InsurTech Hub Munich’s Post

Love for Insurance Growth & Winning Customers' Hearts – I love operational efficiency in insurance. Companies with more efficient operations can maintain lower loss ratios and fiercer endorse #sustainability. The #insurance industry is experiencing significant innovation. Technology, customer expectations, and regulatory changes drive the trend. While it allowed for more effective risk assessment, fraud detection, and streamlined claims processing, Kosmik AI has infused new disruptive retail sales with AI and ML personalized insurance policy recommendations. Kosmik AI is the first EU company to introduce AI-driven #automation to the insurance industry regarding policy recommendations in retail. We leveraged AI and ML technologies to disrupt the traditional insurance sale model. Our process allows us to handle many policy inquiries simultaneously. We carry multiple sales instantly and elevate customer satisfaction in each case. We offer a 24/7 interactive service that closes a sale in one conversational session – without human intervention and with a 95% success rate. It eliminates delays in answering leads' inquiries and automates lead qualification for priority sales. Corporate clients trust our SaaS to triple conversion rates and reduce operational costs by up to 87%. The other goal is to ensure a completely modernized after-hours service. About 45% of insurance queries via calls and contact forms are outside business hours. Due to the lack of convenient after-hours customer service, leads may not even leave their contact details in the webpage contact form. Still, in the same afternoon, they may drift with the floating market, sign up for competition, and go further with their inquiries, ultimately adding to competitors' market share growth. We specialize in enhancing how to capture after-hours floating markets while removing more pains from the sale funnels. ·      Insurers' contact forms may be laborious and not straightforward in attending to customer needs. ·      Insurance sales agents may be unable to answer multiple phone and contact form inquiries simultaneously. ·      Agents may not be able to enter multiple inquiry information in CRM. ·      Sensitive customer and business operations data might be at risk. ·      Agents' delays in responding to leads may lead to drift to competition. ·      Lead conversion rates may be low. ·      Operating costs may be high. The AI-automated course changes all that. It is a process that creates instant lead engagement vs. hesitation towards obsolete web contact forms where CRM data may quickly become outdated due to delays in calling potential customers back. We prioritize sales and manage CRM data as client evidence rather than tasks. Automation-spurred, well-informed purchase interactions are paramount for increasing sales without adding extra call centers or staff. We can process random waves of multiple inquiries without limits, contributing to sustainability.

AI has the power to transform the auto insurance industry. At VERVE, we are working to implement AI initiatives for first customer contact all the way through ongoing policy and claims servicing. Here’s how: 1. Risk Assessment AI evaluates extensive data sets to pinpoint risk factors, from driving history to weather conditions and every rating variable and cross correlation possible to help ensure accurate premium calculations. 2. Personalized Pricing Tailored pricing models reflect individual driving behaviors in order to align premiums with actual risk for fairer insurance rates. 3. Predictive Analytics With its ability to forecast future trends, AI can provide powerful information to guide strategies around pricing, underwriting, and reserves management to better decision-making. 4. Improved Underwriting AI can refine underwriting accuracy and pricing decisions by offering deeper insights into customer behavior and risk. 5. Claims Processing Automated analysis of photos and videos accelerates helps to settle claims faster and more accurately. 6. Fraud Detection Advanced algorithms can reduce fraudulent activities and associated costs by detecting anomalies in claims. 7. Customer Experience AI-driven chatbots and virtual assistants have the ability to boost customer satisfaction by: • streamlining policy inquiries and claims • offering faster, personalized service Integrating AI in auto insurance is about more than achieving efficiency. It’s about revolutionizing the entire experience. VERVE is leading the way from one end of the value chain to the other.

Certainly! Staying ahead in the competitive insurance industry requires creativity, adaptability, and excellent customer service. Here are several strategies and ideas to help insurance agents beat the competition: 1. Understand Your Customers: Customer Profiling: Understand your target market deeply. Know their needs, preferences, and pain points. Personalization: Offer personalized insurance packages tailored to individual needs rather than one-size-fits-all solutions. 2. Embrace Technology: Digital Presence: Maintain a professional website and be active on social media platforms to increase visibility. Mobile Apps: Develop a user-friendly mobile app for quotes, policy management, and claims processing. Chatbots: Implement AI-driven chatbots for instant customer support and engagement. 3. Enhance Customer Service: Prompt Responses: Respond to inquiries and claims swiftly, showing your dedication to customer satisfaction. 24/7 Support: Provide round-the-clock customer support to cater to diverse schedules. Feedback Loop: Encourage feedback and actively work on improving based on customer suggestions. 4. Build Trust and Credibility: Transparency: Be transparent about terms, conditions, and pricing to build trust with clients. Client Testimonials: Showcase positive testimonials and case studies on your website. Professionalism: Dress professionally, use professional language, and maintain a high standard of conduct. 5. Education and Consultation: Educational Content: Create blogs, videos, and webinars to educate clients about insurance matters. Consultative Selling: Act as a consultant, understanding clients’ needs and guiding them to the most suitable policies. 6. Networking and Partnerships: Networking: Network within the community and industry to establish a referral system with real estate agents, financial advisors, etc. Partnerships: Partner with local businesses for cross-promotion, benefiting both parties. Remember, the key is not just to sell policies but to provide an experience that customers value. By focusing on excellent service, innovation, and community engagement, you can differentiate yourself and beat the competition in the insurance industry.

