Within time banks, merchants, and telecommunications have adopted new technologies like artificial intelligence (AI) and machine learning (ML) to boost their client communication and, in the end, consumer expertise. While there may are a time to sit back and see exactly what works and what doesn’t, these are currently proven technology. Organizations from the life insurance policy space have to embrace this thinking or risk being left behind.
Not only is it today’s client more tech-savvy than and anticipates the exact same high levels of benefit in their insurance companies since they do from different businesses, but the past couple of months have placed a spotlight on the need to get a much better electronic communication customer experience.
The renewed battle over national and state taxation sales standards further highlights the value of addressing clients’ concerns.
(Connected: 5 Ways Annuity Providers Can Utilize Tech for Fiduciary Compliance)
By fulfilling and, ideally, exceeding these expectations, insurance companies can guarantee consumer loyalty in an increasingly competitive sector.
This subsequently includes different significant business benefits, such as increased revenue.
Obviously, this type of transformation won’t happen overnight.
Historically, life insurance companies haven’t done well in regards to consumer communication. Over the past couple of decades, over 90% of insurers worldwide didn’t speak with their clients even after annually, and lots of clients didn’t obtain one communication annually. Of these interactions, many were confined to claims and relevant advice.
In a planet where highly personalized services and products, supported by pertinent, simple to comprehend and contextual information have been the standard, that’s no longer workable.
so as to overcome that deficit, it won’t be sufficient for life insurance companies to just retrain their employees and hope for the best. Rather, they will need to adopt the type of technology which will have a direct positive effect on consumer experience.
Using AI and ML
Input AI and ML. Whenever some life insurance companies have embraced these technologies to fantastic effect from the trunk — to accelerate claims procedures and in fraud detection, for example — they haven’t been utilized to anywhere near precisely the exact same impact in regards to consumer communications, which can be a missed chance.
AI enhances customer experience via the evaluation of information available so as to determine the next message that’s best suited to each client, based on actions taken together with the insurance company, demographics, and changes in lifestyle stages that affect a customer’s requirements.
By providing the perfect message to the ideal person, at the ideal time, a company can dramatically enhance the client experience.
That value and timeliness, meanwhile, is likely to result from the response the company wants: a coverage renewal, an upsell or a fresh deal.
As a subset of AI centered on accomplishing jobs, ML will help determine which material is appropriate to your client based on information available, for example past behaviour, demographics and place, which makes it simpler to deliver genuinely hyper-personalized communication.
There are plenty of ways organizations integrate AI within their client communications outside hyper-personalization and next-best-action messaging. These include customizing client travel touch-points (ensuring tone is suitable once the client has suffered a loss, for example ) and enabling clients to interact with communications employing voice-enabled technician (for example, smart devices). Incorporating chatbots into client communications also allows for one time communication to turn into a conversation.
Making the shift
By making these modifications, life insurance companies may offer their clients a markedly improved encounter.
In doing this, they promote loyalty and extra invest, which may ultimately benefit their bottom line.
Simply put, there are a large number of reasons why insurance companies should adopt AI within their client communications.
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Mia Papanicolaou is your chief operating officer in Striata, an electronic communications plan firm based in Johannesburg.