The Importance of AI in Customer Service for Insurance Companies

Customer service is a vital aspect of the insurance business, as customers typically reach out for assistance when they encounter problems. That's why incorporating conversational AI-powered virtual agents can be a game-changer for your company. These AI virtual agents can help you overcome staff shortages, increase scalability, and provide satisfying experiences that foster customer loyalty.

AI agents offer a unique combination of personalisation and automation. They enable insurance companies to deliver tailored support across various channels, such SMS, WhatsApp, Facebook Messenger or through a chat facility on a website or within applications. This omnichannel and multi-modal approach ensures that customers can interact with their insurance providers anytime and through their preferred platform. They can even use multiple channels simultaneously, if necessary. For instance, if a customer struggles with a complicated pronunciation, they can seamlessly switch to typing on the messaging app while still being on the phone with an AI or human agent.

Retaining Staff

Retaining good customer service agents has always been challenging, this is where AI virtual agents step in. Even if only used for the purpose of handling identification and verification (ID&V) on incoming calls, you can save money and expedite your service. Human agents will immediately know who is calling and why, streamlining the process. This saves time, reduces average handling time, and allows human agents to focus on assisting customers right away, instead of going through standard ID&V questions and manual checks that can be annoying for customers.

Handling Claims

Handling minor claims manually can be resource-intensive. AI virtual agents can automate this process, significantly reducing the volume and costs in your contact centre. The AI virtual agent can process the initial claim and then utilise AI algorithms to evaluate the scenario and provide personalised advice based on the customer's individual policy. Once all the necessary administrative tasks are completed, a human agent can address any final complex questions.

Personalised Responses

When combined with Generative AI technology, AI agents can eliminate standardised self-service approaches of the past. Customers don't want to receive copy-paste answers from an FAQ; they prefer low-effort and individually tailored responses, even when they are correct. By delivering dynamically personalised responses using Large Language Models, insurance companies can enhance the customer experience. Additionally, integrating AI virtual agents into other key systems, such as CRM or policy management, ensures contextual and personalised service delivery.

Improving The Employee Experience

AI agents not only benefit customers but also enhance the employee experience. By taking over routine tasks, AI virtual agents allow employees to handle complex issues that require a human touch. Human agents derive more satisfaction from helping customers through challenging situations, such as home damage caused by a flood, rather than performing mundane administrative processes like address changes or policy additions. This increased fulfilment can reduce employee churn.

Virtual agents powered by generative and conversational AI are not just technological advancements; they are strategic assets that offer a competitive advantage. They enable humans to focus on high-value work. AI enhances the customer experience by delivering technology-enabled interactions that customers expect.

If you want to find out how to implement AI in your insurance organisation, contact us or call us on 0333 6000 360.