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1、The future of customer service in insuranceTalkdesk is a global cloud contact center leader for enterprises of all sizes.Talkdesk CX Cloud and Industry Experience Clouds help enterprises deliver modern customer service their way.Our trusted,flexible,and innovative contact center platform leverages A

2、I and automation to drive exceptional outcomes for their customers and improve the bottom line.Learn more|and take a self-guided demo at Commercial Content Editor:Laura BithellProject Manager:Jorden EvansIllustration:Samuele MottaDesign:Kellie Jerrard,Colm McDermottContributors:Ben EdwardsAlthough t

3、his publication is funded through advertising and sponsorship,all editorial is without bias and sponsored features are clearly labelled.For an upcoming schedule,partnership inquiries or feedback,please call+44(0)20 3428 5230 or e-mail Publication sponsored byContents04CX factor:how the customer expe

4、rience affects the bottom line13Lifting the service ceiling:above and beyond policies and claims handling08What are the insurance industrys digital transformation priorities?06Four ways in which AI is transforming insurance11How insurers can harness the power of generative AI3R A C O N T E U R.N E T

5、Even though customers are particularly price-sensitive at present,insurers that remain focused on service quality throughout their relationship with policy-holders are more likely to retain their business at renewal times the cost-of-living crisis continues to squeeze consumers and businesses alike,

6、many people are reviewing their insurance policies to see if they might find a better deal with a different provider.Against this backdrop,its more important than ever for insurers to focus on the customer experience(CX)they provide to boost their renewal rates and maintain profitability.Thats the v

7、iew of Fady Khayatt,partner at management consultancy Oliver Wyman,who says that,when you offer“a positive experience,you see that people become less price-sensitive.Theres a clear link between experience and retention.Retaining customers and not need-ing to reacquire them can have a big impact on a

8、ny insurers overall economics.”Ben EdwardsACX factor:how the customer experience affects the bottom line4T H E F U T U R E O F C U S T O M E R S E R V I C E I N I N S U R A N C EIf an insurance firm can engage effectively with customers at their point of need,that could also encourage them to buy mo

9、re prod-ucts from it,Khayatt adds.Some insurers are seeking to grow their business by creating more self-service chan-nels enabling customers to manage their policies or make claims in their own time.Esure,for instance,has introduced an online portal designed to give its policy-holders maximum contr

10、ol.“First of all,theyre not having to queue up to speak to someone on the phone,”explains Ali-son Edge,data product owner at Esure.“They can input information at their leisure.This means that,if they havent got the right details to hand,they can come back to the portal later and pick up where they l

11、eft off.”This is not something that customers can do if theyre talking to an agent in a call centre.Understanding the customerDigitising the process also enables Esure to gather more data throughout the customer journey,helping it to gain actionable informa-tion about policy-holders behaviour.“We us

12、ed to know whether someone had pur-chased a policy or cancelled one,but now we can see every step of a customers journey from the moment they log in,”Edge says.This can provide near-instant feedback on steps where users are commonly abandon-ing a given process,enabling the company to tackle those pr

13、oblem areas and improve con-version rates.“We can see where along the journey theyre likely to have dropped out,which gives us some real insights into what the pain point might be,”Edge says.“Well try to improve the experience at that stage and then compare performance to see whether our changes are

14、 making a difference.Were constantly refining our journeys and trying to make them as pain-free as possible.”Insurance companies must therefore ensure that the CX they provide is of a consistently high quality across the entire relationship,from sales and onboarding through to claims management and

15、renewals.Nelson Castellanos is chief partnerships officer at HDI Embedded,a provider of embed-ded insurance in sectors including retail,travel and events.He says that his firm is“really focusing on delivering an excellent customer experience across all the different touchpoints”.That is arguably eve

16、n more important for embedded insurance providers,Castellanos adds,because a poor CX can damage the repu-tation of the brand thats selling the cover.Mess that up and the insurer risks losing hard-won partnership deals.“Most embedded insurance solutions are white-labelled,so youre really playing with

17、 the brand of your business partner or distribution partner.The service you provide could really affect their customer satisfaction scores,”he says.Digitising the claims processesThe efficiency with which claims are handled is likely to have a big bearing on satisfaction scores and retention rates.B

18、ecause HDI Embed-ded has digitised the entire claims procedure,they can be processed more quickly than a tra-ditional manual system would allow.Castella-nos says that his firm will often resolve a claim in three days even sooner in some cases.While CX is an important factor when it comes to policy r

