Conversational Solutions for a Leading North American Life & Annuity Insurer

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Overview

A US-based Fortune 500 company, offering a diverse range of financial services and solutions across life insurance, annuities, retirement plan services, group protection and employee benefits.

Challenges

As a pioneer in life insurance and annuity products in the US, the client wanted to improve the customer service experience for their policyholders.
With a shift in customer demographics, there was a need to provide anytime, anywhere service model to enhance the experience of their customers.
Automating simple conversations gave more bandwidth for the customer service staff to provide better value to policyholders.
Availability of service staff only during business hours; not aligned to expectations of emerging generations.
Long wait time in both call centers and live chat due to simpler conversations clogging the bandwidth (~60-70% of conversations are enquiry related).
Simple conversations routed to contact center took up the bandwidth for the customer service staff.

In addition, service reps received straightforward queries, which contributed to nearly 70% of the total queries. This leads to a wastage of service reps’ effort in answering simple queries while they are expected to handle complex ones.

With the success of the chat functionality, the client wanted to leverage the same but also had a pressing need to support customers 24X7 with a humanized engagement. They needed to position themselves as a cognitive contact center for insurance.

To summarize, the client was keen to provide its customers with 24X7 support for queries related to insurance products and processes, basic enquiries on their policies, simple service requests and administrative support such as password reset, and account unlock using its portal. The client’s goal was to deliver improvements in customer experience by offering consistent, scalable, anytime, anywhere support, while also improving the efficiency of its customer service team, ultimately becoming an optimized insurance contact center.