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Increase in the calls for polices makes way to chatbots!

There has been an enormous amount of enquiries asking about the coverage, policies and claims in the past few months as the pandemic disrupted all the customer service support and as a result people are juggling between the financial impacts of the pandemic which is in turn making insurers are fielding an increase in the calls. 

Insurers have to realize the benefits of automated,    cloud based technologies are actually helping in enabling every part of the industry in order to continue operating efficiently. To cope up with the increased workload and to remove some of the burden from the call center agents , insurers to take interest in automation of likes of chains and refund requests.

In an era where more than half of the population own a smartphone which enables them to use automated digital applications such as chatbots. Chatbots offer a friendly customer support and a channel to communicate with their providers. As it is paramount to keep the services digital as PWC found that 41 percent of insurers switched due to the lack of it.

Reducing call volume by 50 percent and deflecting it away from the agents, chatbots have proven to be very useful. It frees up the time of customer service agents and their workload by completing some of the basic tasks like updating contact details , providing refunds etc. There has been a major impact across the insurance industry as the chatbots are doing automation works like answering FAQs, updating information, giving quotes and securing payments enabling insurers to service customers throughout the day with a reduced workforce. It is eliminating the overall call handling time which is believed to be key metric in the contact center which in turn helps the agents to spend more time on complex issues.

Deploying a chatbot can take as little as three days following few simple steps. First determine the exact role that chatbot will be specified with , like automating clients or responsible for a full end to end journey. Since no large team is required only a subject matter expert is needed for the chatbot to be up and running. Next step would be providing the chatbot with all the answers and information , deciding the tone of voice for the chatbot is crucial for the business. Once the questions and answers are ready design the interface and add the DCI to the website or the application which the company provides. Most crucial step of all is to test the bot to see for missing content and this can interpreted by the customers’ inputs as well. By gathering more input more information on what the customers are looking for will be generated and the answers to those questions should be added to the bot. After the bot goes live continuous monitoring of the dashboards , optimization and making changes to improve is necessary. The highlight of the bot is that it gives the service of fast responses which helps to take the load off of contact center agents. Comes with a low price tag and is very simple to deliver. Available throughout the day makes it more reliable especially for on demand information and support. The main thing the world needs is having a little bit of stability and that is exactly what chatbots provide.

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AI role in customer experience in banking

The concept of banking first sprung up around 8000 BC. Then, there came various drastic changes to expand their services and innovate their business models. Artificial Intelligence (AI) and Machine Learning (ML) are applied to help banks and financial institutions nowadays. A survey by the Economist Intelligence Unit (EIU) showed that 77% of banking executives believe that the use of AI will ultimately differentiate between winning and losing banks.

This pandemic has triggered a sudden socioeconomic shift from physical to digital. There is a rapid switch to digital channels. Recent research by YouGov was conducted in June 2021. And that revealed that digital services have become the de facto way of conducting business and access services during the pandemic. EIU’s survey showed that enhancing the user experience through better personalisation ranked first in the most valuable uses of AI.

Customer propositions are no longer fit-for-all. It involves both banking and non-banking products and services. To identify the customers’ needs the banks must take an entirely new approach to innovation. They should adopt a customer-centric view. This starts with understanding the customer needs. AI makes it much easier to analyse customer preferences. The redesigning of customer loyalty program gives banks an accurate understanding of customer. Effective personalization offers customers not only better leads but also a more unique experience. The customer experience can be improved by applying AI. Banks must also build out their capabilities to strike new partnerships.

Businesses across all industries are working hard to retain their customers, including banks. AI can become a banking institutions’ superpower. This can take the customer experience to new heights, resulting in happier and more loyal customers. It will also reduce a bank’s operating costs and enable increased revenue per customer. To become AI First, banks must focus on streamlining their technology layer. They also require a strategy to engage customers through channels owned by them and their non-banking partners. Business and technology must work hand in hand, with cross-functional teams breaking up organisational silos.

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Amazon to offer insurance to UK businesses

The technology giant’s first foray into business insurance in the country, broker Superscript said that Amazon is going to start offering insurance to small and medium-sized UK business customers. Members of Amazon’s Business Prime program will be able to buy cover from superscript such as contents insurance, cyber insurance and professional indemnity insurance. Superscript spokesperson said that those would be underwritten by major UK insurers. A discount of 20% will be offered to current rates. This is to entice the businesses over to them.

50% of customers are prepared to buy insurance from non-traditional players. A recent survey of 12,000 people globally by consultants Capgemini showed this. Cameron Shearer, co-founder and CEO of Superscript, said in a statement that the insurance industry needs to bridge the divide between insurers and customers. Amazon’s move into UK business insurance comes after U.S. insurtech Next Insurance said that it was offering cover to U.S. small businesses. And that too via Amazon Business Prime. Molly Dobson, Country Manager for Amazon Business UK & Ireland, said in the statement that as the businesses come out of the pandemic, they want customers to have the best-in-class tools to run their business.

Financial institutions are worried that tech firms will steal their business. But industry sources said that the insurers and tech firms are more likely to forge partnerships. Because of the given difficulties and expense for outsiders in entering the highly regulated finance sector. Amazon also offers warranty insurance and “buy now, pay later” services in Britain.

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In NFT fantasy soccer game, SoftBank leads funding

Blockchain-based fantasy soccer game Sorare has raised $680 million. This is through a funding round, which is led by SoftBank. According to the company, it includes players such as ex-England international Rio Ferdinand and Spain’s Gerard Pique. Paris-based Sorare said that the investment valued the company at $4.3 billion. Sorare is an online game, since 2018. Here players buy officially licensed cards that represents soccer players. They can build teams and play against each other. This is based on the players’ performance in real-life games.

The cards are traded in the form of non-fungible tokens (NFTs). The market for NFTs has seen major growth in 2021. Michel Combes, president of SoftBank Group International, said that they think NFTs represent a new paradigm in the collectability, usability, and engagement with assets. This evolution from physical assets to digital assets is very powerful. This also creates a lot of exciting potential business models. NonFungible.com is a website that tracks NFT market data. According to them, Sorare is the largest sports-based NFT platform by sales volume. They are planning to open an office in the United States. So that they can expand into other games out of Sorare.

Nicolas Julia, CEO and co-founder of Sorare said that they saw the immense potential that blockchain and NFTs brought to unlock a new way for football clubs, footballers, and their fans to experience a deeper connection with each other. They believe that this is a huge opportunity to create the next sports entertainment giant. Since January 2021, there have been $150 million of sales on Sorare. The fundraising round was SoftBank’s first time investing in Sorare. SoftBank’s Latin America fund also contributed. Other investors in Sorare’s raise are such as venture capital firms Accel and Bessemer Ventures, Pique, Ferdinand, Antoine Griezmann and Spain’s Cesar Azpilicueta.

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