In the second of our two-part Microsoft Power Virtual Agents series, we examine the difference between Chatbots and Intelligent Chatbots, and how AI can elevate chatbot capabilities and improve user experience.
If you watch any television, you know you can’t get through a single commercial break without seeing at least one ad for an insurance carrier. Whether it’s Property & Casualty, Life, Health, or Accident insurance, why do these carriers advertise so much? The answer is that fierce competition in this crowded market breeds razor-thin margins, meaning that consumers will pay about the same regardless of provider. And it has become so easy to switch carriers that customers are defecting faster than ever before based on one poor experience. Given this, insurance companies focus primarily on retaining customers by delivering consistently excellent service, as the cost of acquiring a new customer far outweighs that of retaining an existing one. While that’s true in every industry, it is especially so in insurance, where products are priced to begin earning a profit only after several years.
The best way to improve retention rates is to engage with – as well as service and sell to – customers in a proactive and highly personalized manner, and carriers are turning to the Microsoft Technology Stack to help them achieve that goal. With that mind, PowerObjects developed the Dynamics 365 insurance accelerator, PowerInsurance, designed to help businesses implement their technology solutions more efficiently. Built on Dynamics 365, PowerInsurance is a custom solution designed by insurance experts based on years of experience within the industry. It accelerates CRM implementations by leveraging Dynamics 365, Azure, Power Platform, including Dataverse and AI Builder, LinkedIn and Office 365. It is further enhanced by PowerObjects’ own PowerPack add-ons, which offer integrated capabilities around telephony, dynamic surveying, and marketing campaign automation.
A robust Financial Services solution with an unprecedented focus on the insurance industry, PowerInsurance gives your organization a guided, intelligent way to provide personalized service and support while leveraging your existing systems. Consider these common scenarios in the insurance space:
• Claims. As already mentioned, client retention is a key to profitability in insurance, yet customer claims inevitably lead to an increase in premiums. In turn, the customer is all too often lost to a competitor. However, by introducing proactive engagement capabilities and “Next Best Offer” to the claims processing process – meaning an early-in-the-claim-settlement-process discussion around product and pricing opportunities, you create the chance for cross- and upselling, and increase the likelihood of retaining your client.
• Price Quotes. When quoting premiums based on default options and standard risk assessments, there is very little difference from one carrier to the next. As a result, you are leaving conversion to chance. But you greatly increase the likelihood to convert when you can offer highly personalized and differentiating premium quotes. And you can do just that with PowerInsurance, which provides visibility into the “Customer 360,” including social media analytics and unique customer profiling. By providing your tele-sales agents with a holistic, single view of each customer, you’ll close more deals faster by presenting personalized Good, Better, and Best offerings that incorporate GEO-specific risks, recommended limits, and a unique product mix.
• New Business Opportunities. When selling a new life insurance policy or annuity, there is always an opportunity for upselling or pushing a supplemental product, but success rates are low when basing premiums on standard underwriting factors. Once again, likelihood of success is greatly improved when you can instead base your quotes on robust customer journeys, actual life events, and personalized product pitches based on real-time propensity analytics – all possible with PowerInsurance.
• Loss Mitigation. An all too common scenario in the insurance space is a weather-related event that causes significant widespread damages. A sudden increase in claims can slow down the settlement process, leading to lower customer satisfaction and reduced client retention. However, imagine if your technology could deliver proactive alerts designed to mitigate losses before they even occur. With Dynamics 365 and PowerInsurance, it can. And it can also accelerate your post-loss service in terms of assessments and closures. It’s true: with the right technology solution in place, you can actually reduce losses and increase client satisfaction at the same time.
If this sounds interesting, PowerObjects offers a free fit/gap analysis and will demonstrate how PowerInsurance can help meet your business’s unique requirements. Recognized for two straight years in Microsoft’s global Financial Services Partner of the Year award category, our industry experts are ready to help you unlock these benefits in your organization. Let PowerObjects and PowerInsurance go to work for you.