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5 Ways HR Chatbots are Simplifying Recruitment and Employee Engagement

3 minutes, 49 seconds read

So far, there were three most talked about recruitment metrics — time-to-hire, cost-per-hire, and retention rate. Due to the Covid-19 outbreak, the HR industry is facing another challenge of managing and interacting with the remote workforce.

The impact of Covid-19 will be felt beyond 6 months. Organizations are, therefore, keen on revising their HR processes. Apart from hiring and retaining talents, productivity remains a crucial concern for most employers. 

Over 70% of organizations are opting for virtual recruitment methods and technologies like Artificial Intelligence, Robotic Process Automation and Machine Learning are leading this change. HR Chatbots are a well-known implementation of AI technology in recruitment.

5 Important AI-powered HR Chatbots Use Cases

AI-powered HR bots can streamline and personalize recruitment and engagement processes across contract, full-time, and remote workforce.

1. Screening Candidates

Almost 50% of talent acquisition professionals consider screening candidates as their biggest challenge. Absence of standardized assessment process, lack of appropriate feedback metrics, overdependence on employment portals, and ignoring the pool of interested candidates are some of the factors that create bottlenecks in the recruitment process.

Finding the best fit for the organization is in itself a challenge. On top of that, the time lost in screening the ‘ideal candidate’ leads to losing the candidate altogether. Nearly 60% of recruiters say that they regularly lose candidates before even scheduling an interview.

AI can help in making the screening process more efficient. From collecting resumes to scanning candidates’ social & professional profiles, recent activities, and their interest in the industry/organization, AI can connect the dots and shortlist ‘best candidates’ from the talent pool. The journey begins with an HR bot that collects resumes and initiates basic conversations with the candidates.

HR operations chatbot – View Demo

2. Scheduling Interviews

The biggest challenge with scheduling interviews is finding a time that works for everyone. 

According to a recent HR survey by Yello, it takes between 30 minutes and 2 hours to schedule a single interview. Nearly 33% of recruiters find scheduling interviews a barrier to improving time-to-hire.

The barriers to scheduling interviews involve time zones, prior appointments, location, and commute. AI-powered chatbots can piece it together for both — candidates and interviewers and propose an ideal time in seconds. Moreover, today’s HR bots can handle reimbursements, feedback, notifications, and post-interview sentiments of the candidates.

Appointment scheduling chatbot – View Demo

3. Applicants Tracking

Many organizations have been using Applicants Tracking Systems (ATS) — a software for handling recruitment and hiring needs. ATS provides a central location and database of resume boards (employment sites). 

How ATS Applicants Tracking System Works
(Image)

HR chatbots with NLP capabilities can be integrated into ATS to facilitate intelligent guided semantic search capabilities.

4. Employee Engagement

Even after the orientation, employees (especially new joiners) face hurdles in keeping up with the organization’s procedures. Reaching out to HRs is the solution, but they’re also bound by time. In most of the situations, peer-support is a way through for activities like using time-sheets, leaves, holidays, reimbursements, etc.

Chatbots have always been great self-service portals. HR departments can leverage bots to answer FAQs on the company’s policies, employee training, benefits enrollment, self-assessment/reviews, votes, and company-wide polls. 

HR bots with NLP capabilities can converse with employees, understand their sentiments, and offer resolutions. 89% of HR professionals believe that ongoing peer feedback and check-ins are key for successful outcomes. Especially in large enterprises, HR chatbots can engage with employees at scale. Moreover, chatbot conversations provide actual data for future analysis. This will also help the upper management with an unbiased understanding of the sentiments at the bottom of the pyramid.

5. Transparency across Teams

Recruiting data is often siloed and confined with the recruiters themselves. Leadership only has a high-level understanding of recruitment at ground levels. Often, this data is not available to other members of the HR department as well. Less than 25% of companies make recruiting data available to the entire HR team.

One of the reasons for lack of information transparency is the use of legacy systems like emails, spreadsheets, etc. for generating reports and sharing updates.

HR chatbots - how are recruitment metrics shared
(Image)

With AI-powered systems, controlled sharing of data, dynamic dashboards, real-time analytics, and task delegation with detailed information can be simplified. AI-chatbots, integrated within HRMs can make inter/intra departmental conversations and information requests simpler.

