Customer experience is everything. Here’s how AI can help insurers get it right

For insurance customers, it's about more than speed and convenience (although they are essential). A good experience should also leave your customers feeling cared for and appreciated during what can often be difficult and stressful times. To achieve that, you not only need technology to minimize friction and maximize efficiency along the customer journey – it also has to maintain a personalized element.  

Artificial intelligence (AI) is moving insurance towards this ultimate customer goal of personalized, convenient service at every interaction. Getting a personalized insurance plan, requesting immediate assistance and resolving claims - they are all now possible, within a few minutes. And, without customers ever having to leave the comfort of their homes.

In the digital world, everything's just a click away – so what's your excuse?

Your customers now expect friendly, personalized, relevant and enjoyable experiences across multiple channels. And, they want to be in control. That means choosing their preferred channel depending on their specific circumstances at any particular time. They also tend not to distinguish between industries.

In your customer's mind, if everything's just a click away in retail, media and travel – why not in insurance? What's your excuse? Insurance may be a more complex (and regulated) sector but customers still expect you to provide similar experiences to those they enjoy from other brands.

Customer expectations and behaviors are changing rapidly. The use of multiple channels to make a single purchase is becoming the norm. To attract and retain these customers, insurance companies need to innovate with omni-channel delivery models.

How AI can help

As part of our VeriTouch Customer Engagement (CRM) and VeriChannel omni-channel delivery solutions, VeriPark leverages AI to understand individual customer's needs and create highly personalized and tailored customer experiences. For example, our Next Best Action (NBA) solution uses predictive analytics. This enables insurers to predict and react to specific customer needs and create more meaningful and relevant interactions.

Adam's a good example of what we mean by this. He's a tech-savvy 30-something. He's married with two young children so has several policies with his insurer.

When he needs to make a claim, he logs in to the self-service portal. His claim is resolved quickly and efficiently. That's good – but it's also something Adam has simply come to expect!

VeriTouch takes this positive interaction a step further. The analytics-based Next Best Action (NBA) engine presents Adam with a highly relevant Personal Accident Insurance product offer that includes an element of dental care to protect his family. 

It's a great deal and it's arrived at just the right time. Adam clicks to say he's interested in the offer. He chooses to chat with Faraday (a transactional chatbot).

Faraday explains the advantages and coverage details and Adam indicates that he's happy with that. Faraday then asks a few further questions, such as "do you work in any of these dangerous occupations?" Adam answers and Faraday immediately confirms that he is eligible for the policy.

To make his payment, all Adam has to do is enter the four digits of his saved credit card. The policy and payment receipts are then sent to his preferred email. It's all done – a new sale and a happy customer – within a matter of minutes.

Technology doesn't replace personal service – it amplifies it

Using AI-powered analytics, the insurance company has been able to retrieve and present the Next Best Action (NBA) to suit Adam's personal circumstances. Such targeted, event-based offers boost conversion rates. They also significantly enhance the customer experience.

Combining a NBA engine with a chatbot, was a great way to provide Adam with intelligent, human-like conversations through his preferred digital channel. It also enabled the insurer to provide a personalized, engaging customer service, available 24/7, efficiently and cost effectively. Adam was certainly impressed; Faraday asked for feedback about the service and instantly captured Adam's 'Excellent' response.

NBA uses sophisticated rules, analytics and algorithms to better predict customer needs, and leverages Azure Machine Learning capabilities to recommend contextual actions and offers. In essence, it's about getting the right product to the right customer at the right time. At the same time, it helps insurance companies to create new, meaningful customer relationships.