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Voicebots Are Disrupting Communication In The Insurance Space

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Voicebots Are Disrupting Communication In The Insurance Space

Insurance voicebots can help you connect better with your customers through their innovative features. Here’s what you need to know.

The insurance sector may have been a laggard in terms of digitisation, but it has managed to catch up with the times at a blazing rate with insurance voicebots and chat AI.

Technology is a lot more accessible than it was before.  Digital literacy is at an all-time high. This has led to changing customer expectations – especially in insurance, an industry that works on set processes and user journeys.

Voice AI can simplify communication by a great deal. A smart insurance voicebot can talk to a customer (like an agent would), and guide them to the resolution – all while ensuring the customer stays engaged at all times.

Market trends on the rise of AI in insurance

While blockchain and IoT are playing their respective roles in injecting innovation, it is AI that is ruling the roost. The disruption is to the extent that AI is expected to touch a valuation of $6.92B by 2028! Conversational voice AI is one offshoot of this trend, which is beginning to gain traction. 

So, what gap can a voice AI bridge in customer communication for insurance?

  • With digital technologies, customers can reach out to agencies across multiple platforms. However, businesses may not be capable of manually responding through them all via textual means, which can hamper accessibility.
  • The theft of data through non-digital sources is far more prevalent than through online sources. Apart from the security aspect, a conversational voicebot can store and make data accessible, bringing transparency to your operations.
  • Manual intervention causes workflows to move slowly and also affects information quality as manual collection/entry of data can be erroneous. Voice AI can end-to-end handle interactions, minimising the need for an agent’s help.

How can voice AI achieve better customer communication in insurance?

Voice AI can be the ultimate tool for customer communication for insurance companies.

Insurance voicebots are hands-free, real-time, and precise with their responses, making many businesses turn to voice automation. 

“Today, 80% of our queries are being end-to-end resolved by conversational AI, only 20% of them need to be routed to a human agent”, Head of Customer Experience at Bajaj Allianz General Insurance, Ankit Goenka speaks to Verloop.io on how AI is disrupting insurance. 

Bajaj Allianz Life Insurance, on the other hand, is driving interactions through AI too, especially voice. “Significant numbers of calls are dealt by a voicebot, which are trained to understand the context of customer calls, recognise the voice’s gender, to calibrate the responses according to the query”, Goutam Dutta, Chief Information & Digital Officer at Bajaj Allianz Life Insurance, tells TOI.

The sector possesses the unique advantage of leveraging cutting-edge technology such as conversational AI to establish meaningful connections. Here are some reasons industry experts cite in favour of voice AI in insurance:

  • Voice AI offers immediate value delivery rather than droning through painfully arduous IVR menu options helps improve CX.
  • Routine information collection is a major drain on resources, but conversational AI can automate and integrate with databases, CRMs, etc.
  • An insurance voicebot understands customer behaviour and intent to follow a data-driven approach to personalise policy recommendations, and eventually close more deals.
  • By automating several user journeys with voice AI, businesses can cut down manual workloads that reduce operational cost overheads.

The more you know! Conversational AI, with voicebots, help insurance save up to a whopping $390 billion across the front, middle, and back offices by 2030! 

Your word, communicated at a much larger scale with an insurance voicebot

Voicebots in insurance can take your customer communication a gear up. How, you ask? 

1. Guide users on the go

Voicebots in insurance can handhold your customers throughout their user journeys.

Filing insurance claims and making payments can be cumbersome to a lot of people. Especially for ones who are not very familiar with these processes. An insurance voicebot can help policyholders navigate these processes in real-time with ease.

2. Speech is the fastest way to reach an answer

In every way, talking is faster than writing. Asking “How do I pay for my health insurance with policy number 3284768?” to an insurance voicebot is evidently quicker than typing it out to wait for a textual response.

Voicebots make insurance simple. Whether your user is in a car or doing laundry, voicebots make tedious tasks like figuring out insurance uncomplicated.

3. An impact bigger than what we think

Speech has a reach like no other. Insurance voicebots are simple to use and understand by anyone from any generation. Since voicebots go beyond the need to be literate, they make insurance an easy field to navigate even by someone who does not know how to read and write.

This makes your reach expand towns, and not just limited to tier 1 or tier 2 cities. 

4. Pull, view, access data – from one place

One way voice AI stands out from the rest is the way it can store and access data at the right moment. Conversational voicebots can pull customer data from a unified customer profile that has your customer’s history stored. An insurance voicebot can map any past conversations and user behaviour to figure out an apt resolution. This type of information access may not be available to a live agent or an IVR.

With contextually driven responses, customers don’t only feel like just any other lead. Voicebots in insurance can drive conversations with resolutions personalised to the user’s needs.

5. Pre and post communication – made easier

Another way voice AI improves customer communication is with automated messages before and after conversion.

Let’s take examples of the kinds of communication you can automate with a voicebot.

  • Timely reminders like “Hi Alok, your car insurance with policy number 4637 is due for renewal on 1/2/22. If you’d like to make the payment now, say “yes” to get the payment link on your registered number”
  • Follow-ups like “Hi Salman, you had inquired about our “Life insurance Pro” plan recently. Would you like to know more about it?”
  • Updates like “Hi Meher, the premium for your health insurance “Stayfit Health” plan has been successfully paid and processed. Thank you for your patronage!”
  • Feedback checks like “Hello Tracey, your documents were successfully processed. We’d love to hear from you about your experience!”

6. Run automated verifications with no manual intervention 

A powerful insurance voicebots can verify customer identities with strong voice biometrics and cognitive technologies. They can help you meet your security regulations by avoiding any unauthorised access to your user’s info. 

Insurance voicebots can evaluate the speaker’s voice to see if there is a match in your database before proceeding to discuss private and confidential information. It can even assess the situation’s gravity by detecting the urgency in the speaker’s voice. The voicebot can then reroute the ticket to an available agent in real-time for immediate attention.

The future of voice AI in insurance

Voice AI technology in insurance is paving the way for the future of the industry. While voice AI growing steadily, What are some trends your insurance company needs to look out for? 

Insurance claim filing is a strenuous process. In such events, customers are more likely to turn to their channel and device of preference. Taking an omnichannel and device-agnostic voice approach can play a great for insurance companies in the future. 

Not prevalent as of now, but insurance voicebots won’t not only be just giving personalised recommendations. Insurance companies can expect voice AI to be robust and powerful enough to underwrite and personalise policies according to the user’s needs.

Another top trend you can see with insurance voicebots is becoming more inclusive of regional specific languages and dialects. You can train your Voice AI in insurance to help process claims and answer queries for users living in typically inaccessible parts of the country. 

With the potential areas of implementation paired with the long-term advantages, it would be interesting to see how everything pans out. As the world gradually moves towards voice technologies, it is absolutely clear that voice AI in insurance is set to deliver impressive ROI for companies that hop aboard this trend as soon as possible. From reaching out to new prospects through voice search to assisting policyholders in filing claims – voice AI in insurance is the future.

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