A leading property and casualty (P&C) insurance company which provides homeowners, car, condo, and renters insurance wanted to improve its handling of incident detection for first notice of loss (FONL) process (of insured assets) to meet the dual mandate of following the business procedure upon any occurrence of incidents, loss, theft or damage while being sympathetic to its customers by acting in their best interest through resolution.
Although the insurance company is well aware that deploying the first notification of loss or damage process is the beginning of the claims process, it can indeed be stressful for customers after initiating the first critical step towards settling claims, it must also ensure that the issue is resolved with Speed, accuracy, and transparency as these are most important factors contributing to customer satisfaction while encouraging retention, discouraging litigation, detection of fraud claims and controlling costs.
The company asked Eclature to examine and improve its first notice of loss process – especially during the claims process.
Some of the key business challenges Eclature faced in developing a customer-facing mobile digital platform were:
- Performance improvement with Cross-Platform Framework PhoneGap.
- Payment Integration with a third-party Insurance Payment gateway.
- Plug-in implementation to print ID card in PhoneGap.
Using voice-to-text technology, we transcribed 25,000 saved calls and analyzed each one of them to identify the most commonly repeated activities. To be able to capture these complex processes automatically, we built chatbot functionality.
We revamped first notice of loss session by mapping it to a template of 80 capture fields, ensuring that all aspects are captured. For every session, we included recommendations for language neutrality engine for service rep dialogue to speed up customer service and reduce the length of the claim cycle. Using AI (artificial intelligence), our AI-based platform, we streamlined the insurance claims handling and policy administration, with process efficiency at the core as well as transformed customer service and cut down costs.
Centralized and Automated Customer Interactions and Cost Savings
With our solution, language barriers were dismantled, meaning the voice-to-text transcription rate accuracy went up to 90%, from a mere 67%. Using a centralized customer service team, all customer calls are transcribed in real-time.
After a call is completed the entire transcription is translated, categorized, and summarized and then automatically presented to customer service rep supervisors to process, helping them focus on boosting productivity, reduce response times, and at the same time provide quality and efficiency, and that meant happy customers.
Right from the very beginning, we knew that for the technology to deliver its full potential, the processes need to be watertight. This pilot project has shown that call duration and other associated costs have gone down drastically; there is now a 20% reduction in average call length. The P&C insurance company is all set to launch a full deployment of the AI and analytics solution soon, and it’s planning for next-phase enhancements. Eclature’s understanding of the insurance processes combined with the application of AI technology meant that we could deliver above and beyond what the client expected of us.
- 20% reduction in average call length
- 20% reduction in call costs due to post-call approval process
- 90% accuracy of automated transcription, up from 67%