Elevated CX Possibilities in Insurance

Elevated CX Possibilities in Insurance

Authored by Ameex Technologies on 22 Jan 2021

Customer Experience, or CX as popularly abbreviated, is the ‘true face’ of what modern digitization can offer. As customers’ priorities, expectations and choices across industries dynamically keep evolving, insurance is the new domain to catch up in a big way on the new high-tech CXs. You can do an entire gamut of good to augment business right from steering in newer customers to getting them always glued to you with gratifying customer experiences (CXs).

Rapidest ever CX growth through artificial intelligence (AI)

The past decade has seen tremendous possibilities of AI usage in insurance. This has especially been the case with extensive usage of chatbots for customer interaction and notable experiences.

The most striking aspect of chatbots is how they completely automate the way insurers can seamlessly communicate with customers, with almost no necessity for human intervention. Here, AI operates with an automation engine which is loaded with real-time, personalized reactions to customer’s queries and interaction needs.

The powerful AI engine features end-to-end, varied customer information storage right from their personal details to all their buying patterns. Exceptionally interactive agent services, and multi-communication channel facilities, flags for an anywhere-anytime collaboration platform with customers. So, what we have are, delightful, quality customer engagements that today’s and tomorrow’s technology can offer, without the need for anyone to hold on for responses and reactions.

Intelligent call routing

AI offers smartest CX and engagements along with options of call routing to relevant human agents in case any call reaches a dead end. Here, the robust AI engine also prompts agents with multiple choice hints to possible customer queries materialized through real-time searches across a list of likely answers.

Digital self-servicing are nowadays the new insurer favourites

Insurers would not really mind if customers prefer to service and execute policies on their own, saving on precious time and energy. This has become the new norm of 2020 and beyond where customers themselves make every bid to resolve their policy issues avoiding the need to reach out to agents to the maximum.

It has been chatbots, kiosks, apps and the likes that have done the trick

Insurers are well-aware that self-servicing in customer operations have materialized more due to the onset of chatbot usage. Following are a few more popular CX digitization channels for insurers:

  1. Kiosks for customers who prefer self-servicing
  2. Intuitive, self-service Apps with online interfaces 
  •      Touch points for policy renewals, claims processing, complaints, and FAQ access 
  •       IVR messages for customer self-servicing

CX driven powerfully by analytics

For CX, it is data driven analytics technology that forms its backbone working processes. Analytics coupled with AI tools have the power to scan and analyse through massive, precious insurance data repositories to bring out valuable insights into customer behaviours. Churned out from a 360-degree data analysis, analytics tools create wonderful, personalized, customized customer experiences. Here are a few practical insights:

  • Insurers of today are within hand’s reach of high-tech digitization that technology can offer including recorded audio/video streams, prompt email updates, seamless chats and, social media collaborations.
  • Today’s speech analytics tools are robust enough to scan through and analyse more than 200 speech parameters to pre-emptively create unimaginably precise customer profiles.
  • Marketing heads and executives strategize, and tailor custom insurance products and services based on analytics-based customer demographics data. Analytics tools use customer data parameters such as residence location, their children’s educational institution and locality, club or key institutional membership details etc to extract valuable insights into the likely insurance product or service they would best possibly buy and avail.
  • The other winning factor of analytics is for agents, who can easily analyse customer risk and suitably price the product to suit specific customers. For instance, customers with a historical record of red tickets for their cars are charged more premium by insurers. Such customers run a high risk for insurers because of factors such as reckless vehicle usage behaviour, wrong parking, night parking etc. The latest of similar risks to grab the news is about higher premiums for brightly, attractively coloured vehicles due to their high risk of being ‘the’ target for vehicle thieves.
  • The newest that digital disruptions can offer in 2020 and beyond are Logging devices in trucks that sync with the vehicle’s engine. These devices provide prompt and precise updates and valuable insights about the trucks to insurers. Insurers can thus gauge risks associated with the trucks and the driver such as driving behaviour, speed etc., minute by minute.

Novel Digital adoptions for a delightful insurance CX

Claims Processing: Supersonic claims processing, most of which are done within a day, are becoming the order of the day

Integrated collaboration: Between CRM system and collaboration tools for speedy leads processing

App for photo upload and claims processing: Allows instant photo upload of vehicles involved in accidents and mishaps for speedy claims processing

Drones: For speedy property and mishap claims processing by capturing accurate, real-time information from accident/mishap site with precisions practically not possible by humans

Customer-centricity: Putting customer first while creating and deploying digital tools

Novel Insurance marketing through creative business models

  • Cloud based anytime-anywhere insurance business for better customer reach and CX
  • Reaching out to customers with numerous geographic digital touch points augments customer convenience, engagements and experiences, sometimes almost eliminating agents
  • Expand insurance portfolio to give better space for usage based policies, including travel insurance, short period residential rental policies, critical event (usually high monetary value) cancellation etc
  • Enabling portfolio for employer sponsored insurance coverages that are more popular among the millennial society

To know more about Ameex, write to us analytics@ameexusa.com