Payment collection for premiums is an integral task in the insurance value chain. A delay in payment can prove disastrous for insurance agencies. These delays can give rise to conflicts between customers and companies and can lead to loss of business. These delays also lead to monthly losses that could hurt profitability. The insurance sector is struggling to drive payment follow-up campaigns. This is due to the use of obsolete communication tools. Currently, companies use emails and cold calls to remind customers about upcoming payments. Both these methods of communication have proven ineffective in recent times. A marked change in customer communication preferences has deemed these communication methods inefficient. Using the methods can also drive away loyal and responsible customers. This could lead to loss of business and can hurt profitability.
The use of non-interfering communication channels and automating the procedure can be used to tackle the problem. Meera conversational AI makes it possible for insurance companies to do just that. The AI assistant sends out personalized payment reminders through WhatsApp and SMS. These messages can comprise a link redirecting to the payment platform. Through the process, Meera simplifies the process for both customers and agencies. Besides this, the AI assistant enables insurance companies to follow-up with customers without frustrating them. Meera also prevents payment delays by answering FAQs.
- Simplifies Customer Relationship Maintenance
Automated payment follow-ups translate into a timely collection of revenues. This enables companies to avoid any conflicts with customers.
- Enhances Customer Experience
The AI assistant simplifies the customer-company relationship by improving communication between the two. It does so while meeting customer expectations and delivers personalized experiences. This improves customer experiences and creates new upsell and cross-sell opportunities.
- Boosts Customer Retention
Meera follows-up with each customer at scale. The non-interfering and personalized nature of the payment reminders do not frustrate customers. This way, the AI assistant helps companies retain their customers.