Chatbot

Learn finer detail about your competition, enhance customer acquisition , improve your brand image, enhance customer service round the clock and reduce costs with AI powered Chatbots. Gone are the days when your customers forget about insurance premium due dates and nag your call center agents to blame about forgetting to send premium reminders, this has a negative impact on productivity due to long call queues and ultimate jamming of your telephone lines.

Nuvento can empower you with a Fully Automated Insurance Agent who would alert your customers at the right time before they consider your competition, would alert your customers about premium due dates and diligently provide round the clock support to your customers especially in emergency situations when your customers are stuck with a claim.

According to Juniper Research Chatbots are expected to trim business costs by more than $8 billion per year by 2022. Few reasons why customers prefer chatbots:

  1. Nuvento Chatbots are almost like self-service portals or some knowledge encyclopaedia which can provide precise solutions/quicker resolutions to your customers’ insurance related queries.
  2. Nuvento Chatbots engage customers and avoids call waiting time which would otherwise frustrate customers if they are contacting a human insurance agent over IVR.
  3. Our Chatbots don’t judge your customers, also chatbots are free from cognitive biases. A human agent can irritate a customer but chatbot conversations are pre-programmed and customers feel more valued and respected in comparison to a human agent.

Nuvento ChatBot : Key Differentiators

  1. Provide an Instant quote: Nuvento Insurance bots can provide instant quotes which are customised as per customer requirement without engaging in detailed conversation.
  2. Insurance Premium calculation: Chatbots can easily calculate premium and eligibility based on different criteria. Apart from this, chatbots provide an easy platform to make premium payment process hassle-free.
  3. Advising customers on how to ensure regular savings through multiple policy discounts: Customers who are engaged properly would come back to your brand especially when you offer additional benefits and advise them on how to save regularly.
  4. By being with the customer in traumatic situations: AI chatbots can help the customer proceed with the claim in emergency situations where customer is unable to make a phone call to the insurance co.

Artificial intelligence powered chatbots can considerably speed up claim management and underwriting. According to McKinsey, Chatbots and associated technologies would automate 29% of customer service positions. The equation is somewhat like this:

1 phone representative handles only 1 customer at a time.

1 Live chat agent chats with about 3 customers at a time.

1 chatbot can handle unlimited number of interactions simultaneously.

“In Sales, You Let the Prospect Talk 80% of the Time and You Talk the Other 20%.” Chatbots diagnose customer conversations to find out which is the best suited plan for them, then suggest the best deal; this is a process which human brains are unable to achieve in a limited time. Nuvento AI chatbots help  digitally transform your business and win you repeat sales and brand loyal customers.

 

Understanding customer’s needs is vital to developing any business strategy in Insurance Industry. Customer interactions if kept short, relevant and productive can yield better results. Carefully designed customer interactions while helping the customer choose/change the plan, or while advising the existing customer to understand their coverage can prove as beneficial in the long run. Preventing customer churn is possible by tactical deployment of Nuvento AI chatbots. The churn prediction model comes to use while predicting the tendency of customers to churn. Information criteria like household and financial data, transactional data, behavioral data, competition metrics etc. are integrated with chatbots to frame churn pattern and intervene in conversation to prevent customer churn at the right time.

Insurance Chatbots has huge potential to be more efficient to deliver personalized experiences than any other customer service solution in a data intensive industry such as Insurance. AI powered chatbots from Nuvento help you anticipate your customer needs at the right time and at the right pace. Prompt responses can yield greater result in terms of retention.

How Insurance chatbots help retain your customers:

  1. By Generating proactive alerts/ notifications:

Forgotten due dates of premium payment is a key indicator where customer churns to competition. Negligence from a human agent who converses with the customer based on system generated data can be eliminated using AI chatbots. AI chatbots can automate this reminding task by generating proactive payment alerts/notifications and avoid human agent intervention thus minimising errors.

     2.Intelligent Virtual Insurance Advisor:

Busy customers may not always entertain repeated telephone calls from your human agent who calls the customer for cross-selling purpose or reminding about premium due-date. Chatbots on the other hand can do all these; explaining policies, clarifying doubts and more importantly chatbots can lead customers to fill online forms which may help in cross-selling a plan. A chatbot who acts as an intelligent virtual assistant can prevent frustrating the customer and thus prevent churn.

