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How technology Powered with AI and ML helps Uplifting Sales in Insurance and Wealth Management, also How does it help lower Competition Risk?

Posted by: New Vision Software
Category: Blog

Gone are those days when people lived with after-sales insurance challenges such as tedious claim management processes, insecurities, etc. All along, annoying experiences, coupled with technological advancements, have made insurance and wealth management buyers more demanding. Today, they do not want to confine themselves to buying insurance programs and want to leverage the technical benefits associated with them.

Accordingly, AI and ML constitute a set of modern technologies that have revolutionized insurance and wealth management sales significantly. They’ve graduated to become sales USPs of the BFSI sector and continue to play a pivotal role in uplifting sales across all associated sectors. How? We, NewVision Software, a leading AI and ML partner across the insurance and wealth management sector, relate to it and explain it with the following factors.

Personalized Plans

Today, people do not buy an insurance or wealth management plan that doesn’t match their needs! It is their investment, and hence they need what helps them optimize their investments. AI and ML play a royal role here. The technologies allow the BFSI sector to leverage critical insights relating to the prospects’ age, interests, buying patterns, income, etc., and enable sales professionals to craft customized plans that resonate with their needs.
A solution helping to create personalized insurance and wealth management plans through analytics that gives company sales personnel an insight into customer data is the need of the hour. It can help the BFSI sector optimize its customers’ investments and can have a profound impact on its sales over the years.

Fraud Detection and Prevention

Technology continues to benefit the BFSI sector. However, the BFSI industry is also one of the most vulnerable to fraudulence in various ways. AI and ML, with their analytical prowess, prove helpful. They enable companies to analyze historical data and identify fraudulent patterns in the early stages. People are more likely to deal with companies that offer data security and have competitive fraudulent dealing mechanisms.
Industry-specific AI and ML solutions help companies deal with fraudulence effectively and prevent them. The analytical solutions keep evolving with time and technology and are customized to deal with the various issues associated with fraudulence and data security. These solutions work as sales catalysers.

Simplified and Accelerated Claims Management

Poor claims management, governed by manual processes, resulting in delayed claims processing, has been the biggest source of frustration for insurance buyers. A lot of them, regardless of the advantages of the insurance plans, refrain from buying insurance, and which is something that once impeded insurance sales.
However, the advent of AI and ML and companies embracing it wholeheartedly has worked as a sales USP and has catalysed insurance and wealth management sales. AI and ML streamline the claims management process by expediting data capture, settlement creation, payment tracking, legal concerns, etc. They pave the way to quicker and more accurate claims settlement.
Customized AI and ML solutions covering every claim-related aspect and making it a sales USP proves beneficial in a sales pitch and is a must in the competitive age. We suggest companies should have a detailed plan around this.

Customer Service

Back then, precisely a decade ago, long call waiting times were normal, and people had no option but to live with them. However, technology has revolutionized customer service. The introduction of AI and ML-powered Chatbots into insurance and wealth management has expedited customer service. Although that doesn’t directly translate into sales, it certainly builds a positive brand reputation and gives companies a competitive advantage.
NewVision’s AI and ML solutions in the form of Chatbots and customer service management systems accelerate customer service and transform insurance and wealth management services into a personalized experience.

Partner with NewVision Software for the BFSI AI and ML Solutions!

NewVision Software is a leading AI and ML technology solutions provider across the BFSI sector. The company provides tech solutions that augment business efficiency and provide an impetus to insurance and wealth management sales in the long run. Connect with NewVision Software at contact@newvisionsoftware.in for customized world-class AI and ML solutions.

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