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Why AI gives customers more confidence

20 October 2021 · By Irene Martínez

The growing chasm of distrust between insurers and the insured is something we’ve written about previously on our blog, but today we’re going to go a little more in-depth. 

A recent report from the UK’s Financial Ombudsman Service stated that complaints about insurers rose 36% between April 2020 and March 2021, totaling nearly 44,500 complaints

The report recommended that personalized support should replace a company's reliance on systems and processes, to rebuild the damaged relationship between insurance providers and their customers. 

This is where AI can add so much value. 

AI-powered chatbots enable fast, high-quality, personalized service without the need for expensive contact centers or human intervention. With the speed of service and individual approach being critical factors for customer support, implementing AI can set you on the right track to rebuilding consumer trust and confidence. 

Here’s how:

5 ways AI builds trust in policyholders

Not all policyholders will see the advent of AI in insurance as a good thing. 

First off, they might worry that artificial intelligence can never review their case with the same level of nuance and understanding as a human claims agent. They may also worry that AI will remove the already small amount of personalized service they receive by replacing contact centers with chatbots and appraisers with an app.

The truth is, they need not worry. As the insurance sector incorporates more technology and AI into the process, customers will enjoy a faster, better experience. 

Let’s look at how AI technology like Bdeo can build the trust and confidence that policyholders are missing.

AI speeds up underwriting — and passes that time-save to the customer

Almost two-thirds of UK motor insurance policies are now sold online. And, as consumers themselves rely more heavily on digital solutions than ever before, they’ll be expecting the same from their insurance providers.

Thankfully, new applications of AI in commercial underwriting can speed up the process by extracting information from PDFs, printed documents, emails, and even handwritten documents. 

Thanks to AI, customers can get coverage at record speed while still getting an accurate quote on their premiums.

AI makes the claims process simpler, faster...

Alongside faster underwriting comes faster turnaround times for claimants. Insurers can accelerate every step of the process with AI. For example, initial contact when an incident occurs. 

Previously, claimants would need to call their insurance company to start the claims process. That process typically includes waiting on hold, giving all of your personal details to an agent to help them locate the account, then eventually relaying the incident details. 

For one, this can be an unsettling experience — for someone whose living room is flooded or who has recently crashed their car, a quick response and a settled claim are all they’re after! 

What’s more, when too much time passes between the incident and the report, stress and possible trauma may distort events. The insurer then has to record unreliable evidence that requires human intervention to verify.

Today, companies like Bdeo are bringing AI and Visual Intelligence to the market, allowing policyholders to process a claim immediately. Our technology enables claimants to open a claim and gather accurate visual evidence with a step-by-step guided process. Now that’s reassuring!

… and fairer

After capturing the data, AI can assess the damage, check for signs of fraud, and even approve the claim if no issues are flagged. The whole claims process can be completed within minutes, offering a cost-effective solution for the insurer and peace of mind to the insured.

Of course, faster claims processing means quicker pay-outs for those who need it. If a claim is successful, AI can verify payment information and trigger the payment straight away. 

That saves time for the insurance agent and reduces stress for the claimant. After all, claimants already have enough to deal with!

AI removes human error from the onboarding process

With manual data handling comes human error — it’s only natural. And even if we’re not accidentally sending the wrong files or ticking the wrong boxes on a form, mistakes and issues creep into the insurance process and risk undermining a customer’s confidence in your brand. 

Using AI during the welcome and onboarding process removes the potential for error on the insurer’s side. This helps the insurer make informed decisions based on accurate data. And it can also bolster a customer’s trust because they know the information they give won’t be misrecorded or manipulated.

AI can add reassurance and confidence during claim management

So far we’ve discussed how AI can improve the various different phases of a policyholder’s insurance journey. But AI can deliver confidence-boosting benefits day in and day out as well.

AI-powered chatbots offer customers instant access to expert advice and assistance. No more waiting on hold for hours and no more long waits for responses to email queries. Customers can get the help and information they need right when they need it.

Making updates to policy information — such as new vehicles or a change of addresses — can be completed within minutes. Changes to the policy itself are also made far simpler. AI can provide customers personalized policies based on their actual needs rather than generic prepackaged deals. 

This simplicity builds trust and reassures the insured parties that their information is accurate and handled correctly.

Give your customers the confidence they deserve with Bdeo

AI and VI already offer insurers the ability to provide a seamless experience to all their customers. Insurers are quickly seizing these opportunities and seeing the positive impact on customer satisfaction and sign-ups. 

Bdeo are leaders in the visual intelligence movement and can help your company stand out in a crowded insurance market. Our tech will help you leave behind the traditional, ineffective ways that have hampered our industry for years — and start offering real value to each of your customers.

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