According to a recent report from CCC Information Services, communications technology is the driving force of change for the insurance industry. If you’re customer is wondering how they can get a new policy, or how a repair can be completed faster, an IVR Systems capability is wide-ranging. In order for insurance companies to be competitive, they need to be able to deliver quality customer service while maintaining costs. IVR systems allows for insurance companies to reduce expenses without sacrificing quality. If you’re looking to cut operating costs, and improve customer satisfaction, you should really consider implementing an IVR into your insurance company. Here are the top ten way insurance companies are utilizing IVR systems to their advantage:

1. File a Claim

Claims are entered faster with an IVR. That is to say, when the customer identifies themselves the system allows the customer to register the type of claim. The call is transferred to a live agent later on to process the claim.

2. Claim Status

An IVR allows customers to hear an update on the status of a claim. For example, customers can call in to hear:

  • Type of loss
  • Effective date
  • Who reported the claim
  • Adjuster’s contact details
  • Payout amounts and dates

3. Payment Reminder

Once you verify the caller is a customer, you can easily notify them of an upcoming payment and have the option to be routed to an IVR payment system.

4. Find Locations

Policyholders can listen to a list of locations, that can help them, based off of their type of claim. For example, a customer with an auto claim can find a body shop. A customer that has a non-medical emergency can find a doctor.

5. Account or Policy Information

Customers call the system to retrieve information on account, balance, payment due amount/date, coverage provisions, etc.

  • Policy status
  • Effective date
  • Expiration date
  • Activity date
  • Coverage
  • Deductible

6. Policy Updates

In short, customers can call to learn about their existing policy or request changes to their policy.

7. Find an Agent

An IVR allows customers to find the agent closest to them. By connecting to an agent, they learn more in depth about their desired coverage in their area. (Home, Life, Auto, etc)

8. Investment/Annuity Fund Transactions

An IVR system allows customers to hear their existing investment balance, transfer funds, learn current rates, etc by simply entering the customer’s account identifier and password. The system can be enhanced with speech recognition software that identifies the caller, creating a more secure environment.

9. Rate Information Line

Callers can request rates for bundle packages or compare rates with other insurance companies. In addition, a sales agent can provide further information.

Furthermore, IVR systems can integrate with a credit card authorization gateway. A gateway facilitates online payments by taking the submitted form data and presenting it to the processing bank.

10. Proof of Insurance

A customer’s policy is sent on demand. All things considered, this is quite handy if a customer is trying to buy a car. Of course, the IVR can allow them to enter a fax number and have it sent.

Also, if you are a customer or insurance agent and have an inquiry about a policy, would like to submit a claim, need to make a payment to your account, or want to initiate a refund, simply dial into your insurance agency’s toll-free number. Soon, an intelligent, accurate, and efficient IVR system, guides you through voice prompts, enabling you to enact account changes instantly and retrieve policy information without delay.

IVR Systems Enhance Caller Experience While Saving Insurance Companies Money

In conclusion, the number of inbound calls from customers seeking some sort of information on their policy, or how to file a claim is overwhelming. If you don’t have an IVR system, it’s likely that a live customer service agent is answering your inbound calls. By deploying a customer self-service strategy via IVR, insurance companies can dramatically cut costs, not only in their call center, but also in overall operations. By offloading simple, repetitive transactions to IVR systems, insurance companies have the ability to take agents and call center staff out of the loop and, as a result, significantly reduce the size of their call center.