Consumers have grown increasingly comfortable with a customized communication medium—the voice—as automation takes the front stage in most service-based sectors.
According to studies, 69% of customers prefer to use conversational bots to obtain quick information or settle issues.
Voice assistants, for example, not only give a more efficient engagement interface, but are also a cost-effective option for a variety of sectors, including banking, insurance, and financial services.
P.S.- Contact Centers utilizing conversational AI will save $80 billion in manpower costs by 2026.
Digital literacy has never been higher. This has resulted in shifting client expectations, particularly in the insurance business. With the potential of simplifying conversations, the need for AI-driven voice assistants has never been higher.
In this article we will cover-
i) Changing Landscape of Insurance Sector
ii) Top Insurance Use-Cases Resolved by Genie Voice Assistants.
Renewing India’s Insurance Landscape
The Indian insurance sector is on the verge of tech disruption with the companies that have adopted digital assistants for automating up to 80% of their customer queries being end-to-end resolved by conversational AI, only 20% of them need to be routed to a human agent, providing them with ample time for:
1- Devising sales strategies with AI-Qualified Leads.
2- Drive more conversions through the Sales Funnel.
India is the Asia-Pacific region’s second-largest insurtech (insurance technology) market, attracting insurance technology investment. However it is not immune to the complexities of the dynamic business ecosystem and an uncertain economy.
1. Increase in Queries: Insurers and human agents frequently require assistance in processing a wide range of unstructured data, including client calls to contact centers, e-mails, and documents. The numbers continue to rise as more people choose new plans or renew old ones that provide financial stability as well as health coverage.
This rise in demand has resulted in a dramatic increase in the number of incoming inquiries, burdening contact centers with high quantities of calls that may be handled in real time by voice assistants.
2. More Compliances- Compliances and Security Issues are major roadblocks in implementing these high-stack technologies.
By automatically identifying possible difficulties and giving information on how to handle them, voice AI may assist insurers in complying with regulations and industry standards.
3. Market Acceptance- Acceptance of emerging technologies and integration of current APIs is more difficult in small or medium-sized firms that employ traditional communication methods, particularly startups. However, when it comes to Voice AI, the benefits it delivers make it tough to resist implementation.
Therefore, Conversational AI is gaining traction across businesses, particularly in B2B verticals where it provides superior efficacies in higher volumes and seasonal spikes. Banking and financial services, for example, can be made more accessible to consumers at large by using AI and automating contact centers.
“Voice Assistants, when used properly in banking & Insurance Industries, is a window to possibilities – a potential that grows much greater when combined with deep insights, unleashing new growth drivers to maximize income for organizations in addition to complementing tedious agent responsibilities”, says Vivek Jain, CEO at GenieTalk.ai.
However, this is hardly an overnight success. This is a strategic decision that insurers must make now in order to realize long-term business rewards. Especially in a highly regulated sector like insurance.
Let’s have a look at the top use cases being solved by Genie Voice Assistants, helping them do what they do, in an efficient way with automation.
Top Insurance Use-Cases Resolved by Genie Voice Assistants.
1. Payment Reminders & Follow-Ups: Sending reminders for timely payments and multiple follow-ups is one of the top use cases in the insurance sector. Let us have a look at the examples of some conversations that can be automated with Genie Voice Assistants-
Example- 1) “Hi Anshul, your premium amount for the insurance with policy number 1998 is due as of 1/12/23. If you want to make the payment right now, say “yes” to receive the payment link on your registered phone number.”
2) “Hello Prateek, your documents were successfully processed, Can you tell us more about your experience?”
2. Policy Information: Voice AI Agents are a powerful tool for sharing knowledge. It has an extraordinary capacity to grasp complicated insurance terms, allowing clients to easily cross the complexities of coverage. These insurance assistants have all the answers at their fingertips, from knowing policy specifics to defining premium structures.
Example- “Hello Shubham, We have Pre-Approved Home-loans. Our loan offerings come at a lower interest charge, enjoy competitive rates, fast disbursement, online access, drop line flex and many other benefits.”
3. Policy Renewals: Voice assistants can retrieve customer details from previous interactions and remind users about upcoming policy renewals. They can also answer queries related to renewal options, coverage details, and premium payments.
Additionally, they can also notify customers about policy expiration dates, send renewal reminders, and guide them through the renewal procedure.
Example- “Hi Shivani, Your current policy for your car is valid until 1 August 2023, would you like to renew the existing one?”
2) “I can see that your current health insurance plan is going to expire soon, I am calculating the cost of renewal based on your current plan.”
4. Up Sell Products: The AI Assistant can correctly discern the customer’s purpose based on their replies by leveraging the capabilities of Natural Language Understanding. The assistant can then give personalized policy suggestions to the consumer based on this information, fulfilling the financial goal.
Example- “Hi, Pooja, the premium for your health insurance plan has been paid and processed successfully. Are you looking for similar plans for your family members?”
5. Insurance Pricing: The Voice Assistants enable customers to obtain quick and accurate pricing information, making it easier to compare options, understand the Returns on Investments and tehreby make informed purchase decisions.
Example- “ Hi Tanya, I can see you have requested a Quote for our Life Insurance Plan, How much Coverage are you looking for?”
Insurers can remain ahead of the market and gain loyal consumers by concentrating on ease, personalization, frictionless customer service, and loyalty building. However, without automation, their path will be difficult.
To establish and sustain a competitive edge in 2023 and beyond, insurers must invest in customer-centric solutions like that of GenieTalk.ai.
The technology is not here to replace the human agents with the voicebots but upskill them to upscale the insurance business.
Many insurers have begun to use AI to create a more simplified, rapid, and accurate approach. It also greatly benefits insurers. As a result, we see AI playing a greater role in the renewals market in the future.
Here are the top four reasons, as suggested by our CBO Ruchika Drabla, why industry professionals should prefer AI-powered Genie Voice Assistants in insurance Sector:
1) They provide instant value rather than going through tedious IVR menu selections, hence improving CX.
2) Routine information collecting consumes a significant amount of resources, yet conversational AI can automate and integrate with databases, combating Data Decay.
3) An insurance assistant understands many intents in order to customize policy suggestions and, eventually, complete more sales.
4) By using a voice bot to automate many customer journeys, firms may minimize human errors, lowering operational costs.
GenieTalk.ai is the appropriate automation partner for you this year of ONLY CHOOSING TOP QUALITY SOLUTION.
Schedule a 30-minute DEMO to learn more about the capabilities of Genie Voice Assistants in your use-cases.