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Decision trees for insurance companies

9 mins read

46% of insurance customers are more likely to tell others if they have a bad experience, and 25% of them immediately switch to other service providers. Decision trees for insurance companies play a valuable role to improve this statistic. 

This is alarming! 

Managing customer service information is increasingly complex. This becomes even more challenging when handling multi-customer service channels and applications. 

Do you agree that complexity makes consistency and accuracy difficult? So how can you simplify the process without sacrificing KPIs or the customer experience (CX)?

A great customer experience is at the core of success within the insurance industry. As a result, insurance companies around the globe need a future proof strategy that makes it easier and more convenient to purchase insurance, manage policies, submit and track claims, and more. Nonetheless, there are a number of challenges that insurers face.

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Industry Challenges 

Global insurance companies face increasing pressure to address the high load of tickets, related to:

1. Underwriting Procedure

It includes all the steps from initial application submission, process time, wait time, to receive a quote. Long wait times or pending resolutions often create negative impressions. 

2. Policy Servicing

Customers expect service agents to anticipate their personal demands and provide easy access to required information. It creates a lot of requests on the helpdesk and providing quick & accurate resolution is the key here. 

3. Claim Settlement

Claim processing is the most crucial service that an insurance company provides to its clients. If the companies fall flat in training their support agents to handle these cases effectively, then it may give rise to legal issues.

To perform these critical activities, insurance companies must ensure proper engagement with the customers at every touchpoint; be it web or assisted, throughout the interaction.

Customer service agents face the challenge of information overloading daily and need to consider a multitude of factors, possible causes, and solutions to each request. With so much information available, a resolution to the queries becoming more complex eat up CX.

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What are Decision Trees for Insurance Companies?

Decision tree technology is a simple but powerful technique to assist and empower agents handling complex requests at call centers. The step-by-step guided workflow guides agents through a specific process, providing the next best steps and solutions based on each answer given.

Let’s see how to answer simple questions using step by step guided workflows:

Decision Trees

By having cognitive decision trees for your products & process, agents are actively guided through service inquiries step by step, ensures:

  • Consistent information delivery
  • No questions skipped or forgotten
  • Increased First contact Resolution
  • Fewer call transfers
  • Happier agents & customers

Agents can create multiple scripts, troubleshoot workflows like that based on customer responses, add visual elements to it all without writing a single line of code.

Top 3 benefits of having a cognitive decision tree for Insurance companies

1. Enhanced Customer Experience

Every organization wants to be in constant contact with customers all the time so that they can solve their problems in real-time. With a robust knowledge base for customer service in place, you can create Decision trees at one channel and deploy & integrate effortlessly over multiple channels. Resulting, troubleshooting can be done easily leading to empowered agents and satisfied customers.

 2. It Improves AHT

Average Handle Time measures the average time taken to handle a customer call from the beginning. Decision trees are a guided flow of information that empowers agents to take the next best step and make it easier towards navigation helps the agent to deliver the solutions quickly and efficiently.

Additionally, the cognitive decision tree recognizes the first few answers that save extra time and helps agents provide even faster & accurate resolution. As A Result, an agent can handle more calls easily in a better way leading to higher CSAT & ASAT

3. Optimizes support costs for Insurance companies

Support cost optimization is in everyone’s kitty but it’s totally different from cost-cutting. Instead, it is the focus on the best use of resources for maximum ROI. 

Interactive customer support provided by decision trees for contact centers helps in saving finances by reducing the need to repetitively communicate with customers and result in higher First Call Resolutions (FCR). Higher FCRs reduce the number of calls and consequently reduce call center costs.

Conclusion – Breaking away from the passive approach

It’s time to subvert the traditional approach—turn the old thinking upside down, giving customers a great experience that proactively caters to their needs with effective solutions. Such an approach helps insurance companies give their customers a well-resourced and intelligent experience while simultaneously diminishing service costs.

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