The first impression of an 'insurance sales agent' brings up dreadful memories of non-stop pestering, red tape and frustrations.
AI empowered insurance agents, on the other hand, are bringing about an image transformation.
They are discreet enough not to interrupt a prospective buyers' exploration journey but prominent enough to help out when needed.
Meet the new AI-powered, humanist-minded insurance agents
Jason wanted to buy a medical insurance from a top insurance company. John, an insurance agent used AI inside CRM to combine the data from Jason's demographics, public social media information, location weather, telematics and wearable data to conjure up a complete user profile that spoke about Jason's probable health risks. This empowered John to offer a discounted premium plan and delight Jason.
Some Insurers love tradition. They make humans slog to push generic policies. Others are inspired by trends and make use of AI, machine learning to sell new products. Visionary insurers, though, take the best of artificial and human intelligence, add a hefty dose of machine learning and empower their customers to buy relevant and customized policies.
Artificial Intelligence for Automated Insurance
AI in insurance empowers insurers to deploy personalized sales tactics. It can analyse big data and create a holistic customer profile that can be used to sell tailored policies and remember customer preferences. But that's not all. AI brings in many advantages to insurers.
1. Reduce labor costs
Insurers need not deploy teams of surveyors to assess risks and audit applications. Availability of abundant data through social channels, medical records, apps, IoT devices makes it easy for insurance CRM platforms to apply machine learning to get the desired results without additional and expensive manpower.
AI-powered chatbots can pre-screen inquiries and complete end to end buying journeys online without human intervention. This translates to lower premium for buyers and increases coverage.
2. Discover new patterns and products
Insurers can discover new emerging technology, lifestyle and business trends and accordingly bring out new products. For instance, the emergence and prevalence of autonomous Tesla cars have encouraged a leading insurance start-up to offer premiums based on driving habits.
Evidence suggests that the driving safety is directly proportional to the amount of time the car is driven in autonomous mode. So, users who drive car autonomously are offered lesser premiums than those who drive manually. This discovery and integration into insurance processes are made possible due to the multitude of information crunched by superior computing power.
3. Create predictive models
AI guides insurers in creating predictive models of
a. Emerging tastes.
b. Historical sales.
c. Economic bubbles
d. Man-made threats like burglaries
e. Natural threats and so on...
These models assist in setting insurance premiums.
Maximum effort by digital insurance CRM
Digital insurance CRM, taking advantage of the breakthroughs in computing power, do most of the legwork. Business processes are made faster with the help of robotic process automation. Visual designers enable agents to create customer journeys that captivate customers as they glide between channels and products, just by dragging and dropping pre-defined objects. Insurance CRM solutions integrates seamlessly with multiple data platforms including social media, to get up close and real-time customer intelligence.
Bringing in AI and digital tools will not displace insurance agents and their selling prowess. Instead, it will act as a relationship innovator that changes the dynamics between technology, insurers and the insured.