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\nThe UK\u00a0general insurance market continues to be fiercely competitive. While the battle for repeat business keeps downward pressure on pricing, a constantly changing regulatory agenda increases costs.\u00a0Whatever the industry, successful companies know that building a business based on price alone is not sustainable.<\/p>\n
Customer service is what matters most. It\u2019s a sentiment that is reflected in the latest findings of\u00a0multinational professional services company\u00a0Ernst & Young (EY).\u00a0It claims that non-life insurance companies in particular should \u201cinvest to create innovative and satisfying end-to-end customer experiences\u201d with optimised technology that helps them become \u201cdata-driven and insight-enabled\u201d in everything they do.\u201d<\/p>\n
It’s time to consider the benefits of Artificial Intelligence (AI).\u00a0Through its ability to\u00a0capture, analyse and learn from massive amounts of data, AI should be at the centre of every enterprise serious about creating amazing customer experiences.\u00a0AI tools should also support everyone, employees, managers and customers, to ask and receive the information they need, whenever and wherever they need it, quickly and using engaging, natural language.<\/p>\n
3 ways to boost CX and win market share using AI<\/strong><\/p>\n In EBI.AI\u2019s experience, companies that introduce AI solutions such as AI assistants are rewarded with multiple benefits. By reducing the number of repetitive calls in the contact centre or customer service departments and frontline staff are better equipped to handle more complex and rewarding tasks.\u00a0Meanwhile, scaling today\u2019s virtual AI solutions is easy, enabling managers to adapt to unexpected events and emergencies as they happen such as the Covid-19 pandemic.\u00a0Data-driven AI solutions also make formidable weapons against the common problems facing insurance managers such as highlighting fraudulent claims and mitigating claims leakage.\u00a0\u00a0<\/strong><\/p>\n Here are 3 ways AI can help the insurance industry in key areas:<\/strong><\/p>\n 1. Front-end sales \u2013\u00a0<\/strong>train the latest AI tools to answer the most common questions quickly then maximise their ability to use critical customer data to offer personalised recommendations on policies and pricing.\u00a0Integrate AI with sophisticated telematics in-car sensors or health analytics platforms to identify your most careful drivers or health-conscious clients to reward them with lower premiums so they keep coming back.<\/p>\n 2. Product and marketing \u2013<\/strong>\u00a0deliver customers an exceptional experience with AI tools that are welcoming, efficient and secure.\u00a0Use AI\u2019s image, video and natural language capabilities to assess and analyse claims and issue fast, accurate pay-out decisions in seconds.\u00a0Then build confidence and loyalty with AI\u2019s ability to flag up potential threats from scammers and hackers to keep customers\u2019 sensitive details safe.\u00a0Once these important foundations are in place, make AI an intrinsic part of your marketing toolkit.\u00a0AI can propose personalised offerings based on customer needs and then swiftly identify opportunities for intelligent lead generation.<\/p>\n 3. Customer management \u2013\u00a0<\/strong>AI tools guarantee round-the-clock customer service – they never sleep, go off sick or need a holiday!\u00a0Virtual Customer Assistants (VCAs) for example, are a bonus to customer service departments through their ability to cross-sell, upsell and prevent agent churn.\u00a0AI tools can match customers with the most qualified available agents to handle their queries or, when applied over large data sets, provide analysis of general customer sentiment over time. Maximise machine learning to add feedback functionality to insurance bots.\u00a0That way, you\u2019ll better understand client needs, improve services and deliver a highly personalised experience.<\/p>\n Don\u2019t rush in!<\/strong><\/p>\n To make AI a success, follow a few golden rules.\u00a0First of all, involve the right people in the company including budget holders, the IT department and everyday users from the very beginning.\u00a0Set and manage expectations by educating your organisation about what AI can and cannot do.\u00a0\u00a0Be realistic when sharing timeframes for results – machine-learning takes time to perfect!\u00a0Also remember that AI tools thrive on good data so build a bank of reliable data that is up-to-date and above all, relevant.\u00a0Finally, test AI in a real-world environment while maintaining business as usual.<\/p>\n Learn from real-life success stories<\/strong><\/p>\n Follow the lead of Legal & General, General Insurance now part of LV=General Insurance, part of the Allianz Group, at the beginning of this year, EBI.AI worked with the company to create SmartHelp, an AI assistant designed to enhance the company\u2019s customer service. Since that time, nearly 11% of Legal & General\u2019s customers use SmartHelp on the available web pages, on some of the pages usage is as high as 40% and the virtual AI assistant regularly provides over 300 answers to thousands of the most commonly asked questions.<\/p>\n To lean more, download the case study<\/a>\u00a0or visit\u00a0www.ebi.ai<\/a>\u00a0for more ideas on how to create amazing customer experiences through conversational AI.<\/strong><\/p>\n
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Established in 2014, EBI.AI is among the most advanced UK labs to create fully managed, Enterprise-grade AI Assistants. These assistants help clients to provide their customers with faster and better resolutions to their queries, and liberate front-line customer service agents from the dull, repetitive, and mundane.<\/p>\n