How Polibit Insurance cut costs 66% using over.ai’s AIVR

The insurance industry is notoriously outdated and full of inefficiencies. In a world where people expect to have virtually everything available to them at the click of a button, many major insurance companies have consistently failed to bring their business operations up to speed. 

OVERVIEW

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Call wait time:
from 1.2 min to 0 min
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Call duration time:
↓ 25%
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Customer Support costs:
↓ 66%

THE CHALLENGE

  • Long wait times on customer service line gives poor customer experience  
  • Need for costly external service to handle phone operations
  • Industry standard practices are inefficient and consume time and resources

“We wanted to be among the first insurance companies to provide a true digital experience for our customers,” says Asi Shmaiser, CEO of Polibit, “the insurance industry has been lagging behind and clinging onto outdated software and processes – Over.ai‘s AIVR is helping us transform that.” 

Polibit is a boutique insurance company, founded over 30 years ago and trusted by clients nationwide. Company executives saw the digital revolution as an opportunity rather than a death sentence, and made a commitment to being one of the only insurers in the country to offer fully digital services. They realized that digitizing operations and adjusting their business model would help push their business to the top of the new digital era – rather than be left behind in a cloud of dust. 

THE SOLUTION

  • 24/7 phone line coverage powered by Over.ai Omega’s AIVR
  • Customers are instantly connected to company to receive answers and leave messages
  • Save employee hours by removing need to answer repetitive questions

After investigating multiple options, Polibit decided the first step in executing this new digital strategy would be to implement a chatbot on their website, a trend that many companies have followed recently. However, customers still prefer to communicate through traditional channels – despite the buzz, chatbots remain at the bottom of the list of channels customers use to communicate with businesses – and unsurprisingly, phone calls continued to pour in.

“Customers used to call, be put on hold, and then be greeted by a human that had no vested interest in our company and who made more money the longer the conversation lasted,” remarks Shmaiser, “Now, they’re greeted by Shlomit – a friendly voice of the company who quickly and accurately resolves customer issues.”

In order to keep up with the volume of incoming calls, Polibit outsourced to an external phone answering service, which charges on a per minute basis. The service provided was 24/7, and agents were able to answer basic questions and pass messages along to the company. However, the customer call wait time was on average 1.5 minutes, causing drop-off and lowered customer satisfaction. According to a consumer satisfaction study done by Aspect, insurance customers are more likely than any others to reconsider their choice in company – 33% of consumers will switch companies after just one bad experience. 

Polibit realized it was critical for them to improve the customer experience, and so they decided to implement Over.ai‘s AIVR technology into their business. Within less than a week, the system had been customized and integrated with Polibit’s internal platforms, and so ‘Shlomit’ began her new career. As with any artificially intelligent technology, there is a “training period” where the software and data is refined and adjusted. During this time, Over.ai‘s customer success team constantly monitors the bot, reviewing all conversation transcripts and recordings in real-time, making sure that any issues are quickly resolved, and continuously making improvements. 

THE IMPACT

  • 66% reduction in customer service costs
  • Eradication of customer call waiting time 
  • Major reduction in call duration, time taken to answer customer inquiries 

The virtual agent serves essentially the same function for Polibit as the phone answering service they were using previously – she’s able to answer requests for simple information about the company, records and passes along messages. The difference in the customer experience has now changed dramatically, however. The call wait time is erased, dropping from 1.2 minutes to 0 minutes – Shlomit answers the phone immediately, 100% of the time. As a result of the efficiency that the VA requests and receives information, the average duration of incoming calls also dropped significantly – from 2.4 to 1.8 minutes, a 25% decrease. 

“The new system costs half as much per minute of call duration, which has
lowered significantly as well – we’ve managed to cut expenses drastically. We now spend 66% less on customer
support than we previously did,” observes Shmaiser. 

The critical issues that Over.ai’s VA was able to provide Polibit solutions for:

  • Offering faster and more personalized service than external company
  • Curtailing hours of live-agents and associated costs
  • Standing out as one of the few providers of advanced digital service in an outdated industry

The transition from the old system to the AIVR was seamless from the customer’s perspective, and Polibit is pleased with the results so far and is looking forward to seeing the long-term impact. Results will only get better and better; with constant refinement and monitoring from Over.ai‘s team, machine learning algorithms that allow the bot to improve on its own, and a lot of love, the bot will only continue to grow. Shmaiser envisions the agent in the near future solving more complex questions regarding insurance policies and account information – saving the company countless additional employee hours and costs.