The future of virtual agents in P&C insurance
Machine learning and virtual agents will continue to improve insurance sales.
Brick-and-mortar call centers have been — and continue to be — at the heart of property and casualty insurance sales.
Recently, however, some carriers have moved forward with a new sales strategy of hiring remote agents connected through virtual platforms. By combining a more versatile nationwide workforce with up-to-date machine learning technology, these insurance carriers are seeing serious positive results.
Since P&C is a local business at heart, remote agents have a better handle on local laws, policies and customer needs. Beyond these current advantages, the future holds even more possibility. The combination of local expert agents and virtual platforms using the latest AI innovations puts the P&C industry at the forefront of innovation.
The following are just a few of the ways machine learning and virtual agents will continue to improve P&C sales moving forward.
Better collection and organization of data
As tools like embedded driving sensors and other tracking devices provide more information about policyholders, properly collecting and organizing those vast amounts of data becomes critical. Innovations in machine learning use AI to turn unstructured data (like that provided by telematics devices) into structured data, making it usable for evaluating the best option for both carrier and customer.
Remote platforms for agents also collect data on customer-agent interactions, allowing for constant evaluation and improvement in the sales process. Rapid speech-to-text translators combined with algorithms turn conversations into structured data, making concrete insight possible.
Related: 3 ways machine learning is transforming insurance
Reducing points of friction
When it comes to P&C insurance sales, any friction is too much friction. So any technological innovation that can remove or reduce a point of friction will increase retention. One recent change that works for some carriers is sending documents that require signatures via text instead of e-mail.
Today, people communicate by text more than they do by e-mail. It’s not uncommon for individuals to have hundreds of unread e-mails — but it’s rare that texts go unread. Sending the e-signature form in a text puts it at the customer’s front of mind, and it’s more likely to get done. That’s a point of friction minimized if not eliminated altogether.
Because communication trends like these change so quickly, you can’t just sit back after finding a way to text the form and call it a day. After all, in a year or two, phones might have a thousand unread texts on them when the next trend hits.
More efficient hiring, on-boarding, and training
Agents working in different parts of the country will have their fingers on the pulse of local needs. But beyond that, being able to hire nationwide vastly increases your available talent pool. That larger pool of candidates allows you to hire those with greater qualifications from the get-go.
Advances in virtual platforms also allow for quicker training, and speech-to-text translations and structures conversational data mean quick identification of potential areas for improvement. While it may seem counterintuitive, real-time sales coaching works just as well with remote agents as it does in a call center for these reasons.
Into the future
In addition to all the above, there are many potential advancements and advantages that we haven’t even thought of yet. Today’s remote sales forces were unheard of twenty, ten, even five years ago. The same goes for the quick organization of customer data in real time. Though the P&C industry has been around a long time, the leaders within the industry are evolving faster than ever before — so in order to keep up, you’ll have to learn to keep maximizing the benefits of machine learning applied with a human touch.
Joe Orr is EVP of Insurance at Clearlink, an international business intelligence and marketing agency headquartered in Salt Lake City. He can be reached by sending e-mail to Joe.Orr@clearlink.com.
The opinions expressed here are the author’s own.
See also:
5 artificial intelligence tools defining the future of P&C insurance