AI (Artificial Intelligence), machine learning, and big data are certainly at the pinnacle of technology hype, however the practical implications for insurance leaders are not always so obvious. It’s been interesting to understand how organizations can use this cutting-edge technology to improve their ability to connect with customers.
Strengthening your position as a trusted advisor
As a former director with a major insurance carrier, I’ve seen firsthand how the industry handled sales before the dawn of AI. Our best practices for connecting with the market were usually handed down as tribal knowledge and anecdotes about what approaches and processes seemed to work best. The result? The best strategies for lead generation and conversion — if they were shared at all — weren’t implemented throughout the organization, and marketing generally involved firing off one-size-fits-all email blasts in hopes that the message would be relevant to at least small percentage of recipients.
Even if the best strategies could’ve been identified and shared, executing them in response to a constantly changing world would be an impossible task.
It’s time to work smarter.
Modern insurance automation software makes use of machine learning algorithms that evaluate outcomes to continually inform and evolve the system, combing through massive amounts of unstructured data to identify the most successful sales strategies and automatically scheduling direct mail, email, and calling activities. And because these systems take into consideration a multitude of customer variables, they ensure that you’re always acting on solid, up-to-date information, and that your leads are always receiving relevant offers at the right time, on the right channel.
These AI based systems can even recognize the strengths of each agent and use this information to pair them with customers who are either in need of the agent’s specific expertise or who are likely to respond to their selling style.
Gone are the days when a great new strategy is discovered, only to be kept to a small group of people or forgotten about entirely. Now, the most effective strategies can be communicated to the entire organization. Strategic opportunities can be presented to agents when the AI detects they may be relevant.
I’m excited about the opportunity AI presents for creating a deeper connection with customers and strengthening agents’ position as a trusted advisor within their companies, and I look forward to sharing more insights on insurance sales technology with you in future blogs.
In the meantime, if you have questions about what benefits this type of software might hold for your business, feel free to get in touch. I’m ready to talk when you are.
By Warner Carrillo
Warner Carrillo has 15 years experience in insurance with a strong innovative mind seeing the story line through the data. He is currently the VP of Client Engagement with Imprezzio