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Insurers need to use AI to drive CX

Insurers need to use AI to drive CX

Technologies such as artificial intelligence are tools that can reduce operating costs  – for example integrating a low cost chatbot into the customer service center can replace high-cost phone calls.

While reducing operating costs is important, it’s no longer a competitive differentiator.

A Walker study found that by the year 2020, customer experience will overtake price and product as the key brand differentiator.

The same is true for insurers who need to focus, not only on cost  reduction, but more importantly on creating hyper-personalized experiences that help them connect with their ever demanding, digital customers.

Source: DigIn 2019 conference – Gamalon presentation

Our experts opinion:

CX has been identified as the key competitive differentiator in today’s digital world.

Using artificial intelligence, insurers can improve customer experience through relevant, real-time engagements that drive improved loyalty, and ultimately increase revenue.

Here are a few areas insurers can focus on to leverage the power of AI to improve current processes and transform their digital customer communication:

  • Optimize the use of data

Data is necessary for AI to function. A data strategy should include everything from standardization of data labels, getting data in and out of a central repository, to moving toward a single customer view and ultimately, 1-to-1 communication.

  • Integrate with voice technology

With the current proliferation of voice technology, organizations can’t afford not to  include it into their customer communication initiatives. For example, insurance documents can be incorporated into the voice customer experience – where a customer can verbally request a bill amount and instruct payment.

  • Automate content composition and document creation

AI opens up opportunities for automation of content composition and creation, as well as testing scenarios to provide content that is relevant and engaging. This can also be applied to document content.

  • Hyper-personalization

AI enables 1-to-1 communication. The combination of data and decisioning engines allows us to provide the next best offer or action, based on each customer’s unique profile.

 

Elizabeth Stephen

Elizabeth Stephen

VP of Customer Engagement, The Americas

Let’s discuss how we can help leverage your AI initiatives to improve customer engagement

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