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Customer Service is the key differentiating factor for brands and an important parameter that forms the basis of how customers perceive brand value.. A recent Forbes report suggests that as much as $75 billion worth of business is lost in the US alone, due to poor customer service. Bain & Co validates that a customer is 4 times more likely to buy from a competitor if the problem is related to service than the product.
The relationship between customer service and customer experience is thus becoming a key determinator to establish and differentiate one’s presence amid the competition. Our previous blog titledhighlights the importance of process automation in elevating customer experience by improving the quality of communication with exponentially quicker resolution time.
This article aims at identifying the processes involved in the customer support department of a typical insurance company, that can greatly benefit from using Intelligent Automation.
Data suggests that majority of the customers prefer email and chat based communication to resolve their queries. Even though such channels of communication may have some lag time to respond, customers are increasingly getting impatient, looking for immediate resolutions, whichever be the medium of communication.
What is Intelligent Automation?
Intelligent Automation is the use of Artificial intelligence, Machine Learning, Natural Language Processing and process automation to make processes smarter, more efficient and accurate, while also being more cost effective.
Let’s take two examples of how email automation has helped the Insurance Customer Experience industry:
1 Email Automation for General (Motor) Insurance:
Insurance companies receive thousands of support requests from their customers through various channels, including chat and email. The current process involves agents manually reading through all these emails to respond to their requests.
There are 2 main problems with this approach:
High Response time
During peak volume surges, agents face a huge backlog of unresponded emails which negatively impacts the TAT commitment, thus giving rise to customer frustration.
Many a time, in lieu of trying to complete the task list or due to lack of adequate skills, we find emails being incorrectly tagged leading to inaccurate responses or even worse, junk data in the CRM, leading to poor customer insights.
Intelligent email Automation can help do away with the erroneous and time-consuming manual verification process, to delight customers with a shorter response time and instant resolution of their service requests.
For example, let’s take a typical example of a customer’s Endorsement request for an address change in his policy. The typical process entails an agent downloading the request form along with attached KYC details, validating the authenticity of the customer information from databases and manually entering this information into the CRM - an approval process that takes approximately 3 - 5 business days.
Consider a scenario where an intelligent bot is capable of reading and responding to all customer emails using NLP and Machine Learning technology. Yes, you read that right. AmyGB’s MailERA is an intuitive, self learning end to end email automation bot that reads incoming emails, categorises them correctly, reads the attachment using it’s IDP (Intelligent Document Processing) Platform and responds to the customer request within minutes, after fetching the relevant details from the database.
EXAMPLE ILLUSTRATION: Automation of Endorsement Request for change of Vehicle Registration number
Other general Insurance processes that have shown tremendous success with automation using MailERA’s email bot are:
1 Automation of Soft and Hard copy requests
2 Automation of endorsement requests
3 Claim Status requests
4 Claim settlement requests
5 Policy renewal request
The above service request categories easily contribute to more than 70% of customer support emails. The nature of these requests being repetitive, and advancements in AI technology getting more sophisticated and intuitive, why still rely on outdated, laborious, time consuming and error prone manual processes? Insurance companies have greatly benefited by saving on resource time, utilising them to service more complex requests or customer complaints.
2 Email Automation for Life Insurance:
The Life Insurance industry receives emails of fairly similar nature to those in GI, namely soft copy & hard copy requests, Addition / deletion of nominees etc. However, a few differences are notable, for example Death claim status requests, Life certificates, receipt of hospital bills and discharge summaries.
MailERA’s email bot, along with it’s IDP counterpart VisionERA has successfully solved the challenging nuances of the Life Insurance industry through its advanced NLP & Deep Learning technology along with intelligent use of database integrations.
MailERA is an intuitive, self learning, intelligent platform that decodes the unstructured information in the emails, deciphers the intent and decides on a response template to provide instant resolution to customer requests.
MailERA has a proven track record with implementations across several Insurance giants, delivering more than 98% reduction in TAT with 300% productivity gain and significant cost reduction.
Some of the many benefits of MailERA are:
Out of the box, self-learning model
As explained above, MailERA differs from other automation software as it requires minimal training data and comes with a unique, first-of-its-kind self-learning interface that allows users to self-train the algorithms to provide instant value from day one.
AmyGB has gained domain expertise by virtue of working with leading insurance firms. Our automation software handled an enormous volume of surges, that too with a limited workforce. Yet they have shown to increase their team’s productivity by more than 300%.
MailERA can be trained to raise flags for human intervention, or classify emails basis priority buckets, to ensure efficient handling of complex and important customer queries/complaints.
Our customers have achieved a near 70% reduction in cost by re-deploying human agents to more productive tasks. There has been a significant shift in priorities where urgent cases could be solved faster and effectively. Besides, appreciating their skill sets, automation has alleviated the burden of tedious manual processes.
Open to Less Human Errors
MailERA has successfully achieved beyond 98% accuracy in email categorization, surpassing human accuracy by more than 40% of the use cases in leading Indian insurance firms.
Turn around time
MailERA has proven to notably lower the time taken by the agents to respond to customers’ queries time by more than 98%, providing instant, error-free and effective responses to a set of very happy customers.
AmyGB’s MailERA has helped double the Customer Satisfaction (C-SAT) scores by 2x, with an increased number of happy and loyal customers, overjoyed with the speed, efficiency, and dependability of responses.
Let automation lead you to the future
The value of effective email automation in the insurance sector holds an important significance to sustain a hygienic customer relationship. Automation is transforming the Insurance sector by categorizing and decoding a flurry of unstructured data into comprehensible structured data. Thus the value of accurate and diligent automation that can effectively respond to customer communication cannot be underestimated. MailERA streamlines the repetitive and trivial queries which can be successfully addressed by AI.
This empowers the insurance companies and the employees to engage progressively with customers. They are encouraged to perform more meaningful work and the comprehensive productivity increases.
Talk to our automation experts now, and book your free demo slot
Email Automation Use cases
Insurance customer support automation use cases
Customer Excellence using intelligent automation
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