Short-term insurer improves retention with conversational AI

Client

Insurance

Date

2020

Solution

Personalised retention and recovery

Integrations

eKYC
CRM
Administrative System
Cloud Hosting
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Completion rate (%)

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Non-cancellation outcome (%)

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Collection rate (%)

Client overview.

A top short-term insurance provider helps customers achieve their personal journeys to success by providing reliable short-term insurance cover for valuable items and assets.

The challenge
The insurer required an interactive solution to improve premium collections, overall customer experience and customer retention.
How we helped
FCB.ai developed a conversational AI retention and recovery solution which guides customers through an AI-powered conversation to help resolve any account issues and manage unpaid premiums for the month. The solution is personalised and interactive with five-in-one conversational flows. The solution can be accessed through personalised SMSs and emails from the insurance provider, which customers can engage with when it is most convenient for them, 24/7. This ensures privacy, confidentiality and convenience.
The outcome
The retention and recovery solution has seen FCB.ai create excellent results for the short-term insurer across both collections and retention. To date, we've achieved an impressive 90% completion rate, 98% non-cancellation outcome and 74% collection rate. Valuable optimisations to the solution are ongoing as the FCB.ai team strives to continually achieve strong results for its client.

A first for our business!!! It was amazing to see how two teams came together and made this work! I am super proud of everyone involved!

Senior Insurance Executive

Success stories.

SHARING THE SUCCESS STORIES OF OUR CLIENTS