The movie Terminator envisioned a bleak dystopian world where a sentient AI waged war on the human race with an army of killer robots at its disposal. In the real world, AI has a long way to go before it becomes sentient. However, it has taken over the business world. From multinational corporations to small mom-and-pop shops, AI has become a valued tool for companies to gain a competitive advantage in the marketplace.
Whatever your feelings about artificial intelligence, there is no denying it is here to stay. So with that in mind, here are some ways your agency can take advantage of it.
Product customization and recommendations
Insurance isn't a one size fits all business. Sure there are general plans that cover large portions of the population, but humans are unique, with unique coverage needs. Unfortunately, it can be challenging to identify opportunities or find enough people to make viable plans. After all, not many people need comprehensive lego insurance, often leaving gaps in their coverage.
That is where AI can help. Artificial Intelligence can find and categorize people easily and offer them specialized plans and coverage they may not be able to find elsewhere. So your agency can help underinsured people and make money at the same time. AI can also tailor your website to fit your customer's unique needs. So someone more likely to look for home insurance will see those plans first when they log on.
That is where AI can help. Artificial Intelligence can find and categorize people easily and offer them specialized plans and coverage they may not be able to find elsewhere. So your agency can help underinsured people and make money at the same time. AI can also tailor your website to fit your customer's unique needs. So someone more likely to look for home insurance will see those plans first when they log on.
Improved Customer Services
We want to be there for our customers when they have issues. Being able to provide prompt, quality service is an essential part of any business, and in the complicated world of insurance, it becomes even more so. The problem is it is often either too expensive or too complicated to keep enough humans on staff to address all the complaints customers have. And if there's one thing customers hate more than problems with their services, it's problems with customer service.
Once again, AI can be a real asset to your agency. Creating AI-driven chatbots will give customers realistic, personalized, and helpful conversations without breaking the bank. Similarly, AI can use predictive analytics to determine when and where you will receive the most inquiries so you can direct your human resources accordingly.
Once again, AI can be a real asset to your agency. Creating AI-driven chatbots will give customers realistic, personalized, and helpful conversations without breaking the bank. Similarly, AI can use predictive analytics to determine when and where you will receive the most inquiries so you can direct your human resources accordingly.
Powerful Competitive Intelligence
Information is the most important tool in any business. In the insurance industry, it is doubly so. You need to be able to decide on plans to provide and premiums for your customers. You also need to be able to check up on competitors to maintain a competitive advantage. This is hard to do for any company that does not have the money or resources to field a team of researchers. But with AI, it becomes a snap.
Artificial Intelligence can be used to collect and analyze information about your customers and your competitors. What this means is you can track everything other agencies are up to. From promotions to policy to customers, AI is not only great for collecting and tabulating data but also for providing recommendations about what steps to take next. What once took teams of specialists now takes the click of a button.
Artificial Intelligence can be used to collect and analyze information about your customers and your competitors. What this means is you can track everything other agencies are up to. From promotions to policy to customers, AI is not only great for collecting and tabulating data but also for providing recommendations about what steps to take next. What once took teams of specialists now takes the click of a button.
Sales Forecasting To Grow Your Business
Sales are the heart of any agency. If you can't sell insurance, you won't stay in business very long. So estimating future sales numbers is paramount to your success as a business. Your business being able to quickly pick up on patterns and act on them could be the difference between success and failure.
Luckily for us, Artificial Intelligence is perfect for this. After getting all the data from various touchpoints with your customers, like CRM data, their policy histories, and the likelihood of an accident based on previous experiences and can mesh together all the information it receives to create a full short and long-term prediction of your sales numbers. Accurate forecasts will help you allocate your resources smartly and react to market changes quickly.
AI doesn't just help you hit your numbers. It also gives you information on what may be coming next.
Save Time And Reduce Costs
A common theme for all of the last points we have discussed is the ability of AI to save your agency time and money. Implementing AI into your business's operations is like adding a million workers to the company without putting any on the payroll. Automating the tasks, you don't want to or don't have time to do. This frees up your employees to focus on the more important aspects of running your agency. Add to that AI's ability to supplement human workers with predictive analytics and better data, and you have a tool that will boost productivity, all while saving you money. Artificial Intelligence saves businesses anywhere from 35,000 dollars to over 1 billion dollars a year. Making it the most valuable asset in any company.
Artificial intelligence may one day be able to think and act on its own, but for now, it is a useful tool for your agency. Using AI will help you save money, cut costs, and connect with your customers in ways you could never imagine. And the best part is it won't try to take over the world.
