How Virtual Agents Powered by Artificial Intelligence Can Transform Insurance

November 29, 2015 by Jonathan Crane

As with most industries within the financial services sector, insurance is facing the dual pressures of needing to keep costs down in a competitive environment while maintaining satisfaction levels—and this can be seen very vividly in the area of customer service.Executive SummaryOpinion: How can insurers simultaneously raise customer satisfaction levels, lower costs and enhance productivity? Jonathan Crane, chief commercial officer of iPSoft, argues that the use of virtual customer service agents, powered by AI engines, makes more sense that offshoring.

Executive Summary

Opinion: How can insurers simultaneously raise customer satisfaction levels, lower costs and enhance productivity? Jonathan Crane, chief commercial officer of iPSoft, argues that the use of virtual customer service agents, powered by AI engines, makes more sense that offshoring. (Disclosure: Crane's company is the creator of a virtual agent known as Amelia.)

(Disclosure: Crane’s company is the creator of a virtual agent known as Amelia.)

The call center is typically the front line of customer support, and is often characterized by long waits and cumbersome menus. This leads to unsatisfactory experiences, and ultimately lost business. In addition, interactions with customer service staff can sometimes prove to be frustrating—and it only takes one bad call for a customer to leave, or even worse, voice their grievances on online forums or social media.