In 2018, the property and casualty industry was paid $1.6 trillion dollars in premiums. In 2020, during the heart of the pandemic accompanied by multiple environmental disasters like wildfires and flooding, insurance carriers were slammed with thousands of claims. And each progressive year promises more P&C insurance claims as environmental conditions worsen and newer risks grow, like cybersecurity. And yet, when customers are going through the trauma of these disasters, working on rebuilding their lives, the one thing that keeps them with their carrier is their satisfaction with the service.
Unlike other industries where innovation and technology have significantly transformed the way they do business, P&C has remained the same, much to their disadvantage, especially when it comes to the growing expectations of their customer base. Customers want easy-to-use, instant information and access to their carrier on platforms that are as mobile as they are. And during times of crisis, their expectations increase incrementally.
Customer insurance loyalty is no longer guaranteed, particularly in a digital age when marketing and information is at every business owner’s and consumer’s fingertips. The insurance landscape is incredibly competitive. With so many options vying for a customer’s attention, consumers can find it difficult to decide. And while price is likely the reason for some to switch insurance companies, there is one key factor that is even more influential: customer service.
The rapid technological advances brought on by intelligent automation are increasing consumers' digital expectations. Generation C - the Connected Generation - is growing. Customers of all ages expect insurance carriers to provide them with guidance about their insurance products and services through digital channels. Millennial consumers were born into a world with a digital foundation, this expanding consumer segment wants to feel they have a personal and direct relationship with their insurance carrier. According to AARP, smartphone adoption by more mature customers exceeds 80%. After all, seniors also had to pivot overnight with the lockdown to getting their groceries delivered and prescriptions filled online. The insurance customer of today expects digital self-service and will look elsewhere if it isn’t readily available.
The immediate implications are clear for insurance carriers. By identifying and integrating Customer Experience Automation™ you can dramatically elevate the experience for policyholders, agents, brokers, claimants, and even providers. Ushur’s Intelligent automation has proven key for carriers to drive customer engagement rates up to 85%, cut processing times from weeks to hours, deliver 5x return on investment, power up NPS scores by 20%, raise operational efficiency, increase transparency into quote, policy, billing, and claims processing. All improvements that influence your customer’s satisfaction and in turn, retention.
The distinctive characteristics of Ushur’s AI-engine makes it easy to empower the full P&C lifecycle with speed and capability, spanning marketing, quote, policy, billing, and claims.
Carriers can enrich:
It’s time to debunk the myths of transforming P&C insurance. To fully understand what Ushur can do is to understand how Ushur’s AI technology can relate to customer inquiries in key areas.
Carriers can now:
The recent global pandemic has inspired business leaders in P&C insurance to reinvent the way they work with customers in crisis in order to retain their loyalty, highlighting the need to adopt innovation and automation for all areas of customer engagement in the post-pandemic world. And in a world where customers demand the utmost from their insurance carriers, Ushur prepares P&C for any conditions.
At Ushur, we know the importance of customer service, data, speed, and bias-free decisions. Enable and inspire your people to do more for their customers with intelligent automation designed for the next generation of customers’ digital experiences.
Ushur delivers the world’s first AI-powered Customer Experience Automation™ platform that has been purpose-built, from the ground up, to intelligently automate entire customer journeys, end to end. Designed to deliver delightful, hyper-personalized customer experiences through rapid issue resolution and unified, omnichannel engagement, Ushur is the first-of-its-kind system of intelligence. It combines Conversational Automation and Knowledge Work Automation in a No-Code, Cloud-native, SaaS platform to digitally transform every step of the complete enterprise customer experience – from Micro-engagements™ to entire customer journeys.
Backed by leading investors including Third Point Ventures, 8VC, Pentland Ventures, Aflac Ventures and Iron Pillar, Ushur’s Customer Experience Automation™ solutions are currently in production at some of the leading insurance providers across the globe including Irish Life, Unum, Aetna, Cigna and Tower Insurance.
