SOLUTION BRIEF: Insurance Give Policyholders Seamless Experiences Provide the Right Help for Satisfying Outcomes

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1 SOLUTION BRIEF: Insurance Give Policyholders Seamless Experiences Provide the Right Help for Satisfying Outcomes Global economic uncertainty, new regulations and growth of digital technologies have created new challenges for insurers. Customers often change providers because of poor customer service or the inability to resolve issues easily. Additionally, customers interact with their insurance providers infrequently, making it even more difficult to foster customer loyalty, and limiting cross-sell and up-sell opportunities. Employing predictive analytics when engaging customers in their online moments of truth helps insurance companies drive up conversion rates, increase revenues and capitalize on cross-sell opportunities. [24]7 Predictive Sales and Services solutions track customers journeys across multiple channels to determine their intent, and which of them has the highest propensity to respond to offers of assistance. It couples that with transactional data and invokes real-time decisioning to provide the right offer or assistance at the right moment. Insurance companies can apply predictive solutions across the entire customer lifecycle, starting with research and acquisition of a new policy. It continues through activation, onboarding, usage such as payments and policy management and more. The results are true incremental gains in revenue, deepened customer relationships, increased selfservice rates, agent effectiveness and improved ROI. Predictive solutions also help achieve nonrevenue goals, including improved Net Promoter Score (NPS), Customer Satisfaction (CSAT), First Call Resolution (FCR), reduction and others. Predictive Experiences Create Wins Insurance customers win when their intent is anticipated and context maintained however they engage. Insurance companies win too because they: Acquire customers and increase revenues Improve satisfaction Reduce customer service costs

2 Acquire Customers and Capitalize on Cross-Sell Opportunities Using Predictive Sales There are numerous property and casualty insurance options available for consumers today. Insurance companies can use predictive solutions during the policy acquisition process in two specific journeys: policy recommendations and the online application process. Many potential customers fail to convert on insurance company sites because they do not find all the information they need. [24]7 Chat leverages prediction across the entire customer journey to help insurance companies increase incremental conversions and revenues. [24]7 Chat also uses prediction to identify customer intent and target customers with the highest propensity to apply. [24]7 tags, placed on web pages, collect raw session data from visitors paths across all channels to help build comprehensive pictures of their journeys. Customers who are likeliest to benefit are prompted with contextual offers of assistance. This prevents cannibalization of customers who are likely to convert without assistance, or otherwise self-serve. When a customer accepts an invitation to chat, context is passed to the agents, thus improving customer experience and agent effectiveness, and increasing incremental conversions. Accurately identify customers who are likeliest to convert if offered help. Because interactions with customers are limited, insurance companies need to capitalize on cross-sell and up-sell opportunities. [24]7 predictive solutions help achieve this by

3 offering in context personalized products such as upgraded coverages, umbrella insurance, and additional home insurance whenever customers engage about policy payments, status or similar information. Improve Customer Satisfaction with a Differentiated Experience The growth of digital technologies has driven insurance companies to offer services online, including claim filing, checking claim status and more. [24]7 solutions improve the customer experience by transferring routine tasks such as checking claim status and collecting policy, customer and accident information to self-service. Employing [24]7 Speech, other more-complex requests including claim assistance, appointment scheduling, and understanding claims process are routed to chat-assisted service that uses [24]7 Chat. Inquiries are orchestrated to assisted service digital or voice agents or to self-service by detecting what a customer wants, and carrying that forward across channels as appropriate. For example, a customer could start in an IVR and authenticate there, then have information about their policy billing or claims perfectly formatted and easy-to-read sent to their smartphone. This can resolve an issue in seconds, without human assistance. When customers do need personal help, [24]7 Chat connects them to the chat or voice agent best equipped to resolve their issues. Those agents are armed with customer information derived from predictive analytics running in the background, enabling personalized content that boosts First Call Resolution and customer satisfaction. Even when predictive analytics don t come into play, many customers can quickly self-serve to find the information they need. Routine questions such as those about payments are handled with high accuracy by [24]7 Virtual Agent. It parses natural-language questions and matches them to the one right answer across a variety of interaction channels. 3

4 Improve NPS, FCR and CSAT via Predictive Service It s great for customers to feel they came to the right place when they establish a relationship with insurance companies. But increasingly, what creates loyalty and advocacy is the way they are treated throughout that relationship especially during critical service journeys such as filing claims, checking claims status and more. [24]7 helps elevate customers experiences by providing frictionless service that goes beyond their expectations. For example, if a claim has been filed and a customer calls to check on status, [24]7 s Predictive Service solution can predict the best next action, such as scheduling an appointment with an adjuster or locating the closest body shop, via self-service or assisted-service. This helps improve critical metrics including NPS, FCE and CSAT. Determine True Incremental Gains and ROI All the ways insurance companies engage with customers online can benefit from applying predictive analytics. But they are only worthwhile where investment can be shown to be paying off. An example of this is chat, where investment in human agents is likely to be highest. If basic, non-predictive chat a platform and agents is deployed, it s difficult to determine the true incremental value. Chat-based revenue might be largely cannibalized from non-assisted sales and might be offered to customers who would prefer to self-serve. But by adding prediction and interaction design, it is possible to determine true incremental gains. Chats are offered to customers with the highest propensity to convert if offered help. Chat-based revenue and average order value increase while cost-per-acquisition decreases. It is also possible to see gains in agent effectiveness. Average handle time and concurrency rates both improve. These regularly-measured gains are hallmarks of an effective chat program. Hi. It looks like you re comapring policy coverages. Can I give you more information about that? 4

5 How [24]7 Solutions Work The [24]7 Predictive Experience Platform is a cloud-based customer engagement solution that powers each of our products to create predictive, omnichannel customer experiences in sales and service. Web, mobile, chat and voice channels become more intuitive, because the platform applies predictive analytics and real-time decisioning to customers journey and historical data. It also retains the context of their interactions: Customers can start a journey in one channel, then later do something on another device or in another channel. Their interactions pick up right where they left off. This seamless experience creates superior outcomes that drive incremental sales, service resolution, loyalty and advocacy. About [24]7 [24]7 makes customer service and sales simple. Our platform and applications use big data and predictive analytics to understand customers and drive better service and sales results for large enterprises. We do this over 2.5 billion times a year for the world s leading companies. [24]7 s platform enables an omnichannel interaction experience. We connect customer interactions across an enterprise s web, mobile, chat, social, and phone channels. It s all in realtime and in the cloud. Our solutions drive immediate business results. We increase revenues, reduce service and sales costs, and create more satisfied customers. [24]7 serves the Global 100 market leaders in the Financial Services, Retail, Technology, Telecommunications, and Travel Industries. For more information, visit: 247-inc.com Let [24]7 help your enterprise achieve extraordinary results. Contact us today. 24/7Customer, Inc. All rights reserved.

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