The evolution of AI is reshaping various industries, and finance is no exception. It can handle large amounts of data, spot patterns, and make predictions in no time. And AI in insurance is changing how insurance companies interact with their customers.
One of our insurance clients has effectively used voice generative-AI to make it easier for their customers to choose policies, file claims, and more.
This clearly contributed to the results, as reflected in our client’s quarterly report.
Our client’s holding company reported a standalone net profit of ₹6,250 crore for the quarter ending June 30, 2024, an 81% increase from ₹3,452 crore in the same period last year.
Best part? They also reduced the time human agents spent on repetitive tasks.
“Our solution blends automated policy suggestions and instant quotes with expert guidance from Life Advisors. Whether you need protection, help for children, retirement plans, savings, or wealth creation, we’ve got you covered.” – Our Client
Let’s explore how.
Simplifying 50M+ Customer Interactions with Quick, Skill-driven Decisions
AI can be easily trained with a specialized skill set that precisely matches the needs of banks. From claims management to sales and marketing and financial acumen and more.
VoiceOwl’s voice AI financial bots excel in analyzing vast amounts of data in real-time. Equipped with highly customized intelligence, these AI algorithms swiftly process market trends, historical data, and news. This offers anan edge over human advisers in making timely decisions with the same skill set.
VoiceOwl’s AI in insurance has significantly streamlined critical processes for our client.
Through generative AI agents, customers can now effortlessly register for ECS, file claims, manage policies, check policy document specimens, browse fund updates, track proposal statuses, and more.
Implementing AI in insurance has notably enhanced the overall customer experience and satisfaction for our client.
Risk and Compliance Management
Our client was able to consistently adhere to industry regulations. One of the important reasons is VoiceOwl’s automated workflow.
This minimized compliance risks, easing the burden on compliance teams. Automating the compliance process helped our client manage accurate and timely data. All without data-decay hustle.
Results? During the first nine months of fiscal 2024, our client maintained a robust solvency ratio of 266% (2.66 times) against the required 150%.
Reduced Human Bias, Providing Rational Investment Strategies
AI financial advisers are free from poor decision-making, often influenced by emotional biases such as fear or greed. Unlike human advisers, voicebots remain unaffected by emotional reactions, including anger, which helps in promoting the mental well-being of staff.
VoiceOwl’s AI algorithms operate strictly based on data and predefined rules, providing our clients with rational and disciplined agents for investment strategies. This approach ensures more objective decision-making and enhances overall investment performance.
Unmatched Customization
Generative AI offers a level of personalization that human agents may struggle to achieve. Thanks to the capacity of AI to analyze vast amounts of data to tailor recommendations precisely to individual needs. Through VoiceOwl, our client was able to provide tailored policy suggestions and instant quotes.
This ensured that recommendations are perfectly aligned with customers’ needs. Whether for protection, children’s needs, retirement, savings, or wealth creation.
Optimized Policy Administration
VoiceOwl streamlines policy administration, reducing overhead and boosting operational efficiency.
For that, our client was able to enhance processing times, productivity, and resource allocation. This led to smoother workflows and faster approvals.
Enhanced Up/Cross-Sell Management
For our client, overall gross premiums rose by 18% year on year. Reason?
Tailored recommendations while sales.
VoiceOwl’s generative AI enables personalized upselling and cross-selling strategies based on policyholders’ profiles and needs.
Final Thoughts
To stay competitive and lead in the market, leveraging cutting-edge technology is essential. VoiceOwl’s advanced AI solutions can streamline your processes and elevate customer satisfaction. Contact us to book a demo and discover how we can help transform your insurance operations.
AI in insurance is revolutionizing BFSI automation by handling data, spotting patterns, and predicting trends in no time with specialized skills.