Interactions Extends Leadership on Vertical-Specific Solutions, Launches IVA for Insurance

• Leading conversational AI company launches new verticalized product, pioneering a tailored approach to Intelligent Virtual Assistants 

Interactions, one of the world’s largest standalone conversational artificial intelligence (AI) companies, announced the launch of a new verticalized product, the Intelligent Virtual Assistant (IVA) for Insurance. IVA for Insurance joins the Virtual Collection Agent (VCA) for Accounts Receivable Management (ARM) on a growing roster of vertical-specific products with proven results enhancing the customer experience and driving efficiency and profitability.

For more than fifteen years, Interactions has been a pioneer in exceptional customer experiences that blend the power of AI with a real-time human touch. The company works with some of the largest enterprises in the world across a number of industries where customer experience is paramount to success, including hospitality, financial services, retail, communications and technology. Now, Interactions is creating a new standard for customer experiences by designing and deploying products customized for the unique needs, challenges and nuances of specific industries.

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“When we first set out, AI-powered customer experiences were a novel concept. Now, their impact is widely felt and understood—but there’s more we can do to facilitate meaningful connections between enterprises and their customers,” said Phil Gray, Chief Innovation Officer at Interactions. “Each industry has its own lexicon, its own customer service needs and its own back-end systems and processes; a one-size-fits-all approach won’t deliver a remarkable customer experience. We firmly believe vertical-specific solutions are the future.”

The insurance industry stands to benefit immensely from a custom solution. With complex policy life cycles, from comparing and selecting policies to submitting and checking the status of claims, insurance providers risk providing fragmented, difficult-to-navigate experiences. Meanwhile, customers frequently contact insurance companies in times of need, seeking reassurance and efficient, quality service. Omnichannel solutions offer the flexibility and convenience of shifting from one channel to another during chaotic times. As customers look for more control over various touchpoints of the insurance journey, digital transformation is paramount. In fact, satisfied customers are 80% more likely to renew their policies. To meet rising customer expectations, 95% of insurers recently surveyed by Deloitte are already or looking to accelerate digital transformation post-pandemic.

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Interactions IVA for Insurance offers 24/7, omnichannel self-service options that enable providers to manage surges in inquiry volumes with ease, lead each customer interaction with empathy and strictly adhere to compliance regulations. Powered by Interactions’ industry-leading conversational AI, IVA for Insurance offers a variety of unique benefits to insurance providers:

• Conversational CX At Scale: Backed by Interactions’ unique blend of Conversational AI and human intelligence, IVA for Insurance combines the best of conversational AI with real-time human intelligence to understand even complex alphanumeric phrases with human levels of accuracy, at scale.

• Empathetic Dialog: IVA for Insurance meets each customer with a natural and empathetic interaction, based on millions of transactions in the insurance vertical, which ensures that customers are treated in accordance with their emotional state.

• Claim and First Notice of Loss (FNOL) Self-Service: IVA for Insurance allows customers to submit a claim or begin documenting a FNOL without going through an agent, enabling efficient service for one of the most stressful and time-consuming touchpoints in the insurance customer journey.

• Seamless Integrations: Integrations with key systems like CRMs, payment processors and insurance industry-specific policy and claims platforms enable the IVA for Insurance to easily tap into existing customer data to more effectively respond to inquiries and provide a comprehensive, unified experience for each customer.

• Compliance Adherence: Every interaction with IVA for Insurance is structured to follow defined dialogue flows and adhere to complex compliance regulations and processes.

• Data Security: IVA for Insurance leverages a number of security best practices—including encryption, firewalls, intrusion detection systems, access controls, data leakage prevention (DLP) and proxy services—to protect consumer and business data. IVA for Insurance is also capable of anticipating and redacting sensitive information in real-time.

With Interactions IVA for Insurance, one of the world’s largest insurance providers is now offering efficient, personalized service across the entire insurance lifecycle, increasing customer retention and loyalty while optimizing business operations. Since deploying the IVA for Insurance, this leading insurer has reduced average handle time (AHT) by 45 seconds per call, increased customer satisfaction (CSAT) by 7% and decreased misdirected calls by 50%.

“Often when policyholders need to get in touch with their insurance company, they are experiencing a difficult or stressful time. The last thing a customer needs at that point is a clunky, time-consuming and frustrating experience,” said Gray. “With IVA for Insurance, Interactions customers can provide an intuitive conversational experience to every caller, ensuring they get the information and assistance they need quickly and without any unnecessary hassle. We’ve been humbled to see the incredible impact this solution has already had on insurance providers’ customer satisfaction and operational efficiency.”

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