    3.Reducing Claim processing time:

Increased claim processing time is a cause for higher churn. Nuvento AI claims solution noticeably reduces claims processing time. Speed and efficiency of operations is one area which benefits the most with Artificial intelligence deployment in Insurance business. Our chatbot not only reduces claims processing delay but also minimizes time required in other operations as well. Speed in operations and grievance redressal is a key area where chatbot can contribute. A human agent may not always be available to reply to numerous customer queries and non-response can lead to customer moving out to competition. Chatbots are available 24/7 and ensure each customer query is addressed.

     4.Flawless product knowledge:

Your best human agent can forget vital information about an insurance plan but AI chatbots gather data from each customer interaction and business knowledge database, stores records and help the customer with their product queries.

Last but not the least, instant and proactive customer service using Nuvento Chatbots is the crucial factor in retaining your valuable customers who maybe lost to competition at any point of time in the customer lifecycle.

The market is promising now for chatbots; no matter what business you are in, AI Chatbots support and scale your teams to achieve your business targets. Business Insider states that over 80% businesses already use chatbots, or plan to use them by 2020. The market is promising now for chatbots. In a nutshell, from a broad perspective, benefits of chatbots are nothing but, 1. Scalability, 2. Comprise a broad eco-system of uses, 3. Nominal set-up cost for an impressive ROI.

Successful businesses take advantage of Nuvento Chatbots because it allows businesses to monetize on Facebook Messenger and similar chat, text, visual and voice platforms. Global Web Index Statistics states that 75% of internet users are adopting one or more messenger platforms. With over 65 million businesses using Facebook, chatbots still lead the game when it comes to sales opportunities, marketing, customer engagement, and better agent morale.

Benefits of chatbots in business:

  • Round the clock accessibility: We all have faced the troubles of holding our telephone lines to get connected to a call center agent, such cases are not rare when we call up a call center for an emergency and must wait for a long time. On an average people spend 7 minutes to get assigned to an agent. Nuvento Chatbots are accessible to the customer anytime they wish and eliminates long waiting time. A live chat agent could be attending to other customers and will most likely place your valuable customer on hold. This is where AI chatbots have an advantage. Chatbots can handle numerous conversations with minimum wait time compared to a human agent.
  • Customizable: Flexible attributes of Nuvento chatbots makes it suitable for any industry. It synergises workflows between various business functions be it sales/marketing to customer support. Ultimately customer gains the benefit of getting their query/concern answered quickly, and in the background chatbots converses tactically with business functions as well. Cross-selling happens based on customer requirements, and all these at a faster pace compared to a human agent interaction. Better team collaboration using chatbots reflects on how nicely you engage with the customer.
  • Better demand supply ratio: AI chatbots are particularly beneficial to businesses where demand is high and you have limited manpower to handle the rising demand. In a call centre scenario when the human agent is unable to handle huge call volume, chatbots come to your rescue. Chatbots have a winning edge in improving the (CPS) call per second ratio which is directly proportional to your business revenue.
  • Clever customer handling and delight: Human agents are driven by emotions; most of the times they are unable to handle an irate customer, and this has a negative impact on customer satisfaction scores and agent morale. Chatbots are programmed to obey the prescribed rules and handle customer emotions in a better way thereby improving customer satisfaction.
  • Higher profitability/cost-effectiveness: Hiring a human agent is never an easy and cheap task. It will turn out to be a very expensive affair when your revenues are not high or sales targets are not met. This mis-match between hiring cost and revenue outcome can create chaos in any business. One single chatbot is equal to a bunch of agents and it can simultaneously handle numerous customers. This would curtail your operational cost which would in turn result in steep rise in revenue and customer satisfaction.
  • Efficient Onboarding: AI chatbots can ensure faster on-boarding by educating the new-joiners; continuous knowledge upgradation is the key to developing a strong and productive workforce. This is accomplished efficiently using AI chatbots which gather knowledge data and disseminates valid information to the user without any breaks in the process.
  • Automated operations: Repetitive tasks are non-productive, however chatbots can automate numerous such tasks. This improves productivity , reduces cost and time.
  • Additional sales channel: Chatbots precisely understand customer requirements since they collect data from customers past purchase patterns. This makes AI chatbots a preferred platform for creating additional sales. Also, chatbots record customer query/responses and tailor their responses accordingly.
  • Virtual Assistant: Nuvento chatbots help customers by posing as a fashion advisor/finance advisor and what not. This enables customised shopping experiences because chatbots remember customer choices the next time you visit it.

