“Hey, Alexa. How is the weather today in Gurgaon?”
“Hey, Siri. Read out my shopping list.”
“Hi, Google. Play songs by A. R. Rehman.”
Current voice assistants are limited to common commands but what if they could be trained to handle more complex tasks like sending an email, planning a trip itinerary or even filing for an insurance claim? Perhaps in a few years. Considering the rapid developments in the conversational AI field, we may soon witness revolutionary changes in the integration of AI voice assistants into insurance services. Several insurance companies of global repute are enhancing their customer interaction by embedding voice assistants into their insurance products. These AI-powered tools are reshaping customer interactions, providing convenience, and improving operational efficiency.
The global conversational AI market, including chatbots and intelligent virtual assistants, is expected to grow at a CAGR of 22% during 2020–25, reaching almost US$14 billion by 2025.
By Deloitte Insights
The Rise of Voice Assistants
Voice assistants like Amazon’s Alexa, Google Assistant, and Apple’s Siri have become an integral part of our daily lives. In India, the adoption of voice technology is growing at an impressive rate. According to a report by PwC, only 10% of surveyed respondents were not familiar with voice-enabled products and devices. Of the 90% remaining, the majority have used a voice assistant (72%). This widespread familiarity and usage create a fertile ground for integrating voice technology into various services, including insurance.
How Will Voice Assistants Transform the Future of Insurance in India?
Over the last few years, conversational AI solutions - chatbots, virtual agents and voice assistants - have completely transformed the insurance sphere around the globe. As technology continues to evolve, we can expect even more sophisticated and intuitive voice assistants capable of handling complex tasks. Insurance companies that invest in and embrace this technology will likely gain a competitive edge by enhancing customer engagement, improving operational efficiency, and offering innovative solutions.
Let’s analyse the benefits of voice assistants in the insurance sector:
Enhancing customer service: Traditional customer service channels, such as call centres and emails, often involve longer wait times and are cumbersome. With everyone juggling busy schedules, time is a commodity that has become increasingly precious. Contrary to conventional customer channels, voice assistants provide instant responses to customer queries, improving overall customer experience.
For instance, insurance companies can deploy voice assistants to handle routine inquiries, such as policy details, premium due dates, and coverage information. This not only reduces the workload on human agents but also ensures that customers receive timely and accurate information.
Streamlining claim processing: Claim processing is the paradox of the insurance industry mostly associated with lengthy procedures and extensive paperwork. Voice assistants can significantly streamline this process by guiding customers through various steps, from claim filing to collecting required documents, and even initiating the claims process. It could greatly reduce the time and effort involved.
Say a customer met with a motor accident. He/she can use the voice assistant to report the incident, provide details of the accident and upload necessary documents through voice commands.
Personalised insurance solutions: Voice assistants leverage advanced technologies like Artificial Intelligence (AI), machine learning and data analytics algorithms to comprehend user preferences, behaviours and purchase history to suggest suitable insurance products more in tune with the customer's actual needs. This personalised approach not only enhances customer satisfaction but also helps insurance companies cross-sell and up-sell products more effectively.
If the customer is a frequent flier, the voice assistant can recommend viable travel insurance options based on the customer’s travel history and preferences. This targeted approach results in relevant recommendations and greater customer satisfaction.
Conclusion
It is safe to assume that voice assistants could revolutionise the insurance space in India by making customer interactions more efficient and personalised. From the insurers' point of view, the advent of conversational technology would mean streamlined operations, lesser manpower dependency and enhanced customer experience.
