A woman looks at her smartphone that is showing insurance agent software that is a chatbot asking her how the chatbot can help her.

Insurance Agent Software Challenges

Insurance agent software with artificial intelligence (AI) is transforming the way carriers communicate, including its less familiar machine learning and natural language capabilities. The deluge of information about insurance AI scares away many insurers from even exploring what AI agents can do for them. Where should insurers get started?

Some choose to take a less obvious AI insurance agent strategy–begin with virtual chatbots that supercharge the front line staff and optimize back office operations instead of creating bots for insurance that deliver direct customer interactions.

There are challenges to deploying a purely consumer facing virtual insurance agent:

  • Policyholders and prospective customers don’t get what the virtual chatbot can do or why it can be helpful to them.
  • Insurers and agencies are not equipped to teach untrained virtual agents how to serve their customers.
  • Current and prospective customers have so many different needs and requests that all but the best chatbots for insurance are too simplistic to really give an adequate return on investment.
  • AI program objectives that are poorly defined or tools that don’t meet objectives, both fatal flaws that sabotage any chance for success.

To get around these difficulties, put this type of insurance agent software into action to aid your staff and improve your customer communications using an indirect approach.

  • Training – For new staff training, in-service upskilling and updating current team member, AI insurance agent software provide immediate returns.

Experienced staff train the virtual chatbots the correct prompts and replies and AI machine learning takes care of teaching correct information but with hundreds of different prompts. Training can help ensure training that mimics live interactions but always stays on track with required procedures.

  • Right info, right time – AI virtual agents can “learn” information, procedures, databases, both within the company and outside, and then serve up suggestions, give answers, automatically complete tasks, all while conversing with staff members as if it is just another helpful coworker.

The virtual chatbot can gather policyholder history, suggest potential additional products that interest similar customers, locate approved repair shops near the insured that are currently open and give the customer service agent the option to text or email the information to the driver submitting the claim.

Launching a successful AI virtual agent means integrating it with internal services, policy, claims and billing, as well as external sources of information such as road assistance, repair shops and databases used to write and administer policies.

AI insurance agent software maximizes staff effectiveness. – virtual chatbots recall information perfectly, making sure that procedures are followed, that details are not missed and that a sales opportunities are pursued.

AI-based insurance agent software for internal teams creates value by:

  • Instant availability – delays, incomplete information, call backs are almost eliminated because the virtual agent software is ever-ready.
  • Authoritative source of knowledge and procedures – AI chatbot agents bring together all institutional information, regulations and SOPs.
  • Safe initial phase for AI launch – With most insurers new to virtual agent software, first projects that stay within the company allow experimentation and discovery about AI’s capabilities, without the risk of embarrassing missteps with customer facing projects.

Accelerate the Claims Process

Many insurers discover AI insurance agent software shines during the claims process. The virtual chatbot is capable of feeding useful information to the representative collecting the first claims report. At the same time, the AI’s machine learning and data analytics skills alert the insurer to potential fraud, and suggest special investigations if they may be warranted. These signals may be too varied or subtle for human claims agents to spot, or they may not be spotted consistently or early enough to save the wasted time and costs of false or fraudulent claims.

Clever Agents for Sales & Service

Conversational virtual agents produce revenue, by prompting live service representatives. AI gives insurers better predictive power about what types of products will be welcomed, by which customer and when by putting into action powerful automated data analysis of information accessed on multiple current systems, including public sources. Understand in real-time that the insured record is showing subtle signals plus conversational cues that tell you now is the right time–the insured will want to explore increasing coverages or adding additional products.

Imagine information from marketing and policy administration matched with the voluminous data resources already collected from all of the past policyholder sales and interactions, enabling human agents or the ai insurance agent to know that this customer is probably considering a change or is at least open to starting the conversation about added products and coverages. Further still, these AI insurance services can help shape communications at renewal and billing times, suggesting added information that will speak to each policyholder’s particular motivations.

When customers check in, the call center team will no longer be distracted from the conversation by jumping to various systems and screens to find information. Instead, the insurance AI agent brings relevant information and reminders to the customer service representative. No more weeks-long training and retraining on how to retrieve information and interpret it. The human agent is served by the AI agent, lowering the representative’s stress level and finally allowing them to focus on the real value–truly listening to the customer and making a lasting customer relationships.

Instant Back Office Efficiencies

Insurance AI uses don’t end at the front lines. From IT support functions to human resource tasks, insurance AI can train and onboard, answer frequent HR questions, reset passwords, provision resources, provide forms, collect information and give timely, helpful reminders, all in a conversation format, and available in a multitude of delivery channels. And to help make sure your team is in compliance with rules and policies, AI agents can be updated instantly and make sure all of the right information is being delivered, collected and logged.

Outlook for Insurance AI

The most advanced AI for insurance is prepared for the future, able to carry on a conversation and understand the context of that conversation, or pick up the conversation that started on voice chat online in a text chat. Whether empowering frontline customer teams, back office, or working directly with consumers, AI for Insurance is ready to deliver large returns for insurers’ investments.

To see how Elafris Virtual Insurance Agents can help your company, speak with us to schedule a free online demo.

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