The world is hungry for better customer service. Customers today expect immediate service, 24/7. Customer satisfaction and retention are some of the highest priorities for companies in all industries across the world. A 2018 report released by SuperOffice revealed that 80% of businesses believe they provide excellent customer service, but only a staggering 8% of customers agree. Just under one-third (29%) of insurance customers are satisfied with their current providers.
Two key factors drive customer satisfaction in the insurance industry:
- Speed of service and resolution
- Employee efficiency
With the integration of artificial intelligence (AI) into insurance customer service, it’s becoming easier to minimize these issues and reallocate resources to more timely matters.
Wait times
Long wait times to speak with a representative when customers call in, especially in regular high-volume seasons, can significantly contribute to a decrease in customer satisfaction. Nearly two-thirds of customers surveyed by Arise say they are only willing to wait two minutes or less before they hang up. This results in an increase of frustrated customers later trying to contact your company, as well as a higher likelihood this interaction will shape their overall view of their service from your company.
41% of customers who switch insurers claim that their previous provider was unable to meet their changing needs and 29% say that poor service was a factor in their decision to go. This is a regularly noted problem in customer service across all industries. Customers expect 24/7 omnichannel service with constant access, regardless of whether they are speaking to human agents or using an AI virtual assistant.
According to a study on the partnership between AI and human teams, 62% of consumers believe that AI can reduce the time it takes to get answers. Implementing a virtual assistant on your website could decrease the need for customers to call in with frequently asked questions or quick inquiries about products.
Employee Efficiency
A contributing factor to the long wait times is how long it takes for employees to look for billing information, policy wordings and read through procedure updates, and company manuals to get their questions answered in order to help their customers best.
We’ve heard time and time again that a staggeringly large portion of brokers or agents’ time is spent on processes that could easily be automated to free up valuable time. Paul Jackson, Chief Marketing and Distribution Officer at Gore Mutual Insurance Company said:
“If you’re a broker, and you spend 90% of your time doing administration work like data entry, frontline underwriting, gathering data, emailing – that isn’t creating a customer experience, that’s just facilitating an admin process. It’s really incumbent on the insurance agencies working with multiple carriers, to extract that admin time and free up the broker to be able to focus on the sales and service experience for customers.”
The partnership between AI digital assistants and human agents could help to address this problem.
BMW found that robot and human teams were about 85% more productive than the old assembly line process.
Integrating AI into the workspace of human agents allows companies to achieve the strengths of both. A Forrester study on this blend of AI with human agents found that organizations who have this blend, report that their customer service satisfaction has improved by 61%, and their employee satisfaction has increased by 69%.
Language
72% of customers say they find insurance terminology confusing, making it difficult for them to interact with their insurer. Conversations that are jargon-heavy are more likely to result in dissatisfying customer experiences and increased frustration.
Providing tools and resources for your customers to interact with your brand in a language they understand is necessary throughout the insurance value chain.
However, lengthy documents with tedious instructions for complex policies are limiting customer interaction in a potentially already overwhelming situation. Customers can feel confused and daunted at the idea of trying to select an insurance policy.
As companies look to find solutions to these problems, many are implementing virtual assistants that use language that your customers use naturally and content that’s easy to understand.
How we are helping insurance customer experiences
ProNavigator provides a 100% insurance-focused, AI-powered virtual assistant with a touch of personality and humanity to resolve issues and cut back wait times. Trained on hundreds of thousands of conversations, it understands the language of insurance customers to provide a seamless experience.
Are you interested in learning about ProNavigator’s solutions? Book a demo or email info@pronavigator.ai for more information.
Resources
Shep Hyken. Are you part of the $62 billion loss due to poor customer service? https://www.forbes.com/sites/shephyken/2017/04/01/are-you-part-of-the-62-billion-loss-due-to-poor-customer-service/#6b11c62c7e5f
Accenture Strategy. Capturing the Insurance Customer of Tomorrow. https://ins.accenture.com/ins-capturing-customer-of-tomorrow-rp.html
IBM Watson. IBM Watson for Insurance. https://www.ibm.com/watson/assets/duo/pdf/IBM_Watson_Assistant_Insurance.pdf
Arise. Arise Customer Service Frustration Series: Phone Hold Times. https://www.arise.com/resources/blog/arise-customer-service-frustration-series-phone-hold-times
PwC. Bot.Me: A revolutionary partnership. https://www.pwc.com/us/en/industry/entertainment-media/publications/consumer-intelligence-series/assets/pwc-botme-booklet.pdf
McKinsey & Company. The Growth Engine: Superior Customer Experience in Insurance. https://www.mckinsey.com/~/media/mckinsey/industries/financial%20services/our%20insights/the%20growth%20engine%20superior%20customer%20experience%20in%20insurance/the%20growth%20engine%20superior%20customer%20experience%20in%20insurance%20eu.ashx
Arise. Arise Customer Service Frustration Series: Phone Hold Times. https://www.arise.com/resources/blog/arise-customer-service-frustration-series-phone-hold-times
Knowledge @Wharton. Humans Plus Robots: Why the Two are Better Than Either One Alone. http://knowledge.wharton.upenn.edu/article/reimagining -work-age-ai/
Forrester and Genesys. Artificial Intelligence With The Human Touch. https://genbin.genesys.com/old/resources/Artificial_Intelligence_With_The_Human_Touch_v2.pdf
YouGov. While nearly half of all US adults trust insurance companies, most find their language confusing. https://today.yougov.com/topics/finance/articles-reports/2017/07/18/trust-in-insurance
Alicja Grządkowska. Insurance Business.“Our future is in broker distribution, but not the broker distribution we have today.” https://www.insurancebusinessmag.com/ca/news/breaking-news/our-future-is-in-broker-distribution-but-not-the-broker-distribution-we-have-today-117755.aspx
