Insurance Renewal – AI Assistant
Need to renew an insurance policy or other membership? A Renewal Assistant or bot, powered by conversational and generative AI, makes sure that your customers renew their policy and don’t switch. It can automate renewal reminders, process the appropriate documentation, update pricing or other information, manage any price matching on competitor offers, and confirm the renewed policy.
What a Renewals AI Assistant can do
- Automate renewal reminders and update policy information
- Ensure that renewals don’t lapse
- Smooth management and processing of any required paperwork
- Frequent engagement, not just at renewal time
- Price matching with competitive offers
How this Helps the Business
- Efficient renewal process improves retention rates
- Automate and streamline the renewal process
- Free up human agents for more complex renewals issues
- Optimize revenue through better retention
- Build relationships through ongoing customer engagement
How it Helps the Customer
- Transparency of renewal process with timely alerts of renewal dates and details
- Fast and efficient processing of paperwork around renewals
- First-class experience that builds loyalty
The Metrics
# customer renewals
% customers renewed
% increase in customer retention rate
$ amount of renewals processed