 

The future of chatbots seems very promising, lately AI chatbots are making their way into other domains too such as Industrial IoT. The underlying promise of chatbots is that you can find anything easily without browsing the web or opening multiple apps.

 

Creating Crucial Business DifferentiatorsExpansion in next-gen cognitive technologies across areas encompassing Analytics, Artificial Intelligence, Natural Language Processing and machine learning has far-reaching impacts on business, economy and global communities in general.

Data analytics and artificial intelligence is the combined back-bone of any progressive business.Gaining a competitive edge in this fiercely competitive tech-ecosystem needs new strategies that are driven by Cognitive Intelligence and Applied AI.

Applied AI (artificial intelligence) with advanced NLP , Machine Learning and Chatbots already made a mark across industries by creating critical business differentiators resulting in a better top line or optimized bottom line. Nuvento uses advanced analytical techniques and uses its in-house proprietary algorithms to empower progressive businesses with faster and large-scale evidence-based decision making.

How Nuvento Applied AI can transform your Insurance Business

1. CUSTOMISED INSURANCE PRODUCTS: We use the power of Image Analytics, Predictive modelling, Machine learning to analyze millions of images , claims settlement details, data patterns to build models for FNOL , customer management, Claims advisory, billing and operations management. 

2.Improving Sales, Underwriting and Policy Service: New Customer experiences can be created through newer  digital channels based on prescriptive analytics patterns that are based on data and AI. Our models are trained to use AI to find out customer behavior patterns, purchase trends, complaints history etc. Our AI Solutions are designed to have considerable time & money which is otherwise spent on tedious underwriting process.

Key Goals of the Nuvento Analytics & Applied AI Platform:

  • Business Proactivity & Need Identification: Nuvento Analytics & Applied AI helps businesses to predict the customer needs accurately and thereby optimise customer experiences across multiple platforms. This helps brands to curate services and products and market them and engage customers. Nuvento Predictive Analytics combined with Applied AI can have far reaching impacts in many business critical areas like finance, operations and R&D. We use our in-house algorithms in Prescriptive and Predictive analytics users to identify high-value customers and market the right kind of offer which results in closing of deals much easily.
  • Mitigating Risks & Fraud: Nuvento Analytics & Applied AI  with advanced Machine Learning and Social network Analysis has helped in identifying risk and targeting specific fraud instances well in advance and is extremely useful in reducing false positive  in financial institutions with large real-time transactions.
  • Customization: Real-time interactive response to reach customer delight threshold is possible through Nuvento Analytics & Applied AI. Customization in a multi channel service environment is achievable by understanding customer attitudes precisely. This applies across numerous industries including insurance where businesses are heading towards creating customized products by deploying AI solutions.

Data & Analytics Sciences has  transformational power for any entity, however most businesses are leveraging only a fraction of its total value. Many tech enterprises are still struggling to take a leap forward to reach the ideal state of flexible and innovative data architecture that can get the most out of big data and analytics.

Impact of Applied Artificial Intelligence in marketing arena is tremendous and estimated to  reach more than $150 billion by 2025.

AI Enabled Chatbots from Nuvento are known to harness the  powerful combination of predictive analytics and applied AI to create almost human like experiences. A truly intelligent Chatbot must have a degree of Cognitive Intelligence.  Our core focus is to harness the visual power of Social Conversations to provide a truly human like interaction , and to do this our AI competency center uses our in-house decision making models in store and accelerators for image processing, video analytics, social media analytics and  device integrated bots.