This is article #5 of 7 in the series on optimizing insurance innovation and productivity through AI and cloud communications.
Generative AI (GenAI) has emerged as one of the most powerful new technologies of our time, with the potential to make individuals and teams vastly more effective and productive. Generative AI in the insurance industry opens up new possibilities for innovation and collaboration, helping carriers rapidly adapt to changing market conditions.
GenAI has the most significant potential when seamlessly woven into everyday interactions, whether by phone, instant message, or video meetings. By incorporating this technology into both internal and external communications, insurance companies stand to enhance collaboration, accelerate workflows, foster agility, and improve decision-making.
The power of GenAI in the workplace
GenAI improves and enriches many day-to-day workplaces by automating routine tasks, which frees employees to focus on higher-value activities. It can automatically generate detailed notes and summaries of video meetings, for example, transcribing and analyzing conversations, identifying key points, and assigning action items to participants. This capability eliminates manual note taking, allowing everybody to participate fully in the discussion. It also helps to ensure that nothing falls through the cracks.
Imagine an insurance agent holding a quarterly review meeting with one of their most important clients. To prepare for the call, they ask their AI assistant for a summary of prior meetings. AI also suggests follow-up questions for the agent to raise in the upcoming session. This approach saves time and increases effectiveness by empowering the agent to offer highly attentive service with thorough, professional follow-up. With many agencies, this translates to happier customers, better retention, and higher cross-selling.
GenAI can serve as an intelligent assistant for service representatives as well. Imagine, for example, a relatively new employee handling a policyholder support call. They haven’t dealt with this problem before, but an intelligent AI assistant listens to the conversation, identifies the problem, and proposes possible resolutions. This shortens onboarding time, improves the employee experience, and increases policyholder satisfaction. With an AI-infused cloud-based contact center solution, you can even direct calls to the most suitable call center agent who is licensed to assist in that specific situation and coverage type, further shortening resolution time.
Rapid innovation and execution
GenAI changes how teams collaborate within the office and across geographical boundaries. As remote and hybrid work has gained popularity with insurance companies, cloud-based communication tools make more sense than ever before. AI-infused collaboration tools accelerate the flow of information and help organize and share information across multiple channels. Teams can quickly and easily share relevant information, exchange insights, or catch up on missed meetings.
This seamless connectivity fosters a more cohesive work environment and accelerates project timelines by ensuring everyone has the information they need at their fingertips. Communication tools with AI remove friction from the back-and-forth communication that can often get stalled by just one or two unresponsive employees. AI-infused communication tools accelerate innovation and help you get new products and services to market faster.
Deep insights inform better decisions
Cloud-based AI-infused communication tools also enhance human decisions by offering data-driven insights and deep contextual analysis. AI contact center assistants can identify upsell opportunities by offering suggestions to help representatives propose the right products for new or existing customers.
AI can identify patterns across multiple calls, text messages, and emails — even when those trends might not be immediately apparent to human analysts. Imagine your company gets a handful of calls asking about coverage relative to a pending weather event. AI can identify a common policyholder need, prompting your team to update FAQs, develop proactive outreach programs, or develop new coverage offerings to address similar questions or concerns in the future.
Insurers can use AI-infused communications to spot market trends before the competition does, identify upsell opportunities, or personalize policyholder experiences in real time. This level of insight improves the quality of decisions and reduces the time needed to reach them, giving organizations a significant edge in agility and responsiveness.
Personalized feedback and coaching
One of the standout features of RingCentral’s AI-infused platform is its ability to provide personalized feedback and coaching, fostering continuous improvement in communication skills across your organization. RingCentral RingSense seamlessly transcribes interactions, updates CRM systems, and offers personalized coaching that helps salespeople give consistent, successful pitches. RingSense serves up insights into what policyholders and prospects care about most, helping sales teams achieve better results.
RingCentral’s AI-powered contact center solution, RingCX, incorporates similar features and is tuned to increase the effectiveness of contact center personnel. It offers real-time guidance for call center agents and AI-generated scorecards after every conversation. Supervisors get a clear view of overall performance within a single dashboard powered by RingCentral AI conversational analytics.
With AI-driven coaching, sales and service employees can get instantaneous feedback on the pace, clarity, and tone of their communications. RingSense can highlight areas for improvement, ensuring that every member of your team develops their skills in a targeted and meaningful way.
RingCentral: AI-infused cloud communications at their best
RingCentral’s integrated Unified Communications as a Service (UCaaS) and Contact Center as a Service (CCaaS) platform is the ideal way to accelerate innovation and agility in the insurance industry. It introduces AI directly into the day-to-day interactions of every employee, while fully complying with data security, privacy, and other industry regulations.
Operating in a highly regulated industry, insurance companies must meet rigid standards for data security, privacy, and compliance. RingCentral’s AI capabilities are designed with these critical requirements in mind, ensuring that our AI-infused communication platform is powerful, effective, trustworthy, and compliant.
Today’s popular consumer-grade AI tools typically train their large language models (LLMs) with their users’ data. That represents a potential security breach that many employees may not even be aware of. RingCentral’s trustworthy AI approach prioritizes privacy, security, and transparency. We don’t use customer data to train our AI models, and we don’t allow third-party partners to do so. Your company can leverage the power of GenAI while remaining fully compliant with privacy and data security regulations.
With RingCentral’s AI-infused platform, insurance companies can drive innovation, enhance productivity, and deliver exceptional policyholder and employee experiences, all while maintaining trust and compliance in a rapidly evolving digital and regulatory landscape.
Originally published Nov 18, 2024
