Recent research shows that consumers’ insurance priorities evolved during the COVID-19 pandemic. In addition to consumers growing increasingly concerned about their financial security, their expectations of insurance packages changed as they sought out new types of products and offerings. The days of one-size-fits-all policies are gone; in its place is interest in policies that are personalized and more flexible.

How customers engage with insurers has also evolved as customers become more comfortable utilizing digital channels. When it comes to property and casualty insurance (P&C) insurance, however, the phone remains the preferred method of interaction for customer service needs.

Over half of respondents in one Deloitte study said the ability to speak to knowledgeable and friendly staff was key for customer retention. Unfortunately, maintaining a contact center to service customers is also costly. It’s one of the reasons why P&C insurers who typically lag behind the adoption of digital tools are now investing in technology to improve the customer experience while helping to reduce handle times and the cost per contact.

As contact center staffing becomes more challenging, and staff turnover tops 45% post-pandemic, P&C insurers need to be able to provide a positive experience when customers want to initiate policy changes and adjustments. Rising contact center staffing costs aren’t the only financial consequence of staff shortages, however, because a poor customer experience can also result in lost customers that increase churn rate.

Thirty-one percent of customers canceled their policies because they waited too long to have their issue resolved; 52% canceled after having to call more than once. Source: TechSee, Customer Churn in the Insurance Industry Survey Results, 2019

P&C insurers need to enable consumers to initiate policy changes simply, easily and in a timely manner with an automated process that results in a positive customer experience.

Quickly, efficiently and cost effectively assist customers with policy changes over the phone

To compete in today’s increasingly competitive—and demanding—environment, P&C insurers need to enable consumers to initiate policy changes easily and in a timely manner with an automated process.

The Gridspace Grace virtual agent helps P&C insurers quickly and effectively service customers seeking to change or adjust policies without sacrificing the high-touch experience customers want. Grace enables:

• Limitless, natural-sounding virtual agents
• Fluent, consistent and friendly conversations
• Integration with existing voice technology and data systems
• AI orchestration that interweaves voice technology with existing human workflows

With the ability to make policy changes over the phone—and offer zero-minute hold times as well as auditability with 100% visibility into every conversation—customers can conveniently and easily engage with insurers while also ensuring adherence with compliance and regulatory requirements.

Explore how to simply, easily and quickly support policy changes and a positive customer experience with Grace virtual agent.

Gridspace gives P&C insurers the ability to quickly and effectively service customers seeking to change or adjust policies without sacrificing the high-touch experience customers want.