Your Car Insurance Salesman Is Now an AI bot

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Even though it may still sound like science fiction, AI technology has been utilized for years. This is especially evident when it comes to conversational AIs or AI bots. You have probably talked to an AI chatbot before when sending a message to a business on Facebook Messenger, for example, not to mention voice assistants such as Siri, Alexa, Cortana, and so on.

Companies today integrate AI bot technology within their own business models in order to save money in the long run, improve the overall work efficiency, and provide the best possible customer service to their clients.

With the ability to analyse patterns and huge chunks of data in a matter of seconds, no rest necessary, AI bots have proved incredibly useful in the insurance field as well. Not only can they pinpoint a fraudulent activity but they can also predict claim values, all in real-time. Therefore, don’t be too surprised to discover that your car insurance salesman may as well be an AI bot now.

The Value of AI Technology

Insurance, and especially car insurance, is a modern-day essential that more and more people opt for. This constantly grows the competition within the industry, which forces the companies to look for new ways to attract and engage their clientele, and ultimately drive better sales.

The fact of the matter is that insurance companies haven’t used a good deal of the data they have, even though they obtain great amounts of it. This became especially obvious when the question of driving sales and improving the sales channels was raised.

Thanks to the shift of the global market that heavily focuses on data gathering and catering to customers in a more personal manner, learning more about customer behaviour has become imperative for contemporary businesses to stay relevant.

This is where an AI bot plays a huge role. It has become a common practice to make the most out of AI tech and thorough analysis of customer profiles for the purpose of boosting engagement, (re)targeting clients, as well as increasing the conversion rate through customized selling strategies.

Different AI Uses

AI is essentially a system based on machine learning and language recognition software. As such, it can be programmed to manage several different aspects of the insurance business model.

Namely, an AI bot can:

  • Deal with agent recruitment – use the data analysis to sort through applications as well as answer the applicants’ questions in regard to the nature of the position
  • Predict the future agent and customer trends – offer insights about the changing trends within the insurance industry in terms of customer needs and required agent efficiency to meet those needs
  • Recognize the main traits of a successful agent – utilize data for the screening purposes of finding the best people for the job
  • Analyse customer behaviour and demographics – this allows for more comprehensive knowledge of the target audience when it comes to their preferences, spending ability, perfect timing for getting insurance, etc.
  • Match the clients with the right agents – take the gathered data from both the agents and the clients in order to bring two personalities together that have a higher chance of success when it comes to final conversion.

Focused Insights Boost Performance

AI technology is developing more and more every day, and the amount of gathered data keeps increasing. While this is bound to make the jobs for people in the industry much easier, it can also be a double-edged sword. Trying to utilize every single bit of data and trackable metrics or implement every branch of AI technology may only hinder the business success of insurance companies.

That said, the true beauty of data flow and technology that’s available today is the ability to pinpoint the most important aspects of it all and focus on those to drive sales and improve customer experience. The key is to find your business priorities before jumping on the AI and data train. This is the most effective way to make the most out of AI insights in order to support clear business goals for years on end.

Since we live in a digital age with constant advancements and developments in technology, there’s no time to waste if your goal is to differentiate yourself from the competition. AI bots are the trend that’s looking to stay for a while. Thanks to its ability to answer questions about car insurance as well as other insurance-related matters, implementation of AI tech within your company can bring in the 24/7 assistant that resolves queries and directs your business to the most profitable path.

 

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