A top short-term insurance provider helps customers achieve their personal journeys to success. Above all, it does this by providing reliable short-term insurance cover for valuable items and assets. It prides itself on being there for its customers, every step of the way.
A vital part of the customer journey is premium payments and keeping account details up to date to ensure on-time payments each month.
The problem was that because both the insurance provider and its customers worked between the hours of 8am and 5pm, calling customers at work to discuss account queries was ineffective and inconvenient. The company needed a way to engage with customers in a more convenient and cost-effective way. This would help the provider improve premium collections, overall customer experience and customer retention.
Overcoming the premium collections problem with conversational AI
Before developing a solution, FinChatBot engaged with the insurance provider to truly understand the customer journey and problem at hand.
The brief to FinChatBot:
- Create a digital collection agent to perform end-to-end collections with no human intervention.
Some of the core objectives of the brief:
- Improve premium collections and customer retention.
- Enhance the customer experience by making account management and payments easy and convenient for customers.
- Ensure 24/7 availability so customers are able to access the solution at any time.
- Maintain full privacy and confidentiality to protect the customer at all times.
Delivering meaningful results
FinChatBot developed a conversational AI retention and recovery solution and it did so to help the insurance provider improve premium collections and customer retention. The solution guides its customers through an AI-powered conversation to help resolve any account issues and manage unpaid premiums for the month.
To ensure a positive customer experience, the solution is personalised and interactive. The journey is specific to each customer with five-in-one conversational flows.
The solution can be accessed through personalised SMSs and emails from the insurance provider, which customers can engage with when it is most convenient for them. As a result, this ensures privacy, confidentiality and convenience.
The early results are incredibly positive. Within the first few months of launching, the solution had over 8 000 engagements, an 86% conversion rate and a 38% collection rate. In addition, the insurance provider reflected a 20% decrease in call center costs and users indicated a high customer satisfaction rating.
Furthermore, after 6 months, the solution reached over 10 000 engagements and the collection rate increased from 38% to 68%. The FinChatBot team applies data science to continually manage, monitor and optimise the solution, resulting in improved performance over time.
“A first for our business!!! It was amazing to see how two teams came together and made this work! I am super proud of everyone involved!!!”
– Senior Insurance Executive
The premium collection solution before FinChatBot
Call center agents would call customers to query and collect outstanding premiums.
- 20% contactability rate
- 30% collection rate
Premium collection solution with FinChatBot
A fully automated, personalised and interactive premium collections solution with 5-in-one customer journeys.
The results (within 6 months of launch):
- Personalised conversational journeys to suit customer needs
- 10 000+ engagements with the solution
- 86% conversion rate
- 68% collection rate
- 20% decrease in call center costs
- Customer service rating: 4.5/5
“Well done to each and every one that contributed to the project! Amazing speed and agility in delivering on the project.”
– Senior Marketing Manager
FinChatBot is the South African leader and expert in conversational AI solutions for the financial services industry. Founded to address the increasing inefficiency, saturation and expense of call centers, its vision is to positively transform people’s lives by ingeniously digitalising and guiding customer experiences.
Currently serving some of the largest financial services businesses in South Africa, its customer-centric conversational AI solutions help clients generate revenue and drive business growth.
FinChatBot’s custom-built technology enables fast development and seamless integration with various operating systems, third party providers, and messaging channels (e.g. websites, In-App, Facebook, WhatsApp, Twitter, and more). FinChatBot helps digitalise, guide and continually optimise important customer interactions including customer acquisition and customer care.
If you’re interested in exploring conversational AI for your business, click here to request a demo.