AI-Driven Voice Assistant Delivery Solutions for Insurance Underwriters

Sankar Subramaniyam

Sankar Subramaniyam

September 14, 2022

In 2021, The American Trucking Associations estimated that US transportation companies faced a shortage of 800,000 truckers, which pushed these firms to speed up the hiring of new drivers with fewer checks. For underwriters in the commercial insurance industry, this meant spending more time reviewing drivers’ background details to ensure no loss due to future claims.

This is one of the many challenges faced by an industry today that needs the right information at the right time to better support their customers and improve their underwriting results. Other issues that limit the efficiency of the commercial underwriting process often also include handwritten applications, lack of documentation and missing information. This often results in longer lead times to place and update endorsements and challenges to properly underwrite risks.

Artificial intelligence-powered voice assistants can add great value in helping underwriters address some of these problems. For example, to solve the issue of hiring new truckers, a digital assistant can help filter the list of drivers based on set rules while supporting critical documentation. In addition, a voice-assisted delivery solution provides customers with the ability to:

  • Access applications and policies via smart-devices such as tablets and mobile phones
  • Connect with AI enhanced, NLP-based bots to answer questions. This cuts down on the need to manually address common questions and follow-ups while improving customer service levels
  • Set up automated reminders for customers via their smart devices
  • From an organizational point of view, such a technology-driven service can compare transaction-level activity by month, quarter, and year

The benefits of automated solutions are a win-win for insurers, agents, and their clients. For insurance firms, voice technology has provided new opportunities to engage customers and optimize underwriting, customer service, and claims processes.

A voice-assisted solution can also help streamline customer applications and interactions, which are often viewed as time-consuming, at best. A technology-powered voice assistant will help improve upon the average sales conversion rate for insurance websites in the US, which is a modest 10% to 15%. Anything that makes browsing and other activities easier and quicker also improves the customer experience.

RRD, a global provider of technology-led services, is a one-stop shop that can help both insurers and customers get better results. With domain expertise in insurance, an array of end-to-end, collaborative tools and a large pool of trained and cross-skilled resources, RRD GO Creative is ideally poised as the solution provider to the insurance sector.

RRD's AI-Driven Voice Assistant Delivery Solution TAESC helps in supporting the end customers by enabling voice recognition features to update applications and quickly address FAQ’s. Once the application is uploaded, the intelligent personal assistant asks for additional documentation, if needed, based on the information gathered. This helps both the insured and insurer to more quickly process new business, endorsements and customer inquiries.

The time savings helps underwriters utilize parameters other than rule-based checks to limit future claims. The digital data generated during the application process aids future planning by insurers to help enhance customer experience, communications, and product design. The quality of data received through voice implementations is another source of valuable customer data that can impact decisions for products, process, and communications.

Long-term benefits apart, the voice assistant delivery solutions provide some immediate benefits for insurance agents:

  • Quicker and more accurate submission of quotes during new business processing, endorsements and inquiries
  • Easy policy generation: The company’s SuperDoc tool, a web enhancement capability, enables speedy document comparison and helps in quick turnaround on policy checking and binding
  • Quick turnaround on endorsements
  • Quick turnaround on renewals

RRD’s AI-driven voice assistant delivery solution comes on the heels of its SuperDoc web enhancement capability. SuperDoc is another digital delivery channel that leverages RRD’s DC+ technology to provide customers with access to transaction-level content in order to power unique applications and services.