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Voicebots in the Insurance Industry

12/05/2024
Frank Sinde

Imagine you submitted an invoice to your insurance provider two weeks ago and now want to check its status. After spending a long time searching for a contact number on their website and being transferred multiple times, you finally reach the right person after ten minutes—without receiving a satisfactory answer. This scenario highlights the importance of efficient processes and accurate call routing in contact centres.

The demands on contact centres are steadily increasing. This is especially true in the insurance industry, where customers often need to discuss sensitive information or resolve complex issues. Quick and precise handling is essential, and this is where voicebots can serve as an innovative solution, significantly improving efficiency and customer satisfaction.

In a recent webinar, we partnered with one of Germany’s leading insurance companies to demonstrate how modern voicebots work in practice and the benefits they offer.

Challenges in Contact Centres for the Insurance Industry

One of the most common challenges in contact centres is correctly routing calls. Miscommunication, incorrect transfers, or long waiting times can negatively impact the customer experience. Typical challenges include:

  • Misrouted calls: Customers often do not reach the right contact person directly, leading to unnecessary transfers and longer resolution times.
  • Manual workload: Staff spend considerable time routing calls or handling standard queries.
  • Limited availability: High call volumes result in long waiting times for customers and increased stress for staff.

The Solution: AI-Powered Voicebots

Voicebots offer an innovative way to address these challenges. By leveraging artificial intelligence, inquiries can be handled and routed more efficiently. Our technology partner, Parloa, provides a flexible platform tailored to the needs of modern contact centres.

Key Features for the Insurance Industry:

Accurate Routing: By identifying the caller's query, product details, and role (e.g., customer or relative), voicebots ensure customers are connected directly to the right contact.

Automated Authentication: Information such as insurance numbers or IBAN details can be securely captured and verified.

Self-Service Capabilities: Customers can handle standard inquiries, like checking a claim's status or updating their address, without needing to speak with a representative.

Natural Language Input: Voicebots powered by generative AI enable empathetic and intuitive dialogues.

Flexibility and Scalability: The platform can be managed without extensive IT expertise and adapted to meet individual requirements. Recent developments simplify configuration by allowing users to define tasks, boundaries, tone, and more in a single text field.

Success Stories: The Impact of Voicebots

The implementation of voicebots in our client’s contact centre has delivered impressive results:

  • Reduced Call Volume: By integrating voicebots, the main switchboard’s call volume was reduced by 89%. Staff could focus on other tasks, leading to significant improvements in availability and shorter waiting times.
  • Improved Customer Satisfaction: Around 70% of surveyed customers reported that the voice assistants enhanced their experience in resolving issues.
  • Increased Self-Service Usage: Several hundred customers per month now fully resolve their inquiries via the bot without requiring staff assistance.

Key Considerations for Implementing Voicebot Solutions

Introducing voicebots in a complex environment like the insurance industry requires careful planning, execution, and close collaboration among various stakeholders, including specialist departments, security experts, and network specialists.

Different requirements—such as adapting technologies (e.g., browser or voice encryption)—must be addressed early to ensure smooth operations.

Clearly defined key roles and sufficient dedicated resources are essential for driving the project forward over the long term. Without the early involvement of all relevant teams and centralised professional coordination, the success of such a project becomes significantly more challenging.

Additionally, the following points should be considered:

Technical Integration

The successful implementation of a voicebot largely depends on the availability and quality of backend data. APIs, ideally modern REST APIs, are essential to ensure seamless data exchange. However, it may be necessary to develop additional functionalities for both read and write processes. Special attention must be given to the completeness and accuracy of the data, as incomplete or incorrect fields can significantly impair the quality of outcomes, particularly in self-service scenarios.

Continuous Feedback

Even if positive Net Promoter Scores (NPS) indicate high customer satisfaction, it is crucial to continuously gather feedback from both customers and employees. While customers often perceive their interaction with the voicebot positively, they may not always be able to evaluate whether the result was truly optimal. To improve the voicebot’s performance, it is therefore essential to regularly collect feedback and retrain the bot based on these insights.

Change Management

Introducing a voicebot requires more than just technical implementation; it also involves actively engaging and training employees. A phased rollout across two departments demonstrated that targeted training is essential to foster acceptance and engagement. Challenges such as different work environments (office or home office) can further complicate training delivery, necessitating a flexible and comprehensive training strategy. Early employee involvement significantly increases the likelihood of success.

Iterative Implementation

Instead of launching everything at once, a phased rollout of individual use cases has proven particularly effective. It is advisable to start with a simple MVP (Minimum Viable Product), such as replacing an IVR system, and gradually increase complexity. Similar to a Scrum project, functionalities are tested and released incrementally, allowing the overall project to grow in a controlled and successful manner.

Conclusion: Rethinking Customer Service

Voicebots powered by generative AI are no longer a futuristic concept—they are a reality that makes contact centres more efficient and customer-friendly. Especially in the insurance sector, they help manage high call volumes, improve customer satisfaction, and alleviate the workload on staff.

Want to Learn More About Voicebots?

Contact our experts to schedule a live demo and see the technology in action. Discover how it can be successfully implemented in your organisation.