*How Digital Transformation is Changing the Insurance Industry?* There are countless examples of how digital transformation of insurance has changed the industry. Operations are streamlined, customer interactions are done via chat, claims can be processed automatically, and brokers can aggregate all their information to work faster and more accurately. But the real impact of digital transformation on insurance can be summarized in four benefits: 1- Efficient – The first and most obvious effect of digital transformation on insurance is the efficiencies it enables. Primarily powered by AI and its related technologies of machine learning and predictive analytics, almost every facet of insurance operations have been optimized for speed. Digital transformation is speeding up customer service, where live chat and digital assistants are helping customers in their most important times of need. 2- Personalized – Customers today expect service and attention where and when they want it. They also expect it to be suited to their needs, and personalization is now the status quo across all industries. Digital transformation is empowering insurers with the tools they need to give customers excellent service without overextending their resources; digital technologies are giving customers instant feedback and helping brokers do their jobs more efficiently and effectively. Digital transformation in insurance is also helping to personalize marketing efforts! 3- Scalable – The digital transformation of the insurance industry is also helping it to become more nimble and scalable at both the front end and back end of operations. While insurance historically could be a bit “clunky,” technology today has made it flexible to current demands. 4- Agile – Digital transformation is also helping insurers “future-proof,” as these technologies will undoubtedly continue to evolve and create more advanced opportunities for years to come. To be prepared for a digital future, insurers today must adopt the tools of digital transformation and find creative ways to optimize all areas of their operations. In fact, 90% of insurance executives today state they have a coherent, long-term plan for technology innovation in place. The digital transformation of insurance operations is reshaping the current and future state of the industry! At BIA Assistance Group, we build sophisticated, customized insurance platforms powered by the intelligence of AI, ML, and predictive analytics. Our digital solutions help insurers create the features, functionalities, and applications they need to stay competitive in this market. If you would like to learn more about how BIA Assistance Group can help with your customer insurance solutions, please reach out to our Network team on: [email protected] #BIAGroup #BIA #Right_Care_Right_There If you want to stay up-to-date with us and with our latest articles & tips, follow our page!

🏆Stevie-winner Zywave provides software and technology solutions for the insurance broker industry in the United States and internationally. It offers cloud-based sales management, client delivery, content, and analytics solutions. More than 15,000 carriers, agencies, and brokerages worldwide—including all of the top 100 US insurance brokerages—use Zywave solutions to enhance client services, achieve business growth, and promote greater health, wellness, risk management, and safety. Zywave’s all-in-one platform provides customizable, user-friendly options that enable insurance professionals to build a unique solution to fit their specific growth goals—their own Modern RevOps Machine. Zywave has now shifted from reactive to proactive support in everyone's desired state in customer service organizations by prioritizing the right cases using AI/NLP technology. They can effectively predict 70% of escalations before they happen by leveraging their data and insights. Through the convergence of process, technology, and most importantly, their people, Zywave is committed to delivering the optimal customer experience. They recognize this is an ongoing journey that demands a growth mindset and continuous learning. Zywave won a Silver Stevie Award for Best Use of Technology in Customer Service – Computer Industries, and Bronze in the category of Achievement in the Use of Data & Analytics in Customer Service in the 2023 Stevie® Awards for Sales & Customer Service. Read the full blog ➡ https://bit.ly/457r4SC

A guide to Aspiring Insurance Professionals - Artificial Intelligence is adopted in various functions of insurance industry. Be it sales, marketing, customer service, insurance proposal processing, risk underwriting and insurance policy issuance.   When you open a website of any insurance company, Chatbot pops up in front of you like a genie.   AI is not the future but the Present state of insurance industry across globe. Customer gets all the information at the tip of his finger. But who can help him understand as to how the insurance policy will help to secure his family’s financial future. Answer is very simple- The Insurance Professionals!   If you are planning to pursue your career in insurance industry, You must reflect on indispensable role of communication skill for being a successful insurance professional. 1. AI & Insurance Professional Both are not competing with each other to take over the job of each other. Rather AI is a helping hand to get your job done in an easy, speedy & precise manner.AI will integrate and put all the information in a concise manner.   2. Communication is the key Insurance is bought by customer and customer is a human. Human need to be told what is beneficial for him. Prospects has many dreams which he wants to fulfill for his family and for self. Only insurance professional can make you understand the value of dreams in monetary terms. You have to make them understand the benefits.   3.Listen to the voice of Customer To communicate well, you need to understand first and to understand you need to listen to the voice of customer. Listening seems very simple but it is a difficult task. A true listener in insurance industry can grow in his career by leaps and bounds.   4.Not just the information but the context matters Now a days customer has become smart enough to access AI based tools to explore insurance products and financial planning. But the biggest differentiator is the way insurance professional brings together all the bits & pieces of information for the customer to portray a bright and financially secure future       5.Seamless customer Journey Multiple customer touch points are integrated in a seamless manner with the help of automation & AI. It gives a single window view of the customer. But a human face is must for a human to buy insurance because only a human sales professional can have emphatic communication!   Don’t just be the cog in the wheel if want to be a successful in insurance industry. Be yourself the Wheel! Soft skill is the oil which can keep the wheel running! #cx #customerjourney #GetHired

