Increase operational efficiencies and customer experience with digital technologies.
Emerging Technologies are Reshaping the Industry
For Insurance companies, nurturing customer relationships and managing risk are key to running a successful venture. Companies have started leveraging digital channels powered by AI / machine learning technologies and are reaping benefits with improved customer loyalty and at the same time well managed risks, resulting in significant bottom-line results.
iLink with its breadth and depth of experience in the Insurance industry can deliver innovative solutions that are transforming the insurance industry in this digital world.
Key Business Challenges
Product and service innovations are becoming more and more challenging in the Insurance industry. Overcoming these challenges require a digital strategy with a focus on speed, agility and customer experience. Some of the common challenges faced by insurance companies include:
- Growing chasm between modern insurtech and traditional companies
- Increasing quality of service demand from digital native customers
- Expectations for a true omni-channel experience to drive business results
- Legacy application software and infrastructure
- Multiplicity of systems and interfaces
- Data integrity issues as a result of duplication
- Product and platform innovation to target millennials
- Lack of end-to-end business process support
Data Architecture & BI Reporting
- Provide executive reporting with consistent tabular and graphical analysis
- Insurance KPIs to manage fiscal integrity, reserves, profitability, rate structures, and marketing effectiveness
- Consolidate insurance data into consistent, actionable information
- Correlate data across claims and policy administration
- Data warehouse for reporting from data in multiple systems
- Reports with appropriate security parameters
- Design and development of web-based end-to-end solution frameworks
Use Cases & Business Outcome
Intelligent Virtual Agent (IVA)
Transition from traditional IVR based customer service to an AI powered Virtual Agent that can provide the first level of support. With smart hand-offs, your Smart Virtual agent can seamlessly hand-off to a human agent with all the required context to keep the conversation engaging.
Personalize insurance buying experience with a recommender that understands and recommends the best insurance coverage tailored to the customer needs. Cross-sell and upsell related products, suggest add-ons to coverage based on the customer interactions and household information.
Faster Claims Processing
Provide the best in class support in the moment of crisis to your valued customers by way of a virtual agent that offers instant answers to their claims and service, 24×7, in the language they speak. With a customer first approach, the smart agent can proactively send updates about claims or complete a documentation requirement.
Understanding Insurance can be tough for your customers, especially during stressful times – when they have a medical emergency or a natural disaster. Demystify your insurance policies, coverages, inclusions and exclusions via a conversational agent with easy to use multi-media content.
Anytime Information Access
Provide instant answers to your customer queries with an AI powered virtual agent, reducing high touch call volumes and free up your high valued human resources for other value-added services.
Target the millennials and take your products and services where your customers are, by adding new delivery channels in the popular social messaging platforms and smart speakers. Suggest ways to save money and proactively notify them on renewals.
Add a conversational layer to the insurance buying journey and improve the customer experience and expectations. Seamlessly extend the conversational experience across channels like Alexa, Google Assistant and Siri.
Machine Learning and AI are ideally suited to detect and alert potential frauds. Machine learning models can be used to automate claims processing and flag the suspicious ones for fraud patterns, thereby reducing the costs of insurance providers.
Insurance industry involves heavy usage of paper based documentation. OCR based applications enable automated document on-boarding, make business workflows more efficient and effective, while also improving customer experience.