Our highlights from the Digital Transformation in Insurance Conference.
We loved meeting so many interesting experts at the Digital Transformation in Insurance Conference last week. There’s a lot of ground-breaking activity in the digital transformation space right now, which we are excited to be a part of.
As part of our attendance, our VP EMEA, Sanjeev Kumar, joined moderator Melissa Collett, Executive Director of Professional Standards at the Chartered Insurance Institute; Neil Dodd, Chief Product Officer at Cuvva; and Dr Lizzy Lubczanski, Client Solutions Manager at Swiss Re, to discuss how to promote customer wellbeing and trust through digital transformation.
We appreciate that with so many great talks occurring over the course of the event, it’s hard to cover all the sessions that you’re interested in. Sometimes, it's difficult to make the event altogether. So, we wanted to share a summary of the discussion that took place – so that those who were unable to attend can share in the insights from this panel of experts.
Building relationships in the virtual world and meeting the needs of customers
To build a thriving virtual relationship with consumers, businesses need to fully understand what they are offering their customers and how this fits into their lives. Companies need to adopt a strategy that prioritizes building data points to help them zero in on their customers’ needs, so they can be clear and concise in how they communicate. The average attention span of a customer is seven seconds, so the need for clarity is paramount.
Looking more specifically at the insurance industry, building a customer relationship in the virtual world is about building trust. Trust is at the core of how customers interact with their insurers both online and offline. Therefore, when rolling out new digital strategies, insurers should consider how they might impact trust. For example, demonstrating that AI isn’t breaking any ethical rules or is a potential security threat. Credibility, fairness, and transparency are the tenets of the insurance industry, and that doesn’t change in the virtual world.
The idea of two distinct worlds, the ‘virtual world’ and the ‘real world’, isn’t necessarily a helpful distinction, as these two worlds do not exist in isolation. Instead, a symbiotic relationship between virtual and real-world offerings is vital. The relationship develops in the virtual world by personalizing virtual interactions through sentiment analysis. Still, by creating a porous membrane between the virtual and real worlds, businesses can develop the relationship across the business rather than in one isolated part of it.
Employing flexible technological techniques to address evolving customer needs
Empowering employees to answer better and more complex queries can go a long way in ultimately improving the customer experience. Customer service employees spend vast portions of their time answering mundane and repetitive questions and not enough time answering the more complex queries they were trained for. Again, it comes back to a cohesive virtual/real-world offering. To achieve a high CSAT score, there needs to be a clear route from virtual to human agent – combining the best facets of both in order to speed up resolution rates.
Furthermore, tools like generative AI can be built on top of existing technologies, like virtual agents. Customers like being able to ask natural language questions about their insurance policy to a virtual agent. For example, does my worldwide travel cover include winter sports? By having a virtual agent that can converse with the consumer without the need for human intervention, insurers can streamline the customer experience whilst also building trust in both its own brand and the technology itself.
When insurers look to employ flexible technology, transparency is of the utmost importance. AI can increase transparency and clarity of information by providing quick and personalized responses to customers. It’s essential to think of virtual agents and AI not as the solution themselves but as ground-breaking tools to achieve the solution, which is more efficient and higher quality customer service.
Want to improve your customer service?
Boost.ai is a leader in conversational AI platforms for insurance organizations. We help brokers and market carriers transform their customer and employee experience through the use of virtual agents. If you’re interested in maximizing the potential of your conversational AI tools and want to explore how to measure their success yourself, connect with one of our experts today!