04 September The challenges of voicebots in the field of insurance

Using a voicebot has become a major challenge for most organizations. In reality, the interactions between companies and customers are now experiencing real changes, especially with the rapid development of teleworking habits experienced by the professional world following the Covid health crisis.

As direct effects, these interactions have accelerated remote relationships and led to the decentralization of customer service centers.

It must be recognized that these changes have impacted all sectors of activity, including the insurance sector.

It then becomes important for companies operating in the field of insurance to comply with global trends in the evolution of customer relations in order to meet the growing demands for fluidity, omnichannel mobility and instantaneousness of the customer journey.

Among the other notable changes brought about by digital solutions, it should also be mentioned that we are simultaneously observing a growing trend in the digitization of customer relations, as simple as possible, while being able to take into account personal situations and the need for relational channels and supports favoring human contact.

These needs are reflected in each of the phases of this customer journey, from commercial interactions (preparation of quotes) to claims management, including the production of contracts and the management of changes in files.

We will show you all the challenges of voicebots in the insurance sector.

The importance of the ATAWADAC concept in the deployment of a voicebot in the field of insurance

The instantaneity of the customer journey in the insurance sector relies on certain technical criteria which are generally summarized in the acronym ATAWADAC which means: AnyTime, AnyWhere, AnyDevice, AnyContent.

A voicebot available at all times

The "Anytime" component means that any company offering a digital solution to its customers must make that solution accessible at any time in order to improve customer relations.

For example, a chatbot available 24/24 is essential proof that the company is listening to its customers at all times.

A voicebot available anywhere

The " Anywhere " component literally means "Anywhere". It refers to the ability offered to customers to access the digital solution regardless of their location.

A voicebot available from any device or terminal

The third element of the acronym ATAWADAC is " AnyDevice ," which means "any device," allowing customers to be connected regardless of the technological device they use.

To be effective, a digital solution must be, for example, usable whether from a website, an application, a computer, regardless of the client's operating system, etc.

A voicebot adapted to any data format

The final element, " Anycontent, " is defined as "any terminal." This technical component emphasizes the ability of your voicebot, intelligent virtual agent, chatbot, etc., to react effectively with any type of data format (video, audio, text, image, etc.).

What are the essential features for a voicebot in the field of insurance?

The general trend of companies towards the growth of the digitalization of customer relations as well as other types of evolution (considerable weight of telework, decentralization of customer services, etc.) have highlighted the growing importance of configurable packaged applications quickly deployable taking into account certain essential needs.

The Importance of Auto-Home

When an insured or subscriber uses a voicebot to contact their insurance company, it is imperative that the bot quickly and correctly qualifies each incoming call.

This implies that the bot easily identifies the caller and determines their concern.

The automatic reception also implies for the conversational assistant to personalize the answers to be given to each customer.

The preparation of quotes 

Customers using a voicebot in the insurance sector , especially for the first time, fundamentally want to know what the cost of each benefit will be.

They expect to receive an estimate with a description of the coverage, a financial estimate, a simulation of the costs relating to the desired services.

For this, the voicebot must be configured to carry out an easy automated collection of the configurable set of parameters impacting the price of each policy as well as the formulation of the offers.

Production of contracts

The introduction of digital solutions in the insurance sector facilitates transactional operations for policyholders and subscribers.

An effective voicebot must be able to transform offers into contracts from subscribers' parameters without them having to travel to an agency or to the company's headquarters.

An advanced intelligent virtual agent can even cover the provision and signing of contract documents for each subscriber.

Insurance file management

When a transaction is created, it will be necessary to follow its evolution over time: payment of the premium by the insured, the amount of outstanding payments, cases of contract renewal, etc.

As this insurance file management information is important for both the insurance company and the customer, the latter must be able to access it at any time as soon as he comes into contact with the intelligent virtual agent. .

Therefore, the voicebot must be equipped with the functionalities to allow certain transactions of consultation and updates of customer profiles and contract data.

It must also offer possibilities for paying premiums and recovering unpaid debts.

Claims management

One element of performance that makes the difference between insurance companies is the promptness in handling claims as soon as they arise.

The voicebot can help to substantially improve claims management, particularly when functionalities are integrated to allow policyholders to carry out claims reporting and monitoring transactions.

The other features of a voicebot in the insurance sector

The more effective your voicebot is, the more you differentiate yourself from your competitors, which allows you to improve customer relations with your policyholders and subscribers.

