There was a day when life insurance agents sat at a customer’s kitchen table and got to know them personally. Sure, a policy was agreed to and sold, but the bond between the agent and the customer was at the heart of the deal. As the saying goes, insurance isn’t bought – it is sold.
Today, technology is slowly replacing the human touch, with AI-enabled bots answering phones, responding to chat inquiries, and pushing products to customers over every available communications channel. The industry has, by and large, moved away from the people business and closer to transaction management.
AI solutions abound that sift customer purchase data, social sentiments, and risk profiles to offer fitting products that improve loss ratios and enhance margins. But these solutions are available to all insurers.
See also: How AI Is Changing Insurance
What can an insurance firm do to substantially differentiate from the competition? What can a firm do to cement relationships and turn customers into raving fans?
The answer is to provide customers with a more meaningful human experience. We are all born for human connection. Robots are incapable of providing it. So, what shall we say of AI in light of this reality?
AI can greatly support the promise of personal service. Bots can provide a frictionless experience, elevating and accelerating customers; journey from shopping to buying to ultimately becoming partners on a life insurance journey that covers myriad life events.
AI can liberate team members for more one-on-one, personal interactions. It can eliminate the repetitive tasks that dehumanize employees and free customers from having to input personal information again and again as they shuffle from one contact to the next. It can heighten the experience by leveraging massive stores of data to serve up poignant insights, at the exact moment of truth, when it matters most.
“I hear you’re struggling to make it to rehab, Ms. Jones, because you have three children to care for. Can I suggest some assistance? Share a few links?”
“It looks like your employee is going to be out for longer than a brief absence, Mr. Smith. Have you considered shifting to Social Security disability? It might offer some relief.”
“Mrs. Anderson, we noticed your recent inquiry about long-term care options. Based on your existing life insurance policy, you're eligible for a rider that allows you to use part of your death benefit to cover long-term care expenses. Would you like to discuss this option in more detail? Additionally, we can provide resources on home healthcare services available in your area, as it seems you prefer aging in place based on your recent conversation.”
See also: How AI is Redefining Insurance Pricing Strategies
These human contacts, supported by AI, in context, can transform the way you relate to your customer. Individual or group, it doesn’t matter. Insurers deal with people who experience real-world life events. Imagine what a difference it would make if your people were free to suggest practical ideas and support, at just right moment, to a customer in need.
In the hospitality industry, a concierge is a guest’s most important contact for everything from arranging travel to securing play tickets to running errands. Could it be that AI is the key enabler that launches a new era of “concierge” service in your firm?
Technology alone doesn't create relationships, but when paired with human empathy it can elevate customer experiences to levels never before possible.
Check back in as we continue to explore how you can leverage data-driven insights and prioritize consumer needs, using AI as a pathway to compelling customer service.
