Insurance is not immune from the changes taking place in every industry from the new artificial intelligence (AI) technologies accelerating the digital revolution.
Much of this advanced automation and “intelligence” seemed far off in the future but they have become mainstays in our business processes and our customers’ lives, barely warranting our notice anymore. From speaking to a phone auto-attendant about why we are calling, to systems that scan and understand paper documents, to the self-driving Tesla cars we are starting to see on the roads today, bit by bit new gadgets and programs come into our daily lives with benefits mostly being derived from their AI capabilities.
Soon all aspects of the insurance business will be touched by new processes and tools that incorporate AI, enabling agencies and carriers to streamline, automate and make operations more efficient. With the promise quick cost savings that translate into higher profits and the ability to compete on pricing, insurers are motivated to dive into AI headfirst. Add the benefit of becoming more responsive to customer desires and the near-elimination of error prone and tedious manual data entry, and AI projects seem to offer big gains for agencies. Examples of new AI insurance services abound, but the expected overall benefit from the changes AI brings are estimated to be $1.2 trillion this year, growing to just under $4 trillion just four years from now.
With so many options for starting out with AI insurance services, agency executive teams can get overwhelmed, not knowing by which direction to take. Carriers have followed the strategy adopted by the banking and financial industry, focusing both on the front lines and the back office. A real threat to carriers is the risk of fraud. AI insurance services that implement artificial neural networks to detect signs of fraud or irregular transactions.
Insurance agencies are choosing instead to leverage their traditional strengths–outstanding personal service and the role as trusted advisers–when starting with artificial intelligence options. A large number of Insurance services that incorporate AI enhance the customer relationship.
One of the most popular artificial intelligence services for agencies to implement and improve the customer experience are chatbot robotic process automation (RPA). These virtual insurance agents can be trained to independently take care of some vital areas of the agency business, or to work in tandem with live agents to maximize the impact of both.
Typically more than half of an agency’s front office time is bogged down with handling all of the billing inquiries and data entry required for collecting payments. Virtual agents are easily programmed to answer questions about past and upcoming payments, and to help insureds complete payments. Automated conversational chatbots handily field 100’s of simultaneous customer contacts, making call queues history. Better yet, these helpful virtual agents can remind policyholders of upcoming payment via text, messenger apps or voice-enabled devices, offering immediate, easy payment options. AI automation flips a headache for both staff and customer into a trivial task.
Dedicating enough time to source new customers and provide quotes and go over options is challenging for insurance agencies of all sizes. AI insurance services that are geared to help quote and close sales are a boon to agencies that are ready to grow. Sales RPA virtual agents are at the ready to answer questions, discuss options, provide quotes, send required disclosures and even collect payments. They can work as partners to live agents so when a prospective customer has a special concern, the customer knows the agency team is able to step in to help.
Beyond powering up live sales agents, the digital insurance sales assistants pair with online advertisements, email campaigns, messaging apps and anywhere else in the digital realm where prospects spend their time.
Artificial intelligence applications are as varied as the insurance industry itself. Carriers have taken the lead on finding ways to improve the way they do business that fit with their unique role in the sector’s ecosystem. Agencies will not want to wait for carriers to push them into this new domain. There are AI insurance services specifically tailored to help insurance agencies win in the new digital age.
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