The insurance industry, traditionally cautious and heavily regulated, is faced with a radical shift in the age of automation. Automation can be the ultimate game-changer strategy for insurance companies. While most insurance institutions have started to embrace the technological revolution by utilizing AI and machine learning automation systems, there are still challenges that need to be overcome.
The radical shift that the insurance industry is undergoing is driven by changing business models and legacy infrastructure, large chunks of unstructured data, the evolution of cybercrime and mounting regulations regarding fraud, the changing of customer demand to round-the-clock personalized service, and manually intensive back-end processes.
When processing a claim, the WayMore for Insurance would extract the information from the customer's online request form and automatically record it to the claims system. The claims system will validate or reject the specific request and will automatically send the payment approval or rejection. The built-in AI bot observes how the specific scenario is handled and "learns" how to handle future ones.
WayMore for Insurance helps streamline the procedure of contract renewal, relieving the insurance company from a highly time-consuming process that involves multiple communications with the outsourcing insurance brokers. The WayMore platform easily and efficiently receives and analyzes standardized data for trends and short-term opportunities that otherwise would be lost in legacy manual data entry models. WayMore automatically notifies customers and outsourcing brokers of the renewal of a contract.
WayMore for insurance can handle the data collection from multiple sources to analyze and determine the risks associated with a chosen policy. For example, the health risks (i.e., mortality charges, in case an applicant is a smoker of a certain age charges will increase), or the creditworthiness (i.e., the definition of the credit rating of an applicant as per external credit agencies). Based on the results, WayMore's AI bot will automatically send recommendations.
A conversational AI bot, built-in with NLP capabilities, can simultaneously handle most customer support queries from different customers. An insurance company can integrate a chatbot AI into customer touchpoints (i.e., Viber, Facebook, native app), so when customers request information about their insurance contract via direct message, the insurance company’s chatbot will efficiently handle this routine query with no need to take time from a live agent.
Process automation combined with customer segmentation and personalization can improve the customer acquisition process, drive sales, and strengthen customer retention. Insurance institutions can create new business lines and improve targeting by using triggers to offer relevant products or services (i.e., reward regular customers at risk of switching to a competitor).
Accenture estimates that workflow automation reduces the time to perform tasks by up to 90%. Automation allows the efficient streamline of validation processes and several repetitive tasks normally tended to by humans. Work routines can be easily labeled as simple and complex and accordingly allocated. Process re-work and errors are reduced by eliminating human touchpoints, resulting in speeding up innovation and the time to market.
Marketing automation empowers risk management as it removes subjective interpretation, capitalizing on the technological innovation to boost the effectiveness of anti-money laundering checks and fraud detection practices. As data breaches become prevalent and privacy concerns intensify, verification services such as a Cloud IVR service for handling customer issues (i.e., fraud, declined payments, or other related problems) that require quick responses from a trusted source, come to the rescue.
Insurance institutions can capitalize on WayMore's comprehensive automation platform to automatically segment their customer database and create personalized products, services, and offers, that will be delivered at the right time to customers through their preferred communication channel. Proactively providing customers with relevant information enhances their experience and satisfaction, builds trust, and creates long-lasting relationships.
WayMore Marketing Automation Platform for insurance institutions leverages technological advancements, such as artificial intelligence and powerful analytics, that enables the easy, secure design and delivery of customized workflows and services. Insurance executives free up valuable time, and can make better-informed decisions, powering up their productivity levels.
WayMore is an intelligent omnichannel communications platform powered by Routee that enables a business to gather insightful customer data for developing business growth tactics, to deliver personalized marketing messages. WayMore carries a powerful functionality such as: