How Voice Analytics Helps Insurance Carriers
The business of insurance often comes down to a series of simple questions that form an agreement between insurers and their customers.
In underwriting, those questions could be short, yes-or-no queries such as:
- Do you use tobacco?
- Has your business changed significantly since the last renewal?
- Has your revenue increased by more than 5% during the previous 12 months?
For claims, the questions might be different, such as:
- Auto – Were you the driver when the incident happened?
- Home – Did you accurately report the value of your stolen property?
- Workers Compensation – Did the injury you reported actually occur at work?
The crux of these questions is trust — trust between the insurer and the customer. Typically, that level of trust is uncertain at the beginning of the insurance relationship. With luck and good intentions, it grows over time. But in our increasingly complex, fast-paced, and interconnected world, trust can remain elusive.
What if insurers had an easy way to establish trust in both underwriting and claims? Something quick, easy to implement, scalable, and non-invasive?
The Power of Voice Analytics
Voice analytics from Clearspeed brings new insights to the questions of insurance. We help insurers and their customers build trust through a simple, brief, automated phone interview of yes-or-no questions.
Insurers can create interviews from our tested library of questions as well as develop custom questions as required. Our voice analytics automatically scores an interviewee’s response to each question on a risk scale from low to high. In addition, analytics assigns each interviewee an overall risk rating from low to high.
Our analytics are unique and different from polygraph tests (lie detection) and voice stress analysis. This means our interviews require no human interviewer or analyst and can be conducted in any language.
Interview results, in the form of a report, are typically available within 24 hours. Reporting and visualization of results serve as a decision aid for insurers to take data-driven next steps.
The Benefits of Building Trust
Quickly and easily establishing trust and discovering the potential level of risk for any application or claim gives insurers tremendous advantages. Primarily, trust means the insurer can rely on the answers supplied by applicants and claimants. The insurer doesn’t need to spend time and money on ordering expensive reports to verify answers.
Plus, insurers can now provide favorable rates and enhanced user experience to the low-risk majority of customers. By coupling the likely level of risk with automation and digital customer service, insurers can provide faster service and even self-service to their trusted customers.
Insurers can also focus their scarce and expensive professional resources on further researching cases with a higher potential for risk.
Customers also benefit from an increased level of trust in the insurance relationship. Trust supports a better and faster user experience that makes insurance easy to acquire and access. Easier access helps more people enjoy the protection and peace of mind that insurance affords. Plus, more efficient processes help keep customer premiums low.
Voice analytics helps establish, maintain, and grow trust between insurers and their customers. And that can be the beginning of a beautiful — and profitable — relationship.