19、enewals,customers also want the best possible price,of course.Given that risk determines price,insurers must seek other ways to reduce costs,says Ed Halsey,co-founder and COO of commercial insurance broker Taveo.One way they could do that is by cutting the amount of staff time spent on administrativ

20、e tasks.By using technology to automate much of that work,insurers and brokers can not only reduce costs;they can also improve the CX,because they should be able to devote more time and resources to providing exemplary customer service.“Technology is not about getting rid of humans were not going to

21、 just automate everything and have our customers speak to a robot,”Halsey stresses.“This is about taking all the low-value interactions away from our people so that,whenever a customer calls,they get straight through to a human being with the expertise to help them.”Technology is not about getting r

22、id of humans were not going to just automate everything and have our customers speak to a robot88%of insurance CX professionals say that CX is a growing strategic priority at their organisation91%of insurance CX professionals say that their contact centre is a meaningful contributor to their CX stra

23、tegyTalkdesk,20225R A C O N T E U R.N E TImproving risk modelling Insurance companies often find it difficult to price risk accurately.The risk profiles that they create are limited by the data they have on customers,which tends to be generic(age segmentation,for instance).This means that the premiu

24、m a policy-holder pays wont always match the risk presented by that individual.Artificial intelligence has the potential to reshape the sector by streamlining and even totally automating key processes,while providing insights that can help insurers to make more accurate risk assessmentsBen EdwardsFo

25、ur ways in which AI is transforming insurance01By using AI,insurers can potentially offer more accurate pricing because the tech is able to process more data points,notes Nelson Castella-nos,chief partnerships officer at HDI Embedded.“Why should you pay the same price for a policy as someone else if

26、 your profile is less risky than theirs?AI allows for more dynamic pricing based on the actual risk,”he says.The latest AI systems can do this by process-ing vast quantities of unstructured data,as Ed Halsey,co-founder and COO of Taveo,explains.“Theres a lot of untapped data sitting in filing cabine

27、ts on old paper documents or pictures stored on someones hard drive,but you dont know what theyre showing unless a human eye looks at it,”he says.“If you can get all that information into an AI tool,it will make underwriting so much more efficient.”6T H E F U T U R E O F C U S T O M E R S E R V I C

28、E I N I N S U R A N C EStreamlining claimsOne way for insurers to guarantee a poor customer experience is to let the claims process drag on.AI can help to solve this efficiency problem by automating much of the work required.HDI Embedded,for instance,uses AI to read documents such as police reports

29、in seconds,removing the need for a human to read them a potentially onerous and time-consuming task.Another way in which AI can accelerate the claims process is by automating damage assessments,says Simon Thompson,head of data science at GFT Technologies,a digital transformation consultancy.He expla

30、ins:“If you took some photos of your vehicle that showed no damage when you took out your policy and you then send in pictures showing big dents and scratches,its easy to have a machine that says:Yes,signif-icant damage is present in those images and therefore theres no debate that there was a claim

31、s event,”This means that some claims can be pro-cessed without any human intervention.“The machine learning model will sometimes come back and say that theres no significant damage,”Thompson says.“In such instances,you would need a human to intervene and manage any disputes arising,but the process c

32、an be completely automated in most cases.”Automating assistanceAdvanced generative AI tools such as ChatGPT can provide valuable insights to employees and customers alike,according to Fady Khayatt,partner at man-agement consultancy Oliver Wyman.“Theres an opportunity to use generative AI as an aid t

33、o decision-making by treating it as a co-pilot.Its not removing the human from the process;its providing the human with additional information to support better decisions,”he stresses.For instance,AI can provide recommendations based on similar cases,with the claims handler or underwriter then valid

34、ating that information.Insurance firms such as Esure are also using chatbots to make it easier for customers to obtain answers to basic enquiries,poten-tially resolving these more quickly and effi-ciently than other methods would allow.If a question cant be answered satisfacto-rily by a chatbot,it w

35、ill send a summary of the text conversation to a member of staff,says Alison Edge,data product owner at Esure.This means that the customer wont have to repeat what theyve typed and the employee can comprehend the query faster than they otherwise would.“A chat history can often be extremely long,so s

36、ummarising it means that customers wont have to wait for the agent to read the whole thing,”she says.Reducing the number of underinsured propertiesAs many as 40%of commercial properties in the UK are underinsured,accord-ing to research published by global insurance broker Gallagher in Q4 2022.Thousa

