Advancing the hybrid workforce in the insurance industry
AI has been redefining how customers interact with insurance providers for some time. In 2017, in the UK and Ireland anticipated making moderate or extensive investments in deep learning, embedded AI solutions and machine learning over the next three years.
While licenced agents play a critical role in being able to legally perform certain functions, given the challenges that have upended many industries relying on insurance this year, it is fitting that many are looking to AI-powered digital employees and investing in cognitive solutions to upgrade and scale customer-facing processes.
Insurance is calling for a blended AI-human solution -a hybrid workforce. So, where can AI be implemented to transform processes and improve operational efficiency and customer service within insurance firms, and how does this affect how experts employed in the insurance sector operate?
Streamlining the customer journey
Insurance firms want to make the customer experience of their contact centres as seamless as possible. So, many have chosen to integrate AI at the beginning of the customer journey to help authenticate users and identify the intent of enquiries. For example, a digital employee can confirm routine information, such as asking “What is your name and policy number?” to get the customer in front of the right agent from the outset.
This again allows human agents to avoid repetitive, information-gathering tasks, in turn saving them time, and helping them improve incoming calls management. By automating straightforward enquiries, insurers can improve customer satisfaction rates by empowering them to get answers more quickly. In turn, employees can instead focus their time on higher-level interactions that are both more rewarding for the employee and beneficial for the business, such as building rapport or handling sensitive enquiries.
Augmenting employee experience
Digital employees can also support in augmenting the work of insurance professionals by acting as ‘whisper agents’. Working directly with customer agents, digital colleagues can screen calls and discreetly share instant, relevant information with them, hence the term.
This is key for ensuring all customer calls are personalised to reflect the customer’s previous experiences while remaining compliant with industry regulation. Having the relevant information to hand in turn makes the call more seamless for the customer, as employees do not have to spend time searching through databases, policy guidance or FAQ documents.
Hybrid Workforces are the future of insurance
The role of insurance agents is changing dramatically, and with it, so are customer expectations. We will see an increasing number of firms adopting a Hybrid Workforce model, in a bid to speed up processes and enhance the customer experience.
Digital employees, such as , whose programming can be personalised to match the specific company she works with, use Natural Language Processing (NLP) to automate common customer requirements at scale, while securing backend integrations with an organisation’s specific data management systems.
It will no longer be feasible for organisations to expect customers to wait in long phone queues to get the answer to a simple claim query. AI is causing significant changes and improvements to customer service across nearly all industries - and insurance is no exception.
This article was contributed by Stephen Harcup, Cognitive AI Director for Banking, Western Europe at Amelia, an IPsoft company
The Ultimate FinTech & InsurTech LIVE Event
From October 12th-14th, 2021, BizClik’s FinTech & InsurTech event will bring together influential executives from around the world. Streamed live from Tobacco Dock, London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future.
With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech 2021 will expand your network, deliver insight, and enhance your organisation’s reach.
Already confirmed speakers include Colin Payne, VP & NextGen FS Global Lead at Capgemini; Dipu KV, President and Head of Operations & CX at Bajaj Allianz General Insurance Company; Bryan Caroll, CEO at TNEX; and Lucy Demery, Managing Director at Barclays.
The event will include:
- Keynote addresses from respected industry leaders
- Dynamic live roundtables (inc. Q&A)
- Fireside discussions
- Inspirational Speakers & Presentations
- Extensive networking opportunities
Meet the Speakers
Each week, from now until the event, we’ll be announcing the latest speakers who are set to grace our physical or virtual stage, prepared to share their knowledge and insight with attendees.
Our second batch consists of:
Currently the Senior Vice President of Business Development & Fintech for Mastercard UK & Ireland, a position he’s held since 2014, Abraham describes himself as “a proven and successful senior sales leader with experience across a wide range of industries, sectors, and channels.”
Graduating from the University of Northampton in 1994 with a BA in Economics and Law, he worked for nine years at Sainsburys - eventually responsible for banking the company’s revenue and running its ATMs - and then Barclaycard for three years as Head of Client Management. In 2007, Abraham became VP of Client Management at American Express, and then VP and GM Global Supplier Relations EMEA in 2012.
In his current role at Mastercard, Abraham is accountable for the acceptance of all payments and products through all channels, devices, and technologies across UK and Ireland. In addition, he oversees the deployment of innovative new payment tech within the region.
Fraser-Hawkins’ role as CEO, UK Corporate, at Marsh McLennan is the continuation of a long and successful insurance career, which has included being London Sales Director for JLT Group and Branch Director for Willis Towers Watson.
Marsh prides itself on being a company that hires top-tier talent, does work that impacts peoples’ lives, and offers its employees the opportunity to make a difference. This is clearly an attitude that aligns with Fraser-Hawkins’ own values; regarding the insurer’s UK Young Professionals initiative, a support network to help young professionals in their development, he said:
"I am passionate about developing talent and our Young Professional CRG provides a brilliant community for our Young Professional colleagues to discuss key issues relevant early in their careers, as well as an environment to promote the skills, learning and network for success."
Massaro is currently the CEO of Boston fintech Flywire, a role he took on in 2013. He first joined the team in 2012 as VP of Business Development, but it wasn’t long before his entrepreneurial skills were redirected to leading the entire company’s high-growth strategy worldwide.
An expert in domestic and international payments and billing, enterprise technology sales, strategic alliances, enterprise software, SaaS, product management and marketing, and much more, Massaro is a consummate finance professional whose credentials befit the leadership of a prominent global payments fintech.
His previous positions include Consultant at PwC and Product Line Manager at Oracle, and he maintains a Mentor role at startup accelerator MassChallenge. He graduated magna cum laude from Babson College with a BS in Information Systems and Finance.
This event is set to be one of the year's most unmissable. If you want to get leading perspectives on the future of fintech and insurtech, go to Eventbrite and purchase your tickets now.