AI-based Next Best Actions for enhancing policy and claims engagement

Insurers, who have long depended on face-to-face meetings to engage and retain customers, are striving to accelerate their digital transformation initiatives to serve their digitally savvy customers better. Many insurers, however, cannot look across data silos to understand customer behaviors, sentiments, and preferences, thereby unable to deliver relevant experiences for protection and wellness in real-time.

• Marketers are unable to proactively target the right customers with the right insurance products and services via the right channels, leading to lower sales conversion rates.
• Customer service representatives are not able to respond effectively to customer concerns and complaints, resulting in degradation of customer experience and churn.
• Agents cannot offer customized information and products focused on the changing life-stage needs of members, because they are not empowered with real- time customer information. This results in positioning incorrect products with customers.
• Federated data, locked within the legacy systems, are restricting enterprise AI adoption. Due to this, insurers are not able to deploy AI tools, which have a heavy reliance on customer data.

TCS Customer Intelligence & Insights™ (CI&I) for insurance, an AI-driven customer analytics and real-time customer data platform (CDP) software, provides insurers with pre-built customer experience (CX) use cases for faster time-to-value.

CI&I provides unified analytics across siloed data systems and devices, so insurers can deliver highly personalized products and individualized customer journeys. Its unique, AI-driven persona discovery enables more accurate and targeted segmentation, next-best actions, proactive nudges, and personalized engagements that reduce the cost of marketing campaigns, while improving member engagement and driving better outcomes for customers and agents.

With complete support for data privacy requirements, CI&I utilizes customer preferences, events, and life stage data to dynamically optimize propositions and conversions in real time. CI&I’s low-code platform supports and accelerates the creation of additional use cases, ranging from customized claim segmentation and behavioral premium pricing to outcome-based assignment. From fraud and risk management to predictive product configuration, policy renewal, and persistency analysis, CI&I is a win-win for insurers, agents, and members.