This is our story of co-creating a solution with a leading consulting and investment advisory firm offering services to insurance, financial services and healthcare businesses
As we know ...
Customers expect an experience that is seamless, consistent, personalized and hassle-free. Technology has equipped businesses to deliver this experience 24x7 at scale, through digitization of all touch points in the customer journey, and enabling self-service and automation. Artificial intelligence (AI), Natural Language Processing (NLP) and Machine Learning (ML) are key technologies powering this experience. However, it is essential for businesses to identify and deploy the right solution that provides a holistic experience, rather than implementing standalone solutions which are known to offer limited value, and often fail.
The challenge for the consulting firm was ...
It had to serve 200+ insurance companies that were catering to more than 100 million customers. A surge in calls from the companies during the open enrollment period had resulted in higher contact center, costs. There was an urgent need to implement an AI-enabled solution to automate 20-30 percent of the transactions that were simple to medium in complexity. The client also wanted to enable self-service on its customer portal, along with integrating multiple databases and systems of the 200+ companies. Prior attempts to deploy business-to-business automation to manage conversations had been ineffective.
Here’s what we co-created as a solution ...
WNS deployed its proprietary cloud-based solution, WinBot, to enable digital self-service, automate customer interactions through chatbot and provide interactive online guidance for customers, along with analytics and agent assistance. WinBot, powered by AI, NLP, ML and an in-built analytics engine, enables out-of-the-box integration with the existing technology environment using open Application Programming Interfaces (APIs). These features enabled the client to modify the response library and scale the solution as required.
The solution included key steps such as:
Identifying 70+ unique query types (use cases) for 200+ insurance companies and creating a dynamic and reusable response library
Identifying and developing business logic for responses to be managed by the bot, including seamlessly handing over escalations and exceptions to agents
Developing user validation at the source to authenticate, and providing personalized and contextual responses to users
Adding an encryption layer over the bot conversations to ensure data security while handing over the customer conversation transcripts to agents
Our learnings and outcomes from the process of co-creation are ...
That the successful integration of chatbots with various back-end systems enables seamless customer experience.
Other benefits delivered by the solution include:
~70 percent reduction in contact center volumes during open enrollment within the first six months of deployment; ~USD 500,000 in savings and 5x return on investment
More than 40 percent reduction in contact center cost of ownership due to automation
~12 percent surge in open enrollments due to enhanced experience
~80 percent reduction in agent research time and faster response due to WinBot’s agent assistance and intelligent knowledge base resulting in improved customer satisfaction and stickiness
More than 80 percent engagement success rate due to self-service
24x7 availability enabling 35 percent additional volumes being managed outside regular business hours
To view the infographic, click here.