Succeeding with Artificial Intelligence: Must-knows for Insurers to leverage Digital Collection
Last week, our Head of Strategic Sales Max Bense led through our first webinar “Smart collection for insurance companies: How Artificial Intelligence transforms Payment Reminders into a positive Customer Experience”
Beyond showcasing how insurers digitize receivables management, he illustrated three challenges that can be turned into opportunities swiftly.
We have compiled the key opportunities for you as an overview:
For most customers, dealing with insurance is a rather tedious matter. Once an insurance contract has been signed, customers rarely hear anything from the insurance company apart from regularly receiving invoices by post. Dealing with the paperwork and paying the insurance rate yourself is usually inconvenient and not very customer-friendly. How can insurers digitize their receivables management and transform the payment process into positive customer experience?
These are the key challenges insurers are facing
Challenge: Insurers often use outdated, standardized technology making it difficult to adapt to new situations and to new technologies such as artificial intelligence.
Your chance: Try out new things and work with partners. This way, you can utilize market opportunities and tap unused potential. The advantage: technology partners always need to be up-to-date. The partner’s systems should be flexible enough to process the data from your systems effortlessly. This way, you make full use of market opportunities and increase efficiency and effectiveness.
Challenge: New players are also striving to enter the insurance market. The so-called insuretechs should keep insurers in mind in order to be competitive in the long run. Even if they are not all competitors, they serve their customers’ needs digitally and quickly, thus setting new standards.
Your chance: Take insuretechs just as seriously as your traditional competitors and learn from them. Team up with Insuretechs and understand these new players as drivers for digitalization and innovation.
Challenge: The demands of the customers are increasing. Digitalization leverages market transparency. Comparison platforms and the possibilities to easily switch to another service. Don’t forget: even long-term customers expect optimal, state-of-the-art service.
Your chance: Adapt to your customers’ demands. Identify room for improvement in your service areas and invest in individual customer communication and digitalisation. By improving your digital services, you will strengthen customer relationships in the long term. This is usually less expensive than acquiring new customers.
Increase the number of digital touchpoints
In addition, insurers often face an additional challenge: they have failed to collect digital contact points with their customers at the time of contract conclusion. Until now, it has often not been mandatory and there was simply no need to collect digital customer data.
In the webinar, Max Bense describes the solution collectAI has implemented together with R+V Versicherung. The goal is to increase the quality of digital data and to generate digital touchpoints.
Are you interested in further details?
Max Bense, Head of Strategic Sales, looks forward to talking to you.
+49 151 179 085 32