AI Timey For Insurance – Get 10x Conversions


Written by Timey AI

July 30, 2019

Understanding AI And Its Impact

Businesses today are using artificial intelligence to automate their tasks, improves the lead conversion ratio, sales and marketing analysis. This is done to give the best-personalized solution to its customers, especially in the insurance sector. For instance, check out AI Timey.


Artificial Intelligence (AI) is now a common part of our everyday lives.  Advances are being made in AI, making it an essential business tool. AI machines use data to solve problems and to interact with people accordingly.


Artificial intelligence platforms are the latest and one of a kind technology. Most people even today, don’t identify the various uses and benefits that can be extracted for such a technology. There are a variety of ways in which it can be deployed to improve the business processes. Check out the case study where it aided one of the most prestigious University of India.


Let us check some of the amazing facts about Voice bots and AI that will surely blow your mind.

  • As per Innovation Enterprise, voice bots will power 85 per cent of customer service by 2020.
  • Today, 44 per cent of executives believe artificial intelligence’s most important benefit is providing data. Therefore, it can be used to make decisions.
  • With the advancement in technology, 63 per cent of the people prefers messaging an online bot to communicate.
  • As per Forbes, 87 per cent of current AI adopters said they were using AI for sales forecasting. Moreover for improving email marketing.

Insurance Industry And AI:

The Insurance industry is high on data and AI is a perfect fit for that. Today, analysts use historical and current data to evaluate policies and claims to make informed decisions. AI takes this a step further to predict future outcomes. For example, insurance companies can use AI to improve the turnaround time for issuing a life insurance policy. It is done by leveraging an automated application and underwriting process.


Today the insurers use artificial intelligence to analyze the risk and then they validate the claims. Moving forward they are also deploying more of that technology in customer-facing applications.


Voice Bots powered by artificial intelligence is now able to assist via text or voice. Hence, providing the best solutions to both the customers and agents in various areas.


A survey by SnatchBot of 6,000 consumers found that more than 80 per cent of users were satisfied with a voice bot experience.


What AI-powered Timey Can Do For Your Insurance Company

As per a Harvard Business Review, companies using AI for lead conversion were able to increase their leads by more than 50 per cent. Also, they reduce call time by 60-70 per cent and hence a cost reduction of 40-60 per cent.


Below are some benefits that can actually help your insurance company to achieve such statistics:


Faster Claim Management

Managing claims is one of the major factors which defines the efficiency of any insurance company. Introduction of AI boosts the processing of claims management. Insurance companies have a massive amount of data which can be used to accelerate the claims process. Moreover, online interfaces and virtual claims adjusters will make it more efficient to settle and pay claims following an accident. Also, simultaneously decreasing the likelihood of fraud. Customers will also be able to select whose premiums will be used to pay their claims. Driven by Artificial Intelligence, the insurance claim process can remove excessive human intervention. It can report the claim, capture damage, update the system and communicate with the customer all by itself. Such an effortless process will have clients filing their claims without much problem.


Bots Are Available 24/7

Insurance is a sector where the customers can come anytime because we don’t have control over that. Car accidents, home damage, or any other life-threatening event can occur at any hour of the day. Human service might not be available but a voice bot can be available at any time. Along with the availability it can handle high call volume at once which helps the customers to get rapid solutions.


Finding New Customers:

As per the research conducted by Forbes, around 70% of people now prefer to buy the insurance policy through their mobile phones.


When customers go to the website, the Voice bot can converse with them about what they are looking for. This will it easy for them to find that. It can get for whatever product customer is interested in within the shortest amount possible.


The Interactive Power Of Insurance Chatbots Like Timey

Sometimes because of the lengthy documents, complex words and tedious tasks involved in the insurance process, customers often avoid that policy. Human-like interactions help them in having a smooth transaction and being educated as well.


Intelligent Voice bots exceed the capability of Insurance agents. It serves as a virtual assistant in messaging apps on customers’ devices. For an in-depth understanding of customer queries, voice bots should have NLP support. It must also include sentiment analysis to assess a customer’s reaction and resolve issues accordingly.


Personalized Customer Service:

With support from AI, bots have the capability to find out the demographics of the customer along with his social details. It is also possible to find out the requirements of the customer from its past interactions. A voice bot can work as an automated insurance agent that recommends the appropriate insurance for a better lifestyle. Using voice bots that can pull on customers’ geographic and social data for personalized interactions. Carriers will also allow users to customize coverage for specific items and events (known as on-demand insurance). Customers can either type or use voice to communicate their concerns pertaining to different policies which voice bots can process to deliver.


Predictive Analysis And Machine Learning

This technique helps in getting insight into the customer’s preferences and tailoring relevant products. Also nowadays the health insurance companies are coming up with rewarding pre-emptive care. It is focused on encouraging customers to look after their personal well being. If a person remains healthy, companies don’t need to invest in claim payment and management process.


Fraud Detection

It is next to impossible for humans to gather and process all the information about the policyholders. This can lead to any kind of fraud. Companies that rely on AI solutions are capable of processing virtually unlimited amounts of such information. This means that claims are settled not just faster than it is done traditionally, but also with a much lower percentage of fraud. Additional use of machine learning for fraud detection also means that AI learns to improve their results over time. Also, getting the ability to notice the telltale signs of fraud more efficiently as they encounter its new and new instances.


We can understand from this that decrease the amount of fraud can help in reducing the expenses of the company. Insurance companies report over $80 billion in fraudulent activities every year. Technology that allows for their better and less effort-intensive detection is here to stay.


The power combination of Machine Learning, advanced analytics, and AI sensors enables insurers to reach prospective clients. Also, study their real-time needs, develop insight from their profile on risk magnitude, and ultimately create bespoke solutions.


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