Gartner predicts that one in five workers will have Artificial Intelligence (AI) as their co-worker by 2022.
But don’t fret, most people believe that AI will either help them do their existing job better or reduce repetitive tasks (Microsoft).
In fact, according to a recent Microsoft study, AI will double the rate of innovation and improve employee productivity by 1.5 times in New Zealand by 2021.
AI can take on many forms, but in the context of insurance and employee productivity, digital policy distribution and AI insurance agents are a few such examples.
Here is a quick summary of some of the ways digitising policy distribution can help agents and brokers be more productive:
1. Automated digital forms
Brokers and sales agents are still frequently printing off forms and asking clients to fill them out. And worse yet, clients are often repeating this process for each renewal.
By digitising this process, clients can input all the information required through an easy to use conversational interface where it is then stored and reused in the future. This saves the broker or agent a huge amount of time, and the client a huge headache.
Staff can then spend more time advising clients and providing a higher level of customer service.
2. Automate compliance
By automating part of the advice process, agents can also save time that might’ve been spent manually complying with regulatory obligations. The automated advice cannot stray from a compliant script, and reports are automatic.
3. Automate risk assessments
A huge part of the knowledge gap for customers is knowing their own risk and therefore what types of insurance they need. An AI platform can guide customers through a series of essential questions, before recommending brokers or products that meet those needs.
4. Insurance wallet for policy management
Imagine if human brokers/agents could automatically follow up with clients to see if their circumstances have changed or to confirm renewals? Or if customers could quickly search their policy to see what’s covered? With an AI insurance wallet, these tasks could be largely taken off broker or agents’ plates, freeing them up to deal with more complex cases.
5. Lead capture, including booking meetings and scheduling phone calls
If you have a client on your website or interacting with an AI agent, and they wish to speak with a human, they can set up a meeting or schedule a call with an agent.
6. Brokers or sales agents can ask frequently asked questions
Brokers or sales agents can ask the insurer frequently asked questions about products or pricing through a B2B AI-powered agent.
7. Automate training modules
It’s conceivable that brokers and agents can complete training modules through an AI platform, ticking off modules to comply with compliance obligations or complete product training.
The tech is here and already alleviating pain points for brokers and agents, increasing productivity and giving human employees a better work experience. #EmbraceAI