June 24, 2022

Out of the Box Email Automation Solutions for Insurance Companies

This article seeks to enlighten the broadened possibilities of adopting email automation to significantly enhance customer satisfaction with reduced turnaround time in the insurance industry which deals with sensitive information.

Communication is the key to sustain relationships and develop better possibilities. As the era progressed, with technological innovations and globalization, vast possibilities opened in the front of trade. With increased competition amongst enterprises, customer support gained centrality for the holistic growth of any company. It is the pillar of customer relationship management. Failure in customer retention is a huge drawback for companies as great customer experience is a major competitive advantage that drives sales. 45% of companies regard experience management as their number one priority.

Proper utilization of customer data helps companies provide quicker and more personalised support to their customers. After all, happy customers are what contributes to enterprises’ good reputation.

This article seeks to enlighten the broadened possibilities of adopting email automation to significantly enhance customer satisfaction with reduced turnaround time in the insurance industry which deals with sensitive information.

The Traditional Methods of Email Response in an Insurance Company

An insurance company gets a vast number of emails within and beyond its operational hours. Since insurance is an avenue to protect from emergencies, urgent requests can pour in at any given point of time across the year. AmyGB.ai's deployment data suggests that approximately 50-75% of customer e-mails typically revolve around queries for insurance soft copy, renewal of policies, endorsement requests, claim settlement and claim status requests. As of today, a typical email response management process involves hundreds of e-mails pouring into a ticketing desk, which allots emails to agents either on a round robin basis, or based on specific skill sets. Agents are expected to read the contents of the email, tag the email into a predefined business category, fetch information from the CRM or backend databases and appropriately respond to the customer’s request. However, this manual process visibly involves the following difficulties:

1 High Turnaround Time

Agents are often immersed in a backlog of unresponded emails. Also, manually reading, tagging, searching and responding to support requests is hugely time consuming, resulting in obnoxiously high resolution times. While most organisations promise their customers a response time of 24-48 hrs, our data suggests that in more than 35% of cases, this timeline is breached, resulting in unhappy, angry and irate customers.

2 Operational Inefficiency

As businesses expand, huge volumes of emails flood their email desks with an overwhelmed set of agents working relentlessly trying to cater to the volume surges, thus negatively impacting response time or quality.

3 Volume Surge

Seasonal Businesses such as Insurance typically go through peaks and dips in demand, thus creating operational havoc for Customer Support leaders.

4 Human Error

The quality and consistency of customer communication largely depends on the training and varied skill sets of manual agents. This not only gives way to more errors, but also impacts uniformity in communication.

Manually responding to routine email inquiries can adversely affect a company’s resources by marginalizing complicated issues. The arrival of artificial intelligence can aid agents with custom responses to cut through huge volumes of support emails. Until recently, using AI based automation posed the following challenges:

Limited Understanding of Text

For long, understanding of large, unstructured pieces of text posed a big problem area for automation, with accuracy dipping below 50%.

Lack of Schema or Structure

Emails are considered the most unstructured form of communication due to the sheer variance in style, nature and quality of communication, with little control over communication type, unlike in chatbots.

Operational Errors

Anyone who understands AI, would know that the output gets as good as the data used for training. Unfortunately, due to tagging errors made by manual agents (which goes as high as 40% in incorrect tagging of emails), poor data quality led to poor accuracy.

Legacy Systems

Integrations with legacy systems created a bottleneck for implementation of third party AI software.

Data Security

Many insurance companies are sensitive about data security and privacy policy, and express discomfort over sharing email data to third parties for training.

Introducing MailERA®- A Comprehensive, End-to-End Email Automation Platform

AmyGB, with its team of expert data scientists, has successfully developed and deployed a unique, self-learning end-to-end email automation tool that works out of the box to provide value from day one. MailERA® is capable of reading emails using Natural Language Processing, identifying the intent using Deep Learning and pattern recognition models, automatically tagging the emails, extracting relevant information from the mail body, fetching data from the CRM and sending auto-responses to resolve customer queries instantly. What makes MailERA even more delightful to data sensitive companies is that our out of the box model requires minimal training and has self learning capabilities that allow organisations to train the algorithms by themselves, using a very simple interface.

MailERA® has acquired its domain expertise in the insurance sector by virtue of having deciphered complex unstructured data of leading insurance giants like Reliance General Insurance and Bharti Axa. The problems of manual working, human error, subjectivity, and time need a trailblazer technology that understands unstructured text with high accuracy, fast turnaround time with minimum training effort with limited data requirement.

Automation and its Benefits

Automation ensures more error-free data entering the system, and hence a significant reduction in customer complaints regarding claim status, soft copy requests, renewal requests and endorsements status, and changes.

Automation ensures more error-free data entering the system, and hence a significant reduction in customer complaints regarding claim status, soft copy requests, renewal requests and endorsements status, and changes.

Read our blog on Insurance Customer Support Use cases solved by Intelligent Automation

Advantages of MailERA® Driven Automation

1 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.

2 Turn Around Time

MailERA has proven to reduce customer response time by more than 98%, providing near instant responses to a set of very happy customers.

3 Productivity

AmyGB’s customers have shown to increase their team’s productivity by more than 300%, with the automation software being able to handle enormous volume surges without the need to ramp up their teams.

4 Cost Efficiency

Our customers have achieved a near 70% reduction in cost by re-deploying human agents to more productive tasks that appreciate their skill sets.

5 Minimised Errors

MailERA has successfully achieved a beyond 98% accuracy in email categorisation, surpassing human accuracy by more than 40%.

6 Customer Satisfaction

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.

7 Document Processing & Fraud Detection

MailERA is equipped with the Computer Vision capabilities of our IDP product “VisionERA”, which extracts data from attached documents and processes the information for insights or entry into the database. The tool also helps minimise risk of fraud by validating the authenticity of the documents and triangulating data with other sources to identify and flag possible fraudulent transactions.

Read about our customer success stories on how implementation of MailERA has helped improve customer experience for Insurance giants

Choose MailERA® for an Enthralling Automotion Experience

MailERA®’s superior machine learning capabilities is adding profound value to the Insurance sector’s customer experience by doing away with dependence on manpower for repetitive tasks, especially during such times of limited workforce availability (Read how Reliance General Insurance continued to provide assistance to its customers with the same spirit of speed and reliability even during the COVID-19 induced Pandemic). It is no wonder that CX leaders all over the world are resorting to automation solutions encompassing AI to minimise risk of errors and providing a more enthralling support experience to their esteemed customers, whose satisfaction and loyalty forms the backbone of any organisation.

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