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Better support with the virtual insurance agent?

24th Mar 2022
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virtual insurance agent

Insurance companies have always had the challenge of delivering personalized support for their customers. From selecting coverage and understanding benefits to confirming payments and filing claims, both policyholders and agents need information that is customized to them. As the expectation for companies across all industries to offer digital, 24/7 support and self-service has grown, delivering a positive experience has become more challenging than ever for the insurance sector.

Fortunately, advances in conversational AI technology are helping insurance companies escape from the dangers of frustrating, disjointed experiences by creating the seamless digital support options policyholders and agents need. According to industry experts at Insurance Thought Leadership (ITL), “The sky is the limit for conversational AI.”

In their whitepaper The Virtual Insurance Agent, ITL takes a detailed look at how conversational AI is allowing insurance companies to greatly improve their customer experiences while also reducing costs. With the right integrations, conversational AI tools – like virtual agents and chatbots – can reach across silos and into back-end systems to pull together all the relevant information and customer data to deliver the right responses in a consistent tone. The technology has the capability to both provide the best self-service options to customers and improve insurers’ interactions with agents.

ITL identifies six common use cases for conversational AI in the insurance industry, explaining the benefits and limitations of each example.  All of these – selecting coverage, filing a claim, understanding benefits, updating policies, educating insurance agents, and supporting the contact center – represent perfect opportunities for successfully automating top service queries through personalized, integrated conversation flows.

Being able to respond to such a high percentage of contacts from customers and agents with conversational AI delivers valuable benefits for insurance brands. They can:

  • Create better customer experiences and meet expectations for digital support
  • Improve agent experience and boost productivity
  • Reduce contact center traffic and alleviate pressure on busy live agents
  • Increase revenue by reducing customer churn and making the buying process easier
  • Lower support costs and improve efficiency by simplifying complex processes

According to ITL, “Conversational AI is one of those rare beasts in business: It delivers demonstrably better service to customers while cutting companies’ costs.” Isn’t that every insurance company’s dream?

Read more on these insights from ITL by downloading the full ‘The Virtual Insurance Agent’ whitepaper.

Also check out the short video below for a closer look at how conversational AI can deliver these benefits for insurance companies. By bringing together chatbot, virtual agent, and live chat technologies and collaborating with industry experts, you can create reliable digital support that is personalized, convenient, and efficient.

This post originally appeared on the Creative Virtual blog.

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