37、nds of policy-holders could therefore find themselves seriously out of pocket if they need to make a claim.“Many properties are insured at what the rebuild cost was 30 years ago and weve just applied index-linking every year,”Halsey reports.“Thats not adequate things change.”AI can help to solve thi

38、s problem by improving the accuracy of building insur-ance coverage,he says.It does so by combin-ing geospatial data and satellite imagery with AI-powered computer vision,giving a more up-to-date view of a propertys dimensions and risks.Insurers can go further by using drones to assess the risk prof

39、iles of commercial build-ings,Halsey adds.“You can send a drone around the top of a property to assess the condition of its roof.Or,better yet,you can get an agreement for it to fly through a warehouse,say,see all the risk features and tag these with computer vision,”he says.“All of this sounds like

40、 its the year 3000,but it isnt.You can do it now.”030204 Theres an opportunity to use generative AI as an aid to decision-making by treating it as a co-pilot.Its not removing the human from the process;its providing the human with additional information to support better decisions40%of commercial pr

41、operties in the UK are currently underinsuredGallagher,20227R A C O N T E U R.N E THow much are customers driving digital transformation and what are the investments priorities for insurers?What are the insurance industrys digital transformation priorities?THERE IS AN APPETITE FOR THE DIGITISATION O

42、F INSURANCE SERVICES.APPROXIMATELY A THIRD OF ALL INSURANCE CUSTOMERS GLOBALLY WOULD BE OPEN TO MANAGING EVERYTHING ONLINEShare of consumers who could imagine managing all their insurances exclusively online worldwide in 2022,by countryStatista,2022FinlandBrazilUKIndiaNetherlandsPolandSouth AfricaGe

43、rmanySwitzerlandAustraliaSpain ChinaAustriaCanadaFranceSwedenItalyUSMexicoSouthKorea45%33%32%30%30%30%30%29%28%27%27%26%25%25%25%25%24%24%23%15%8T H E F U T U R E O F C U S T O M E R S E R V I C E I N I N S U R A N C EGIVEN THAT THE INSURANCE INDUSTRY HAS A TRUST AND PERCEPTION ISSUE,LISTENING TO WH

44、AT CUSTOMERS WANT AND IMPROVING EXPERIENCES NEEDS TO BE A PRIORITYHow Brits feels about the insurance industry as of July 2023.YouGov,2023AND THE STAKES ARE HIGH WHEN IT COMES TO THE IMPACT OF FRICTION IN THE CUSTOMER JOURNEYImpact of CX friction on customersTalkdesk,202213%Somewhat favourable7%Dont

45、 know36%Neither favourablenor unfavourable27%Somewhatunfavourable15%Very unfavourable2%Very favourableDecreasedlikelihood torenew their policyDecreasedlikelihood torecommend to othersDecreasedlikelihood to addadditional policiesIncreasedlikelihood offraudulent claims59%56%53%46%Gartner,2023THERE IS

46、A GENERAL SHIFT ACROSS INDUSTRIES TOWARDS CUSTOMER EXPERIENCE AND OPERATIONAL EXCELLENCE BEING THE PRIMARY DRIVERS OF DIGITAL INVESTMENT RATHER THAN GROWTHObjectives of digital investments over the past two years(%of respondents)Top-line impactBottom-line impactImprove customer/citizen experience22%

47、27%45%22%25%53%14%Grow revenueImprove operational excellenceIncrease employeeproductivityImprove employeeexperienceIncreasecost-efficiencyIntroduce newproducts/services9R A C O N T E U R.N E TIN LINE WITH THIS,INSURANCE INDUSTRY TECH INVESTMENT PRIORITIES ARE SHIFTING TOWARDS THOSE WHICH SUPPORT BET

48、TER CUSTOMER EXPERIENCE AND DIGITAL CAPABILITIESChanges in technology investments(%of insurance respondents)Gartner,20230%80%40%60%20%0%80%40%60%20%Application modernisationCybersecurity/information securityBusiness intelligence/data analyticsIntegration technologies/APIs/API architectureCloud platf

49、ormsTotal experience solutionsArtificial intelligence/machine learningDigital workplaceHyperautomationLegacy infrastructure and data centre technologyBusiness continuity managementContainerisation and orchestration of application workloadsDigital mediaProduct portfolio management toolsConnectivityIn

