Door to Door No More
It is no secret that digital transformation has brought some big changes to the insurance world. In the olden, pre-email days, workers would sell insurance by going door to door, trying to convince homemakers that their (i.e., the workers’) insurance company’s policies were the best for insuring their life, home, car, what have you.
Of course, advertising and customer outreach was still done by mail, of the letters-in-envelopes variety rather than electronic, but in many instances, it was a job that required feet on the streets.
Finding whose house to visit was also a human-oriented activity. Oftentimes, the work was indeed door to door, where workers just went from one door to the next, regardless of who lived there or whether the homeowners were satisfied with their existing policy or not. It was common for many hours of a day to be wasted on no’s that a little background research could have told the salesman were likely.
Just going over this history lesson clues you into why so many insurance companies turned to digital methods for customer outreach once the technology became available. For one, composing an email is less time-consuming and expensive than getting a car and patrolling neighborhoods.
It is not just the outreach that has become optimized through digital technologies, but the lead generation as well. This has been enabled by AI systems provided by companies like Findability Sciences. Read on to learn how AI has revolutionized lead generation in the insurance industry.
Finding Out Who is Most Likely to Buy Your Insurance
Half the battle in finding customers is figuring out just who would buy from you. Though insurance is widely used by the population, there is a reason that, in the case of car insurance, some people buy from Allstate and others from Progressive.
One of the premier offerings of Findability Sciences is persona modeling, which can take data, internal and external (e.g., social media posts), about your existing customers and figure out the most common characteristics seen across them. These are called “cognitive insights,” and can tell you about the likes, dislikes, tastes, etc. of your customer base.
Of course, there will be a lot of diversity across your customer base, which is why persona modeling tools can segment that base into different populations, based on a chosen metric. For example, you may want to know about the characteristics of your customers with the most expensive policies, because, well, you want more customers paying for expensive policies.
Reaching Out to Those Likely to Buy Your Insurance
Persona modeling gives you a step up in lead generation, because it can tell you where and who to reach out to.
Conversational computing platforms are offered by Findability Sciences. If you don’t know what those are, they are the automated “chatbots” that can reach out to potential customers on social media, over email, or greet them to field their questions on your own website.
Chatbots are Natural Language Processing (NLP) agents, meaning that they can independently hold full and substantial conversations with humans without your supervision. Much less expensive than a traveling salesman, and able to talk to multiple customers at once, AI chatbots are increasingly becoming insurance companies’ choice for customer outreach.
A chatbot can be trained to answer your most commonly asked questions, and become experts on the policies you offer. When a chatbot reaching out to a potential customers on, say, Instagram, is asked about possible premiums that the customer may need to pay, the chatbot can quickly answer that.
Engagement is key to getting leads interested, both in the digital sphere and outside of it. The rapid-fire answers and complete attention that chatbots offer a potential customer makes them ideal for holding leads’ attention in a fast-moving information age, where attention is becoming harder and harder to hold.
In case you were wondering, these chatbots can also get in contact with your existing customers, and engage with them over email or other platforms to possibly upsell them on different policies, and to learn about their overall experience with your company.
Lead generation with AI can be aided by a few Findability-powered offerings, persona modeling and conversational computing. The former combs through scores of data to find out about the things that your customers most respond to, which can inform your outreach efforts. The latter automates these efforts, employing chatbots that are active 24/7 and can handle multiple conversations at once.