Bringing machine learning closer to humanity: the new Agency experience

by | May 27, 2021 | Blogs | 0 comments

Bringing machine learning closer to humanity

Artificial intelligence (AI) innovations hold enormous potential in terms of enhancing insurance agencies efficiency and customer experience; however, the human-like abilities of machine learning in the communication process and application of digital technology are often overlooked. By emphasizing the experiences of users, procedure, and information, machine learning will trigger vast improvements in consumer experience and agency performance.   

How is AI/Machine Learning used within day-to-day Agency life?

To remain competitive, agencies must leverage machine learning and artificial intelligence to reduce complexity between the lead-to-customer life cycle and the operations of their overall Agency Management System and processes.  

According to a study By Gartner in 2019, in just four years, the volume of companies leveraging artificial intelligence had elevated over 270%. A variety of agency methodologies can be improved by using advanced artificial intelligence technology. As an example, Agent critical tasks can be employed in process automation and to transfer documents between carriers to the end customer effortlessly.   

Such automation can eliminate the need for skilled workers to perform activities that are not value-driven, empowering individual workers to dedicate further resources towards progressively stringent strategic planning including policy development and renewal documentation. Insurance Agencies that are now using software to enhance aspects of their operational procedures are seeing substantial time savings and improved service efficiency.  

AI Machine Learning

How is AI / Machine Learning becoming more human-like?  

AI is increasingly becoming more relevant to Agencies, recognizing the role of a machine in adopting a low-value administrative role, enable the human Agent role to focus on high value-driven tasks. Machine learning is the process of coaching or enabling machines to understand regularities within data sets. Machine learning can frequently be implemented as it facilitates the development of well-informed assessments and effective judgments. Agencies are increasingly dependent on machine learning to deliver highly personalized experiences to customers and operate critical agency operations.   

Chatbots can be extremely beneficial in managing personalized customer interactions and addressing common queries. The AI successfully encourages sales and conversions by providing immediate and comprehensive accessibility of information. In a study by Forrester, when presented with the alternative to extend the interaction from a person to machine, 63% of customers were satisfied to be helped via a chatbot. By utilizing Chatbots, agencies essentially allow AI to take over a human role in administration and in doing so, it enables skilled employees to concentrate on higher value-driven operations.  

"The advancement of artificial intelligence will not only open additional Agency opportunities but will also push for Faster lead response and sales conversion."

Advanced machine learning, like people, is always learning and changing as a result of the information gained and analyzed, however, it can further utilize this data to predict consumer behavior, improving efficiency and sales. As agencies traditionally require longer than necessary to collate and populating information to convert leads, the customer experience declines. Through technology, the ability for personalization, servicing of consumer needs, and paper nuances are enhanced. 

Based on recent machine intelligence figures, 75% of customers want better utilization of emerging technology, if it means their experience will be more efficient or improved. Automated technologies can collect customer information and rapidly load it into databases or applications. Because it integrates the material more efficiently, the technology provides immediate quotes and shorter processing times for handling forms and agreements.  

Although machine learning is an advanced tool for insurance agencies, the continuous need for individuals will never be diminished and they will work alongside advanced technology. Agency technology will not substitute humans, yet rather will assist them. In a study by PWC, 67% of industry professionals stated, “AI will help humans and machines work together to be stronger using both artificial and human intelligence.” Agencies waste a lot of resources on inefficient administrative activities where advanced technologies can capture, identify, and produce useful data to help your agency needs.

Contact AGENCYMATE Customer Success Team to learn more.

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