Insurance Blogs

Why automate your agency? 5 tips for AI to perfection

COVU Agency Tips Insurance Insurance Agency Growth Strategies Digital Solutions Blog
We can't say that face to face is important, even in a largely digital world, many insurance clients still prefer in-person visits to their agent. Although as your insurance agency grows and more and more tasks become based on technology, there are many ways insurance agency automation can help improve administrative efficiency to free up you and your agents for valuable face time with your clients.
Like every insurance agency knows, gaining consumer trust is one of the biggest challenges in the insurance industry. Successfully implementing AI programs into your insurance agency can have an immediate impact on both the quality and efficiency of the work done in your office.
Automation can speed up service delivery by up to 80% and save you thousands of work hours each year. We know that Insurance agencies with automation typically see an increase in overall productivity and profitability. You find an easier way to streamline claims processing, rapid document digitization, faster and more efficient underwriting, and so many more benefits.
Here are 5 tips we at COVU recommend for you to automate your agency;

  1. New Lead Acquisition

Your agency may generate some leads from your website, but we all know clients fall through the cracks because of incomplete applications. This means your staff will have to spend time following up with clients seeking online quotes in order to obtain missing information and suggest appropriate coverages. All this work can be done with a good CRM that integrates with your website to create a workflow that makes it easy to organize leads and follow up with clients. At COVU we facilitate this for you, if your agency gets a high volume of inquiries, we can drastically improve your efficiency by scoring leads, assigning an agent to an account, and setting notifications for follow up. New lead acquisition is one of the biggest benefits of insurance agency automation.

2. Manage end to end clients relationships

Good sales professionals have always been able to set themself apart with excellent interpersonal skills, but sometimes humans are not always best suited to human interactions. A sales person may be juggling more than dozen leads at a time, to be able to manage end to end client relationships to perfection we can really have an AI backup with all your needs and customer information. This will help to maintain your relationship with your client to its utmost. The end to end customer experience is the immersive customer journey from thoughts to actual reality.

3. Personalized Marketing Communications

We all know we want that special treatment, effective communication can boost relationships with clients and improve team productivity. By transitioning your agency to AI solution it would give you a variety of internal and external communication options such as email, chat, and video conferencing, so that you can connect with your clients and fellow team members in the most effective way possible.You can categorize your clients as prospect, new clienteles, long term policy holders, etc. At COVU we make sure our team sets that special treatment and personalized marketing directly to where it should go, because we know that people need to trust you before giving you the details required to purchase insurance. We create that trust by personalizing your communications with them.

4. Real time reporting

One of the biggest obstacles to effective CRM use is maintaining up-to-date information on leads and customers. Data-driven decision-making is key to the success of any insurance agency. Insurance agency AI management should offer real-time reporting so that you can track your progress and identify areas for improvement. Get quantitative reports so that you can generate the specific data that you need.

5. Improves fraud detection

AI and machine-learning tools can help insurers to spot unusual patterns that a human might miss. For example, by comparing new claims to the existing data, AI in the insurance sector can help detect claims that are unusually high and probably fake. With AI in claims fraud detection, the algorithms provide an accurate claim score and reason code for each claim made, which can help determine if the request is suspicious and requires further investigation.

We have also seen an efficiency improvement monitoring employee and customer behavior to look for patterns indicating large-scale fraud. Customers making odd claims are potential red flags that AI can highlight for further investigation, and we always want that second eye to help us on what we can mistakenly pass by.