For example, you can integrate into the voicebot certain value-added applications for policyholders, certain functionalities complementary to the basic business of risk coverage, or any type of functionality that can improve the customer experience.

Value-added services include risk prevention services, authorized repairer search services, group purchasing platforms, and so on.

How to facilitate the integration of the voicebot with ATAWADAC interactions?

For your voicebot to be a game changer in the insurance sector, it's essential that it be ATAWADAC (Any Time, Any Where, Anywhere, Anywhere, Anywhere). In fact, the voicebot must not only be based on advanced technology, but it must also be easy for customers to use and understand.

Therefore, in order to facilitate ATAWADAC interactions, a voicebot must be able to interact with existing telephony management systems, contact center systems, and ERP or CRM type computer applications .

Thus, for example, obtaining a quote for a new policy can be initiated via the Internet, continued by self-service telephone and/or in communication with an agent and finally finalized in a branch, in a fluid manner for customers.

In fact, it is recommended that the insurance company start by considering building a real strategy to integrate all the available ATAWADAC functionalities into its voicebot.

However, each digital initiative must be carried out taking into account the improvement of the customer relationship.

There is no point in setting up new high-tech services when the customer does not derive much benefit from them. More clearly, the voicebot must evolve to make life easier for the customer in all their dealings with the company (automatic reception, quote request, subscription to an insurance contract, follow-up of claims, etc.)

What are the technical capacities required for a voicebot in the field of insurance?

In order to meet the challenges related to the insurance sector, it is important that voicebots are equipped with certain specific technical capabilities.

The immediacy of the customer journey

One of the keys to customer satisfaction is the speed with which it is processed by the company, especially in the field of insurance.

The voicebot can significantly improve the instantaneousness of the customer journey by picking up and immediately processing all calls without waiting time (except possibly waiting for the availability of a person required to transfer the call).

The standard for analyzing the immediate reaction to any user request is a voicebot response that does not exceed 300ms.

In other words, the customer does not have to wait long on the line before entering into communication with the voicebot.

With the aim of continuously improving the instantaneousness of the customer journey, it is recommended that artificial intelligence be equipped to facilitate the collection of data that can be derived from information previously captured from the experience of models.

Personalization of interactions

The interactions between the voicebot and the user must be personalized, i.e. the artificial intelligence must have the ability to identify each calling customer (identity, service to which he has subscribed, number of years of relationship with the company etc.).

In exchanges, the voicebot will then be able to personalize the communication by, for example, calling the customer by their first and last names, using formulas relating to their gender, etc.

Another aspect of the personalization of interactions involves the ability of the bot to find the information of each calling user in the ERP and CRM databases of the organization.

Once the data has been identified, the intelligent robot will be able to present it to the customer in dynamic voice synthesis.

This mode of operation of the voicebot makes it possible to strengthen the customer relationship between the company and the various callers.

Statistical analysis of call data

Deploying a voicebot doesn't have to be done once and for all, but it's important to gradually improve the efficiency of the bot with a view to improving the customer experience over time.

For this, it becomes imperative to set up a systematic archiving as well as operating and reporting tools related to the activity of the voicebot.

The statistical exploitation of the data makes it possible to determine the essential points to be energized so that future interactions between the voicebot and the callers are better.

It is useful to remember that data statistics are the basis for better understanding caller behavior.

The challenges for a better customer relationship in the insurance sector

When each of the voicebot's improvements brings real added value to users, it improves customer relations.

Thus, the organization will have the advantage of retaining its oldest customers and easily converting prospects or other callers into potential new customers.

The growing number of subscribers or policyholders won through the voicebot can also affect the insurance company's promotional offers strategy to better satisfy its customers.

The Voicebot solution package “VocaPack Automatic Home”

Thanks to Vocabase , it is possible for any company operating in the insurance sector to set up the ideal voicebot to manage the organization's automated reception or to combine with their intelligent virtual agent functionalities for production organization, insurance file management, claims management, etc.

By opting for the “VocaPack Automatic Home” Voicebot package, companies in the insurance sector can quickly optimize their productivity through this conversational robot to which a multitude of features can be attached to interact effectively with callers (prospects or customers) of the insurance company.

By providing your company with the VocaPack Automatic Attendant interface, your call center will be more productive and the customer relationship will be better, which constitutes a sizeable advantage over your competitors.

Feel free to schedule an appointment with Vocabase , in order to select the best voicebot that meets your company's needs.