AI as a flux compensator for the customer journey (Part 2)

In the first part of my blog post, I focussed on the general opportunities and challenges of AI as well as specific applications of generative AI. The second part is now about the use of AI along the various phases of the customer journey. The focus here is on the content and conversion processes. This is where AI has enormous potential.

The infinity loop and AI

Strictly speaking, customer journeys have no beginning and no end. Customer relationships are always in motion, in constant change, with no beginning and no end. They merge seamlessly into one another.

This is why we speak of an "infinity loop", an infinite, organic customer journey. The infinity loop describes the continuous cycle of interactions between insurance companies and their customers. This approach helps to optimise every phase of the customer life cycle, from the first contact to the recommendation and support after a claim.

Phases of the Infinity Loop

Attention and interest

AI is used to identify potential customers and develop targeted marketing campaigns. Examples include analysing social media data to recognise purchase signals or using predictive analytics to forecast future needs.

Next-gen chatbots

In an increasingly digitalised world, customer interaction via online channels is becoming more and more important. Artificial intelligence enables insurance companies to use chatbots and AI-supported systems to improve customer service and ensure efficient customer interaction around the clock.

The new generation of AI finally makes it possible to recognise customers' questions better and faster and to break away from traditional question and answer patterns. Chatbots are therefore becoming more "human by nature" and understand better. They listen and are intelligent.

Chatbots can answer frequently asked questions, provide information on specific products, read out tariff features, process transaction enquiries and forward customer enquiries to the relevant departments. This relieves the burden on customer support and allows employees to focus on complex and urgent issues.

AI is content king

The topic of content creation is both an opportunity and a spectre: on the one hand, generative AI, such as Chat-GPT or Jasper, can be used to generate very good texts completely, provided that the input of the so-called prompts is meaningful. The results are improving day by day and, with the right training, sometimes lead to shockingly good results. On the other hand, copywriters, editors and content producers are already queuing up at the employment agency and marketing departments are finding themselves deprived of their creativity.

The decisive factor will be how we deal with the issue in the marketing departments of insurance companies. Marketers who take a strategic approach can undoubtedly benefit from the use of AI in the generative text sector.

Conversion and transaction

Efficient sales processes are crucial for insurance companies to be successful and achieve competitive advantages. Artificial intelligence offers numerous opportunities to optimise sales and increase employee efficiency.

Once interest has been aroused, AI helps to quickly and efficiently assess the risks and needs of customers. Machine learning can be used to personalise insurance offers and automate the onboarding process, which increases both customer satisfaction and operational efficiency.

Generating qualified leads is an important step in the sales process and a constant challenge for every company. Artificial intelligence helps to identify those potential customers who are most interested in the products or services on offer.

By analysing customer behaviour, online activities and demographic characteristics, AI can identify potential customers with a high propensity to buy and qualify them as leads. Sales employees thus receive high-quality contacts on which they can focus their resources instead of wasting valuable time on less promising customers.

By using AI along the Infinity Loop, insurance companies can not only optimise their processes, but also build deeper and more sustainable customer relationships.

Outlook

In the next article, I will look at the future development of AI in the insurance industry. Where is the journey heading? I will also take a look at ethical considerations and the importance of data protection. So it remains exciting.

Would you like to find out more about exciting topics from the world of adesso? Then take a look at our previous blog posts.

Also interesting:

• AI in marketing in the insurance industry: not getting in excluded (part 1)