From Transactions to Relationships, Pioneering Relationship-driven Era in Insurance

As we get ready to venture into 2024, the financial services industry finds itself at a critical crossroads. 2023 was marked by a transformative shift in customer expectations with the advent of AI, profoundly influenced by technological advancements and a heightened demand for personalised, seamless banking experiences.  

Recent studies and reports underscore these trends, painting a clear picture of what today's customers seek from their financial institutions.

Deloitte's 2023 Financial Services Industry Predictions report provides a glimpse into the future, emphasising the significant role of emerging technologies like conversational AI in reshaping banking and investment sectors. The potential for increased productivity and revenue in these areas is notable, hinting at a new era of efficiency and innovation in financial services.  

Another report reveals a readiness among consumers to switch banks in search of better services. Digital technology and innovative customer experiences are driving this trend, highlighting the need for financial institutions to adapt to these new expectations.

The State of Customer Support in Financial Services Industry

Traditional financial institutions are grappling with various challenges in meeting these evolving expectations:

1. Adapting to Digital Preferences

Many financial services institutions struggle to transition from traditional service models to digital platforms, often resulting in fragmented customer experiences. ‍

2. Personalisation Hurdles

Financial services institutions face difficulties in leveraging customer data effectively to provide personalised experiences.

3. Resource Management

Balancing the demand for high-quality service with operational efficiency is challenging, often leading to increased pressure on customer support teams.

4. Multilingual Support

With global customer bases, providing support in multiple languages is a critical, yet challenging, requirement for many financial services institutions.

5. Integration with Existing Systems

Integrating new technologies with legacy systems poses significant technical and operational challenges.

6. High Turnover

The demanding nature of customer support roles often leads to job dissatisfaction, contributing to high staff turnover rates that disrupt service continuity and productivity.

How CINNOX Revolutionises Customer Experience for Financial Institutions

Let’s explore how CINNOX's unified platform facilitates a seamless and efficient customer journey from automated assistance to personalised service.

To truly grasp the transformative impact of CINNOX in the financial services sector, let's visualise a scenario that depicts the journey of Mia, a customer of FutureSafe Insurance.

This narrative will showcase how FutureSafe Insurance, equipped with CINNOX's solutions, addresses Mia’s diverse needs, highlighting the practical applications and benefits of CINNOX's capabilities.

- Outbound Engagement via WhatsApp Campaign

FutureSafe Insurance sends Mia a personalised promotional message about their new comprehensive healthcare policy focusing on preventative care through a CINNOX-powered WhatsApp campaign.

Curious, Mia clicks the on it and lands on a landing page containing information about the policy.

Business opportunities always stem from interaction and engagement. With our unified platform, your business team can effortlessly create the opportunities and track the entire customer journeys on a single interface. The prompt engagement through preferred channels capitalises on CINNOX’s omnichannel approach, creating a seamless transition from promotion to potential conversion.

- AI-powered Virtual Assistant

Mia clicks on the web widget on the landing page to initiate a dialogue with the AI-powered Virtual Assistant, the Q&A bot, which offers detailed information about the policy.  

The Virtual Assistant equipped to handle specific queries with detailed product knowledge, provides Mia with precise answers about the Heathcare policy, piquing her curiosity even further.

This interaction underscores the Human-AI synergy as Mia receives personalised and accurate product information, augmenting her confidence in FutureSafe Insurance’s services. Utilising advanced natural language processing (NLP) algorithms, the Virtual Assistant Bot discerns enquiries and offers pertinent responses drawn from a business’s specified knowledge base. This ensures customers receive consistent and knowledgeable service, while agents can focus on more critical tasks.

- Intelligent Routing and Chat Translation

Mia opts to speak with a live agent for more specific engagement pertaining to her usage and requirements for availing the policy. The Virtual Assistant seamlessly routes her to the best suitable expert from the sales team.  

Even before the sales expert begins interacting with Mia, he is fully aware of Mia’s real-time context, her dialogue with the Bot, and has complete visibility of Mia’s profile and relationship with the company, ensuring no loss of context and maintaining continuity in customer experience. The expert is also able to see Mia’s preferred language of communication, and CINNOX’s Chat Translation capability ensures that both of them can engage in their chosen languages without needing to any extra measures to understand one another.  

This pleases Mia as she does not need to start afresh and can directly jump into having a contextual dialogue with the expert regarding her needs.  

The expert’s ability to continue the conversation without repeating questions underscores FutureSafe Insurance’s commitment to a cohesive customer journey. This seamless handover not only saves time but also enhances Mia’s trust in FutureSafe Insurance, as it demonstrates respect for her time and a clear understanding of her needs. With CINNOX’s Intelligent Routing, the platform ensures that Mia’s experience is uninterrupted and tailored, further piquing her interest in the company's offerings and increasing the likelihood of a new customer conversion.

- Real-Time Collaboration for Enhanced Service

When Mia requests a higher interest rate than what is being offered as default by the company, the sales expert invites his manager to join the chat to help Mia with her special request.

The manager converts the chat into a video call, where the manager uses CINNOX’s multimedia capabilities such as screen and file sharing to provide a visual explanation of the Healthcare policy benefits and eligibility, creating a dynamic and informative session, while also informing Mia how the credit limit of customers is determined.

The collaborative interaction turns a routine enquiry into a dynamic consultative session. Mia receives a bespoke customer service experience that not only addresses her request but also educates her on the nuances of the healthcare policy. The manager's ability to visually guide Mia through the application process and clarify her eligibility criteria in real-time exemplifies the platform's potential for deepening customer relationships and fostering lasting trust.

- Multimedia KYC Verification

Satisfied with the information, Mia decides to go ahead and subscribe to the newly launched policy. She relays her decision to the manager and the sales expert over the ongoing conference call, and the manager decides to immediately begin the KYC verification process on the call, making the most of CINNOX’s secure and comprehensive multimedia capabilities.

Once the KYC verification is completed, Mia receives an email summarising the application in form of an audio transcript for her refer to, along with details of her pre-set interest rate and a breakdown of the monthly instalments, a personalised direct link to chat or call with the sales expert, and a dedicated local number that is the same as the WhatsApp promo number for any additional questions Mia may have.

This efficient and transparent process illustrates CINNOX’s ability to streamline complex sales and support procedures, offering customers an advanced personalised experience and a thorough understanding of their engagement and agreements.

As we stand on the precipice of 2024, the financial services industry must not only acknowledge but fully embrace the swift currents of change brought about by AI and technological innovation.

The challenges of adapting to digital preferences, personalization, resource management, multilingual support, system integration, and addressing high turnover are formidable. Yet, they are not insurmountable with strategic foresight and the right Human-AI partnership.