✨Insurance Brokers and Agencies are the heartbeat of Insurance Distribution! 👥Serving as trusted advisors, advocates, and partners in helping clients navigate the complexities of the insurance landscape (not an easy job by all means)! 💕 As the insurance industry continues to evolve, one thing remains constant: the paramount importance of customer experience. 🔍Many Brokers, Agents and Insurance Carriers struggle to connect and engage with their customers in a meaningful way, leading to low satisfaction and client retention rates in an increasingly competitive insurance market. ⚡ Leave a lasting impression on your customers by delivering an exceptional customer experience. ❓ How do I do this? Or where do we even start? Some suggestions below: ·      Transparency and Clarity – Provide clear and transparent information for customers on their policy coverage, terms, and pricing. Avoid using jargon and complicated language or acronyms (insurance is full of acronyms 😉) to ensure that customers fully understand their insurance options and coverage. ·      Streamlined Online Solutions - We can help you out with this one to ensure that your interactions with your clients are meaningful, efficient, personal and to make managing insurance administration easier, quicker and accurate for your employees. 😉 ·      Personalized Communication – Tailor communication to individual customers' preferences and needs. Use data analytics to provide personalized recommendations, policy updates, and reminders. ·      Responsive Customer Service - Show empathy, care and support during claims handling/renewals etc.) Offer multiple channels of customer service such as phone, email, online chat etc. Different situations require different options for customer service. 💼 Get in touch with me to learn how our customer-centric Insurtech solutions are dedicated to helping you make sure every interaction with your clients is meaningful and personal and providing the best client experience. 🤝 #Insurance #Insurtech

I'm incredibly excited to share a major leap in our mission to help insurance companies unlock growth at a significantly lower operating cost. For the last 6 years, I've been obsessed with one single problem - how can insurance companies, operating on razor-thin margins, find ways to lower their servicing expenses without sacrificing the customer/broker/agent/employee experience? I believe the only solution to that problem is to enable individual underwriters and claim handlers to focus on the activities that matter and automate everything else. This ultimately unlocks the flywheel of increased productivity and efficiency. Liberate's core platform solves this by digitizing customer journeys and automating complex workflows. With the advancements in Generative AI, more specifically "LLM Agents", we’re now able to create "Virtual Agents", that behave like virtual employees and have all the professional skills that Liberate's core platform unlocks. We're calling these Virtual Agents, "Operators" powered by AI. Operators act like virtual assistants to your core Claims, Underwriting, Call Center and Service teams, and take on tasks that typically might overload a human workforce. Today, we're releasing the first of the many virtual Operators we've been incubating, 𝙾𝚙𝚎𝚛𝚊𝚝𝚘𝚛 𝙰𝙸 𝚏𝚘𝚛 𝙵𝙽𝙾𝙻, to help solve one of the hardest operational challenges in insurance - getting accurate, comprehensive and structured information at intake. In claims, the quality of the information collected at FNOL has a profound impact on downstream claim processing and cycle times. Yet, getting clean FNOL data is a major challenge - call centers are often overloaded and KPI-ed on active minutes spent, not quality of data collected, web forms provide little or no information accuracy, and customers want to be able to file claims through multiple channels. Liberate's 𝙾𝚙𝚎𝚛𝚊𝚝𝚘𝚛𝚜 interface with customers or internal employees in natural language, are available via web, SMS or email, and most importantly, are able to integrate deeply with the insurer’s core systems in order to verify information being collected in real-time, while reacting autonomously to what the user is asking. Our 𝙾𝚙𝚎𝚛𝚊𝚝𝚘𝚛𝚜 are multilingual, work nights and weekends, can provide real-time support during CAT season and don’t ask for a 401K match! I couldn't be prouder of what our team at Liberate has accomplished, especially the work it took to enable LLM Agents to autonomously execute complex internal workflows. Over the course of the next few weeks we’ll be launching new Operators with skills to help Underwriters, Claim Handlers, Brokers and Insurance Agents with a wide variety of tasks. So watch this space for more and please reach out if you have any questions. Learn more at https://lnkd.in/gXxg7kjR. Full press release: https://lnkd.in/g8dZyJPn