With the time, the technological innovation is at its peak, and mobile devices are no exception. Mobile devices have now transformed into the invincible machines, having an extensive memory with faster core processors, large display screen, modern location tracking system. All these features are sufficient to turn a simple phone into a multitasking device while unlocking the mobile applications’ market potential. The increasing capabilities of smart phones have open up the new inlets to various industries that ranges from medical to insurance to agriculture.
Over a decade, Insurance industry has grown at a compounded growth, but still there are several issues obstructing the expansion of the sector. Some of them are the high cost of onboarding that means hiring new employees and facing linguistic complexities while serving customers throughout the nation. Furthermore, fraud is on the rise, causing insurance companies losing millions of dollars.
In order to acquire new customers, the insurance companies appoint new agents to approach the potential customers nationwide. These agents travel to meet these new customers and help them to choose a right policy. This process of travelling to each customer result in increased cost and attending fewer customers and the companies have to expand their business in small cities too.
Another problem is that selling a policy is not the end of the process; the company has to follow up the customers for alerts, updating of the policy, premium due date and more with the help of area agents and call centers.
The insurance sector lags behind in adopting any new technology and follows a “wait and watch” policy. The increasing capabilities of mobile technology present enormous opportunities in this sector where insurers are failing to meet the expectations of the customers while reducing cost. However, one major concern that can be associated with the mobile phones is a security threat as it is hard to recognize a customer on the phone. Therefore handling customers throughout the country is a security and logistical headache.
In fact, the insurance industry needs a robust mobility solution that can securely automate the whole process. Voice software integrated with Multilingual Speech Recognition and Voice Biometric can successfully cater diverse needs of the insurance industry. It provides a secure environment for the customer to easily interact through Voice Biometric-based authentication. The voice software can turn a humble mobile phone into a powerful device greatly reducing the insurance reliance on costly and insecure agents and call centers.
Voice software can automate two important operations of the insurance industry:
Acquiring New Customers: Field agents can easily collect the voice samples and feed in the other details using the voice software application installed on their mobile devices. Moreover, the field agent equipped with Smartphones and tablets can highlight their qualities and offerings to the prospect customers. The Voiceprint with other important details of the customer then saved in the backend system. When the customer is successfully registered with the program, the customer immediately gets a call of confirmation. The customer has to authenticate him or herself by repeating the passphrase that the field agent stored at the time of registration. Like Irish and thumb impression, voice can’t be imitated. If the Passphrase matches with the stored Voiceprint, the customer is authenticated. All the information then can be converted into speech-to-text format at the backend. Admin at any time can access this information to send customized alerts.
Client Servicing: Outbound and Inbound Resolution: After the successful registration of a new customer, the customized message like due payments, incoming policy maturity etc. can be sent to the customer’s basic phone. Such alerts make the customers satisfied and turn them into a loyal customer.
With the help of Speech recognition technology some general and repeated quarries like statement requests, policy details and bill payments can be handled easily without engaging a human representative. The process is simple, when a customer calls; the system receives the call and asks the user to authenticate them through Voice Biometrics by repeating the Passphrase. Once identified, the customer has to speak the desired service they want to avail. The system integrated with speech recognition understands the customer’s request and make them avail the service or direct them to a live agent for more complex handling.
Therefore leveraging the enormous possibilities of mobile technology, a voice-based solution is the best resolution of various constant problems of the insurance sector. Voice software with the combination of speech recognition and voice biometric can provide utmost security while considerably reducing costs, diminishing fraud, and increased customer satisfaction. A voice-based system is the perfect complement augmenting the security and efficiency of field agents and call centers and putting the insurance industry on the path of continued growth.