50、ternet of thingsEnterprise resource planningDigital twinsHuman augmentationNext-generation compute technologyNoneRespondents decreasing investmentRespondents increasing investment10T H E F U T U R E O F C U S T O M E R S E R V I C E I N I N S U R A N C EBy adopting GenAI,insurance firms can become s

51、marter and more productive while pushing standards of customer service to new heights.But achieving all this will require a change of mindsetHow insurers can harness the power of generative AIhe rapid advance of generative AI has the potential to reshape the insurance industry from top to bottom.Lar

52、gely manual activities,ranging from risk pricing to claims handling,could be enhanced or even completely automated by firms adopting the lat-est GenAI tools.“These are the lowest-hanging fruit when it comes to applying generative AI and theyre also the lowest-risk uses,”says Rahul Kumar,vice-preside

53、nt and general manager of financial services and insurance at Talkdesk.“Youre not putting generative AI directly in front of your customers and you have the opportunity to test,learn and optimise by using the technology inter-nally first.”For instance,GenAI can help customer ser-vice agents become m

54、ore effective and efficient by accelerating document searches and image scans.It can give them real-time guidance while theyre interacting with customers,Kumar adds.It can even help new agents by generating Ben EdwardsT11COMMERCIAL FEATUREscripts to follow based on the conversations theyre having.Wh

55、ile GenAI can enhance internal processes,it can also be used to take the customer experi-ence in new directions.For instance,the technol-ogy could dynamically adjust a customers cover-age as their circumstances change.“Imagine a scenario where youre going on a long car journey,”Kumar suggests.“You e

56、nter the destination on your satnav and your insurance co-pilot suggests increasing your cover,because it can see that youll be travelling through terri-tories more prone to things going wrong.Thats a new type of customer experience because its the insurer proactively looking out for you.”Despite th

57、e potential that GenAI offers insur-ers,integrating it into their systems and pro-cesses wont be straightforward,partly because of legacy technology problems,but also because players in this sector generally arent quick to embrace change.“If you compare insurance with other sectors,its technology ad

58、option has traditionally been a challenge because the industry is very risk-averse,”Kumar says.“Insurers typically take the fast-follower approach:we need 15 people to tell us that something new is working for them before we even consider talking about it.”To embark on the process,insurers must take

59、 numerous steps.First,a mindset shift is required:insurance leaders need to become more open to adopting new tech.Second,they have to recognise that integrating AI is an iter-ative process,so they shouldnt be afraid of get-ting things wrong as they test and learn.“If you dont incentivise people to f

60、ail,youll never get them to try out new things,”Kumar stresses.“This is about promoting an organ-isational culture where its OK to say:This might not be perfect on day one,but well get there eventually.”Insurance firms must also ensure that humans are heavily involved in any AI processes,par-ticular

61、ly given the risks concerning so-called hallucinations where GenAI makes fictional claims that it confidently passes off as facts.“You need to put guardrails in place to ensure that the technology doesnt go rogue,”Kumar warns.“Automation is great,but you must have a human in the loop so that they ca

62、n see whats going on and intervene if things arent proceed-ing the way they should be.”Humans also need to ensure that GenAI tools are being trained on accurate information,he adds,pointing out that“the insights that generative AI outputs will only be as good as the data it has access to”.As regulat

63、ed entities,insurers have to be cautious about potential compliance problems concerning data protection,particularly when theyre using third-party tech providers.“Proper control mechanisms need to be in place when it comes to who can access and ana-lyse data,”Kumar says.A final tip for ensuring a su

64、ccessful GenAI deployment is not to try to implement everything in one shot.“You dont have to go all in with a big bang,”he says.“Conduct internal tests first with your employees,picking a few processes where the risk isnt that severe but the possible efficiency gains are significant.”In other words

65、,focus first on areas where using GenAI can achieve cost savings and then move to areas where it can generate value,such as customer-facing processes.By taking that approach,insurers can radically redesign their businesses without causing unnecessary disruption.While a hasty implementation project w

66、ill undoubtedly cause problems,such is the potential offered by GenAI that insurers must still act quickly and decisively.Indeed,Kumars prediction is that,“if things continue to go in the direction theyre going,generative AI will transform the industry to the point that it will be almost unrecognisa

67、ble by 2030”.For more information please visit of consumers consider online communication as the primary way of interacting with insurers in the futureof consumers are open to receiving AI-based insurance advice60%Gyan Consulting,202374%COMMERCIAL FEATURE12In an increasingly crowded and competitive

