When it comes to insurance, ContactEngine knows how to provide a differentiated customer experience – from automated onboarding, to in-life customer care and loss prevention, to helping both customers and agents.
However, automation isn’t always best. Sometimes only a human can give the emotional support required to handle certain steps of the journey. In the initial stages of a notification of loss, a customer’s first point of contact should always be with a human.
The subsequent steps, however, could be automated. ContactEngine seamlessly augments human-to-human conversations, or carries on conversations started by a human agent, with the ability to identify the moments when escalating to an agent would benefit both the customer and the insurer at any point in a conversation.
Where ContactEngine fits in
Nurturing product applications
Purchasing financial products can be a complicated and stressful process depending on product class. Customers therefore often delay their decision, reducing conversion rates from enquiry to purchase. ContactEngine proactive conversations nurture these customers, knowing when automation is best and when human is best - clarifying simple questions through automation or finding a suitable time for a customer to speak with an agent to progress a more complicated application process. The result? Reducing cost per acquisition.
Agent time and empathy is valuable – too valuable to be taken up with simple transactional conversations. Free up your agents to spend more time with customers on true value-add conversations and let ContactEngine proactive conversations replace the rest.
ContactEngine knows when automation is best, and when human is best, with the ability to escalate conversations to agents where emotional or human intelligence is required - good for your customers and good for your advisors!
Customer retention and upsells
ContactEngine starts conversations at the ideal time for both the customer and for you. Whether it’s a personalized offer, staying top of mind with periodical check-ins, or offering in-life care, ContactEngine keeps customers loyal and happy throughout their life-cycle.
ContactEngine conversations are white box, transparent and auditable, meaning its decision-making algorithms are explainable, unlike many off-the-shelf black box solutions. ContactEngine also keeps track of customer responses and adds these directly to the agent’s CRM. Entirely configurable with any regulatory and audit requirements.
Insights for Insurance
There has been a spate of regulations in the USA banning insurers from the use of price optimization when determining a customer’s premium, but questions remain as to whether this is fair practice, something to be monitored, or even banned outright.
The conversation continues: Elena Musi, Lecturer in AI and Communication at the University of Liverpool, speaks to Prof. Chris Reed on various topics ranging from trustworthiness (bias and transparency in AI) and whether or not we're on the verge of an AI winter.