In our competitive and digital world, it’s essential to harness the full power of technology to improve the services provided by companies and, in this way, address an increasingly demanding and informed customer. The insurance industry is no exception. Come learn about the benefits of adopting Artificial Intelligence in this sector and the top five use cases of Customer Service automation in insurance companies.
What is Automation?
The concept of automation refers to the use of technology and software to perform tasks and processes previously done by humans.
Automation takes many forms: some are simpler, where basic tasks are performed, and others are more complex, using Artificial Intelligence and Machine Learning algorithms to make decisions and act on those choices.
Automation aims to improve efficiency and productivity by reducing the time and resources required to perform a specific task. This can be achieved by taking advantage of robots, software applications, and other types of technology, which may or may not require specialized knowledge to implement.
How does Automation work in Insurance Companies?
Automation is used increasingly in different industries; the insurance industry is a clear example. The insurance automation market will be worth $40.1 billion by 2030. This translates to a compound annual growth rate of 32.6%.
Automation in insurance companies refers to the use of technology to perform tasks and processes with no human intervention or very little.
These technologies are mostly implemented in customer services since it’s a department that interacts directly with consumers and needs to provide quick and assertive answers.
Customer support automation in insurance companies covers tasks such as answering frequently asked questions, processing requests, and providing customer self-service tools.
Why Do Insurers Need to Automate Their Customer Support?
You should invest in Customer Service Automation for numerous reasons. Here are five of them:
- Increased Efficiency
Most customers’ contacts are about simple, quick-to-resolve questions. However, with a large influx of calls and emails, a basic question can take a long time to answer.
By automating the answering of your customers’ most frequent questions, you decrease waiting times and increase the efficiency of your teams, as they have more time to deal with more demanding and complex topics.
- Cost Reduction
As we mentioned in the previous point, calls to your contact center decrease because people have other contact channels, namely chatbots, to communicate with your company.
With this decrease in calls, the costs associated with this type of service are reduced.
In addition, these technologies have an excellent ROI, and you recover your initial investment quickly.
- Increased Customer Satisfaction
Automation solutions, such as chatbots, are available 24 hours a day, every day of the year. This lets your customers get their questions or queries answered anytime, anywhere, from any device.
In addition, it’s a quick and convenient way for them to contact your customer support since interactions are by message – one of the most widely used forms of communication today.
Most automation platforms have features that allow the collection and analysis of customer data.
This data allows you to identify each person’s behaviors and preferences, making the experience personalized to the consumer’s choices and needs.
- Competitive Advantage
Adopting this type of solution allows you to differentiate yourself from other companies by offering your customers a more efficient and personalized experience, increasing their satisfaction. And satisfied customers have many more reasons to recommend your brand and remain loyal.
5 Use Cases for Customer Service Automation in Insurance Companies
Now that you know some of the advantages of Customer Service automation in insurance companies, we will present you some use cases. These are practical examples of applying this solution to your business.
- Claim participation
Reporting a claim is never easy and can be pretty time-consuming and stressful.
The customer has to email all the documents related to the accident. If not, it usually takes a few more email exchanges with the insurance company before the reporting process can proceed.
Automating these processes allows us to immediately request all missing documents from the customer and validate them, with the support of technologies such as OCR (Optical Character Recognition), to check if they are all filled out correctly.
- Insurance Payment
It’s expected that, from time to time, there will be customers who do not pay their insurance due to forgetfulness or lost invoices.
After a few simple integrations with your systems (for example, to validate the user info), you can deliver all the necessary payment details efficiently and on time.
On top of that, this reduces the number of late payments and, therefore, achieves greater regularization of situations, allowing your insurance company to catch up on payments and avoid additional recovery costs.
- Claim Status Inquiry
No more calls clogging up your phone lines or emails with questions about the status of a claim process.
Make all that information available 24/7. Whatever the time of day, your customers can see what the status is, what steps are missing, etc., only with a few clicks.
- Change of Policy Conditions
With the different types of coverage that your insurance company offers, many customers will want to change their policies.
Give them the ability to make that upgrade autonomously and automatically.
- Documentation Requests
How many contacts per day do you receive just with a request for a duplicate of the green card? Or copies of the particular policy conditions?
Free up your Customer Support team for more complex tasks and leave the repetitive ones to automation.
The Right Solution For Your Company
Knowing which provider to trust is an important decision, and it’s crucial for success.
At Visor.ai, one of the areas we specialize in is precisely the insurance industry to deliver institutions the best possible service and solutions.
With templates specifically developed for insurance companies, our automation solutions are ready to answer your customers’ most frequent questions and optimize their workflows. And if our solution doesn’t know the answer today, it will know it tomorrow because it has Artificial Intelligence built in.
By working with companies like Generali Portugal, we are always in touch with the challenges they face and adapting our solutions accordingly.
The implementation period of the solution is about 4 weeks, but our support is continuous.
Contact us to learn more about the automation of customer service in insurance companies and enter the world of intelligent interactions.