, historical data, and relevant information into conversations to ensure that every interaction is personalized.  

We are proud to bring more than 15 years of experience and expertise building the best-in-class customer service applications to the insurance space. Learn more here.

Want to learn more? Let’s talk.