68、market,insurance providers must go the extra mile to engage customers and provide experiences that will result in lasting relationships.Heres howLifting the service ceiling:above and beyond policies and claims handlingor many people,buying insurance is a simple matter:you purchase your cover and hop

69、e that youll never need to use it.That means most customers interactions with insurers will be at the point of sale or when something has gone wrong.The latter situation is where an insurer can really differentiate its customer experience(CX)by providing an empa-thetic service that builds trust and

70、loyalty among policy-holders.“Some insurers really focus on controlling the claims process,so they take charge of the supply chain more than others and dont use so many third-party providers when it comes to intervention and repair,for instance,”says Fady Khayatt,partner at management consultancy Ol

71、iver Wyman.Ben EdwardsF13R A C O N T E U R.N E TAn insurer that can respond promptly to a cus-tomers problem a water leak in their property,say and resolve it quickly will potentially reduce the damage caused and also strengthen the rela-tionship by proving its attentiveness to the poli-cy-holder in

72、 their moment of need.“When a customer makes a claim,its during a heightened emotional moment where a good interaction has a much bigger impact than it does at other points in the process,”Khayatt says.“Players that control their supply chain closely and use it to deliver good outcomes for customers

73、 can help themselves in terms of lower claim costs,but doing so also has a big positive impact on their customer experiences and policy renewal rates.”British insurance firm Esure is taking a simi-lar approach by using AI to process car insurance claims,automating the initial damage assessment and t

74、hen recommending local repair services for policy-holders to choose from.“That helps our customers get through the claims journey so much faster,”says Alison Edge,data product owner at Esure.“It saves cost for us,because the settlement time is reduced and the vehicle can get to the garage for repair

75、 more quickly.”Personalised insurance offeringsInsurers can also use AI and advanced data ana-lytics to hyper-personalise their CX so that all product recommendations made to a prospective customer are relevant and based on that persons specific needs.For instance,when it comes to covering small fir

76、ms,providers that can make their offerings more relatable to a particular cus-tomers business are likely to be more successful.“When a small business owner feels that the conversation and the policy are clearly tailored to their requirements,youll typically see a clear uplift in conversions,as oppos

77、ed to when theyre interacting with an insurer thats offering prod-ucts that sound a bit generic and could apply to any company,”Khayatt says.Another way by which insurers can elevate their CX is to make buying cover more seamless and convenient by partnering with businesses and offering embedded ins

78、urance products when a customer makes a related purchase.For instance,they could offer a travel policy to a cus-tomer whos just booked a holiday.“For fintech firms and marketplaces,embed-ded insurance also increases engagement and the stickiness of their platforms,”says Nelson Castel-lanos,head of p

79、artnerships at embedded insurance specialist HDI Embedded.“Thats because the more products and services they can offer,the more likely their customers are going to stay in their ecosystem.”Castellanos reports that his firm sees conver-sion rates increase by 15%to 20%when partners offer insurance pro

80、ducts that are embedded at the point of sale.Streamlining customer interactionsInsurers should be considering ways to minimise the friction that customers encounter when dealing with them,according to Simon Thompson,head of data science at digital transformation consultancy GFT Technologies.That wil

81、l not only help improve the CX a firm provides;it will also give the insurer greater rev-enue-earning potential,because customers are more likely to choose a provider that offers the most streamlined processes,he argues.Technological advances are also creating more potential for insurers to complete

82、ly redesign their offerings by thinking differently about custom-ers likely future needs and how their products can be packaged.“For example,you could have an integrated home insurance and assistance product with a chatbot and online expertise for solving problems around the home bundled with insura

83、nce,or a tool that would help bundle the right sorts of cover for a small business,”Khayatt suggests.“So you have a real modular insurance product,with AI helping to identify the right combination of products and services to offer.”This is a pivotal period for the industry a time in which any insure

84、rs that are slow to embrace tech to elevate their CX are sure to get left behind.Thats the view of Ed Halsey,co-founder and COO of insurance broker Taveo.“Theres an impending explosion of AI and auto-mation,”he says.“The brokers and insurers that cant work out how to integrate this technology and ar

85、e still operating on legacy systems simply wont be able to match the service levels being pro-vided elsewhere by players that have built mod-ern,innovative tech stacks with the customer at their centre.”When a small business owner feels that the conversation and the policy are clearly tailored to their requirements,youll typically see a clear uplift in conversions14T H E F U T U R E O F C U S T O M E R S E R V I C E I N I N S U R A N C EPublication sponsored by