Changes in customer behavior are causing a fundamental shift in the insurance distribution model. As customers these days are embracing digital channels, and their experiences with digital channels have also raised the expectations of buying insurance both online and offline mode. A seamless customized, and personalized experience is all they want or expect from the insurance industry. And the key driver behind the growth is the increase in the compound annual growth rate of the global insurtech market by 52.7% from 2022-2030.
However, with the rising tide of technology trends insurance industry has been leveraging top-trend technology to accelerate the customer experience, but customers in today’s era expect more. And to achieve a high customer satisfaction score, the insurance industry has to focus on the key business process or area where challenges can be opportunities.
Customers’ Expectations from Insurance Industry
Traditionally, insurance companies had agents and brokers designated as the primary interaction channel with the customers. But, this approach has been the old wine in a new bottle. And these multiple access touchpoints become very complex. That’s the reason customers demand multiple access points for engaging with their insurers along their customer journey for several processes like claims processing, policy generation, and insurance products. As per McKinsey’s report, around 84% of respondents use digital steps along the customer journey; also, 55% of respondents can not imagine actually buying an insurance product online.
However, customers consider service quality and trusted advice from an agent to be an important part of their decision to purchase the insurance policy, but an easy adaption of technology made convenience a top priority for them.
AI-Driven Omnichannel Support- The New Insurance Standard
There is no longer a need to limit insurance to physical offices and piles of paperwork. With a growing demographic of digital clients, insurers find themselves at a crossroads in terms of digital transformation.
In today’s world, customers expect insurance firms to make their contact process convenient for them. The majority of insurers’ customers interact with them through social media, custom mobile apps, websites, and messaging apps. Thus, for insurance companies, having a strong digital presence and offering a consistent customer experience across all channels has become important. At this juncture, omnichannel support is all they must have.
Omnichannel support with RPA in the insurance industry refers to the capability of engaging with customers on both digital and offline mediums to make sure their issues are resolved on time and accurately. By offering omnichannel support, insurers can give customers a choice to interact via SMS, chat, messaging apps, company website, email, live agents, virtual assistants, chatbots, and physical offices.
Moreover, to offer these services and experience, insurers don’t have to be present 24/7; using RPA bots or the integration of AI in RPA bots can make this possible. These RPA or AI-driven bots can be easily accessible 24/7 for resolving any queries without any human intervention. In case of unresolved issues, these bots can keep humans in the loop. Also, insurers can program their bot with a predefined set of rules for knowledge-based articles and simple queries like policy generation, claims settlement, quote generation, and many others.
Top 4 Ways to Use Omnichannel Support in Insurance
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Self-Service Portal
Using an RPA bot with a predefined workflow, insurers can create a customer self-service portal that provides policyholders with easy access to their account information, claims status, and other relevant data. This portal can be accessed via multiple channels, such as web, mobile, and voice, enabling customers to manage their insurance needs at their convenience.
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Sales and Underwriting
RPA chatbots and virtual assistants can streamline sales and underwriting processes by using an omnichannel approach. For example, a customer can start the application process through an online form and then complete it with the help of virtual assistance. The AI agent can use a single platform to access all of the customer’s information, ensuring a seamless experience, and it can also keep humans in the loop for any issue resolution and complex decision-making.
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Claims Processing
Claims to handle is a time-consuming and iterative process that requires human assistance at each step. A single error in any process can ruin the whole customer experience. For example, a customer can file a claim through a mobile app, upload photos and other supporting documents, and track the status of the claim through a web portal or through voice interactions with a virtual assistant. Simple! Right. That’s what the power of omnichannel support No matter the channel, AI makes sure that customers can contact insurance support anytime from anywhere.
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Personalized Customer Experience
An insurance company can use an omnichannel approach to reach out to its customers and keep them engaged. For example, the company can send targeted messages through email, push notifications, or SMS based on the customer’s preferences and behavior. The company can also use chatbots and virtual assistants to provide real-time support and answer frequently asked questions.
Why Omnichannel Support for Insurance Industry?
In the hyper-digital world, the demographic of digital customers is evolving rapidly, and it is also carving the future of the insurance industry. From delivering personalized experience to fulfilling customer need through digital mediums insurance industry is poised to grow exponentially. While the traditional method of offering human agents will continue to persist, the digital medium is definitely going to be mainstream. Hence, omnichannel support is the cue for insurers to move towards a customer-centric vision and create a robust customer experience with omnichannel support assistance.
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This is a companion discussion topic for the original entry at https://automationedge.com/blogs/why-ai-driven-omnichannel-support-is-the-future-for-insurance-industry/
