Indian Insurance Industry is widely adopting voice analytics to efficiently analyze the calls of the customers and learn what part of interactions led to customer satisfaction and dissatisfaction. Insurers care costs can be reduced by reducing call-backs, complaint calls, and enhance efficiency. The Voice Analytics market is expected to reach $2.18 billion by the year 2022 reported by the Market by Markets. The market is expected to reach a thrilling CAGR of 18.2 percent.
Insurers’ focus on customer interaction and experience has pushed the need for Voice Analytics that is a voice recognition tool that helps to analyze and record a spoken conversation. Before any analytics can be applied to the transcripts, this tool requires Speech recognition and diarization modules. Also, a wide array of voice analytics can be built upon the transcript text includes understanding the intent of the customers and sentiment of the conversation to detect customer needs.
The most valuable touchpoint in the insurance sector is the insurance agent. Obedience to the agreement is a major necessity for the insurers. Voice Analytics plays an important part in helping insurers do the same. Additionally, Voice Analytics can assess as well as addressing potential issues at every point. It can derive patterns and trends such as evolving customer needs/requirements over a period of time. It can help in other areas especially, risk quantifications and frauds with sufficient data and correlating it to other sources of data.
Advanced technologies like Robotic Process Automation (RPA) have started to automate repetitive business operations to reduce manual hard work. It improves services as well as minimize the cost. the Blockchain technology is facilitating the insurers to manage various complex tasks like underwriting, claim management, and prevention of fraud. Internet-of-Things (IoT) helps the insurers – especially the auto insurance industry – to cut the overall costs as well as to enable the customers to automatically start the damage repair and claim process.
Digitalization is in progress to redefine the Indian Insurance Industry and is continuously facilitating the industry’s transformation. Today’s customers have switched to mobile and it is time for insurers to alter and reconsider their business models and strategies.