Final Thoughts

Today, recruiters prefer technology-based solutions to make their hiring process more efficient, increase productivity and candidate’s experiences. Tools like conversational chatbots are becoming increasingly popular because of the intuitive experiences they deliver. Chatbots can simplify HR operations to a greater extent and at the same time provide better employee engagement rates than humans. 

Multilingual AI-powered HR Chatbot with Video – Hitee.chat

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Retention playbook for Insurance firms in the backdrop of financial crises

4 minutes read

Belonging to one of the oldest industries in the world, Insurance companies have weathered multiple calamities over the years and have proven themselves to be resilient entities that can truly stand the test of time. Today, however, the industry faces some of its toughest trials yet. Technology has fundamentally changed what it means to be an insurer and the cumulative effects of the pandemic coupled with a weak global economic output have impacted the industry in ways both good and bad.

Chart, line chart

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Source: Deloitte Services LP Economic Analysis

For instance, the U.S market recorded a sharp dip in GDP in the wake of the pandemic and it was expected that the economy would bounce back bringing with it a resurgent demand for all products (including insurance) across the board. It must be noted that the outlook toward insurance products changed as a result of the pandemic. Life insurance products were no longer an afterthought, although profitability in this segment declined over the years. Property-and-Casualty (P&C) insurance, especially motor insurance, continued to be a strong driver, while health insurance proved to be the fastest-growing segment with robust demand from different geographies

Simultaneously, the insurance industry finds itself on the cusp of an industry-wide shift as technology is starting to play a greater role in core operations. In particular, technologies such as AI, AR, and VR are being deployed extensively to retain customers amidst this technological and economic upheaval.

Double down on digital

For insurance firms, IT budgets were almost exclusively dedicated to maintaining legacy systems, but with the rise of InsurTech, it is imperative that firms start dedicating more of their budgets towards developing advanced capabilities such as predictive analytics, AI-driven offerings, etc. Insurance has long been an industry that makes extensive use of complex statistical and mathematical models to guide pricing and product development strategies. By incorporating the latest technological advances with the rich data they have accumulated over the years, insurance firms are poised to emerge stronger and more competitive than ever.

Using AI to curate a bespoke customer experience

Insurance has always been a low-margin affair and success in the business is primarily a function of selling the right products to the right people and reducing churn as much as possible. This is particularly important as customer retention is normally conceived as an afterthought in most industries, as evidenced in the following chart.

Chart, sunburst chart

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        Source: econconusltancy.com

AI-powered tools (even with narrow capabilities) can do wonders for the insurance industry at large. When architected in the right manner, they can be used to automate a bulk of the standardized and automated processes that insurance companies have. AI can be used to automate and accelerate claims, assess homeowner policies via drones, and facilitate richer customer experiences through sophisticated chatbots. Such advances have a domino effect of increasing CSAT scores, boosting retention rates, reducing CACs, and ultimately improving profitability by as much as 95%.

Crafting immersive products through AR/VR

Customer retention is largely a function of how good a product is, and how effective it is in solving the customers’ pain points. In the face of increasing commodification, insurance companies that go the extra mile to make the buying process more immersive and engaging can gain a definite edge over competitors.

Globally, companies are flocking to implement AR/VR into their customer engagement strategies as it allows them to better several aspects of the customer journey in one fell swoop. Relationship building, product visualization, and highly personalized products are some of the benefits that AR/VR confers to its wielders.  

By honoring the customer sentiments of today and applying a slick AR/VR-powered veneer over its existing product layer, insurance companies can cater to a younger audience (Gen Z) by educating them about insurance products and tailoring digital delivery experiences. This could pay off in the long run by building a large customer base that could be retained and served for a much longer period.

The way forward

The Insurance industry is undergoing a shift of tectonic proportions as an older generation makes way for a new and younger one that has little to no perceptions about the industry. By investing in next-generation technologies such as AR/VR, firms can build new products to capture this new market and catapult themselves to leadership positions simply by way of keeping up with the times.

We have already seen how AR is a potential game-changer for the insurance industry. It is only a matter of time before it becomes commonplace.

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