We are always learning more and understanding the possibilities and limits of human life through scientific research. Insurance products may be subject to revisions and redefinitions from time to time. Not only does this help with the bots training, it also increases convenience for the staff and drastically improves the efficiency of the contact centre. This can also be made easy by having bots suggest the most appropriate responses for the support staff to click from and acknowledge during live chat. But to get there requires consistent ongoing training of the bot. The ideal situation would be for a conversational AI agent to fully automate at least the most repetitive queries. Conversational AI agents can help them scale their support by automating around 80 percent of these interactions, increasing their productivity by anywhere between 200-400 percent. But with live chats, they may be able to handle two to four sessions concurrently. Phone calls on their own take much of their time, as they can only talk to one customer at a time. These contact centre agents are tasked to support customers through various channels including phone, email, messenger apps and chat portals. Conversational AI solutions can help these agents access the info they need at their fingertips through simple queries via a conversational interface.Ĭonversational AI solutions can be a huge advantage for insurance firms which employ large teams of customer service representatives in contact centres. This could potentially affect their relationships with policy holders. In such an information-heavy environment, it becomes challenging for agents to find the info they are looking for at a moment’s notice when interacting with customers. They may simultaneously have to monitor their portals for notifications and more formal transactions, email dashboards for important communications as well. To make matters more complicated, agents are also inundated with communications from providers on various aspects including promotions, monthly offers and discounts, announcements and more. The specifications of insurance policies, their pricing and premiums, coverage clauses, term limits, renewal processes and other finer details can change over time. And yet, often these agents themselves find it challenging to keep up with the details of the products they need to sell. For these complex products, the general practice is for users to go through an agent who acts as an intermediate advisor.Īgents are often the go-to resource for customers and policy holders to seek clarification about their products. These products are also less homogenous in that there is a relative lack of historical claims data that insurers can use to predict future losses. Health insurance too can vary depending on pre-existing conditions, specific coverage for critical illnesses and the needs of employees in an organization. Life insurance could be relevant for young couples planning to save for their children’s future, investing in various savings schemes while pre-retires could have products specific to retirement income. Products like health and life insurance on the other hand can be more complicated, covering different scenarios, demographics and uses. Because of their nature, these are also products which users can research about online, aggregate options and compare prices, lending themselves well to self-service options. General insurance and travel insurance falls under this category. This refers to how simple the product is and how much historical data on claims is available for providers to assess risks. Insurance products can also be classified broadly based on how homogenous they are. To protect assets like car, property and for covering travel Agencies (employing a workforce of agents).Financial support for dependents in the event of death or disability.Medical expenses in for illnesses or accident
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