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Why automate insurance agent onboarding?

Globally, over 90 percent of agents leave their organization to pursue opportunities outside the insurance industry. Thus making the agents onboarding process a continual recurrence for the insurance companies. 
Organizations, as well as agents, crave for easy onboarding instead of long trails of paperwork. Simplifying documentation and data entry right from the beginning can be a great win for organizations looking to improve operational efficiencies. And it is, in fact, possible to automate insurance agents onboarding processes.

Problems In Onboarding Insurance Agents

#Finding the Right Person

One of the major problems that insurance companies face is the agent’s intent towards making profits. There sure is the pressure of earning commissions forcing agents to sell policies that bring greater profits to them. 

Insurance companies indeed need to find agents aligned with organizations’ ethics and not driven by personal benefits.

#Operational Cost in Recruitment

When an organization issues a circular for hiring agents, thousands of applications flood in. The human effort in shortlisting candidates is time-consuming and can increase operational costs by 30%-60%.

Automating ‘Traditional Onboarding’ Processes

Organizations can introduce an “apply online” portal where prospective agents can upload documents directly required for employment qualifications. Post this, the shortlisting of candidates can be automated, which is otherwise done manually even today.

Process flow: Automate Insurance Agents Onboarding - Mantra Labs

#Check Authenticity of the Submitted Documents

Smart document scanners identify the authentication rules (holograms, unique id, etc.) and accordingly process it for the next steps.

#Sort and Cluster Documents

Document Classifiers can cluster documents based on their titles, IDs, and specific content within the document text, and structure the data in a relational/hierarchical repository.

This is equivalent to arranging agent documents in a paperless register with lightning-fast access for future references.

#Derive Target Data

The OCR Engines and Document Parsers can read and capture text from documents and store them in the required format.

A manual process will require reading the document, entering data in a register, and then calculating it. Sounds tedious (even if it’s on excel sheets), isn’t it?

#View Results According to the Selection Criteria

Dashboards allow viewing the output in a decision-ready format.

MaxBupa, a leading health insurer uses an automated solution to process inbound documents for qualifying insurance agents into their distributed-sales network. 

Organizations can use some or all of these tools depending on how much they want to automate insurance agents onboarding. Custom workflow automation tools are available for enterprizes, and tailor-made considering the sophistication of the insurance industry.

For customized insurance agent onboarding software solutions, feel free to contact us at hello@mantralabsglobal.com

webinar: AI for data-driven Insurers

Join our Webinar — AI for Data-driven Insurers: Challenges, Opportunities & the Way Forward hosted by our CEO, Parag Sharma as he addresses Insurance business leaders and decision-makers on April 14, 2020.

Agents (humans) are important too

The traditional model of agent-to-customer communication is not dead. 57% of Indian customers still prefer buying insurance policies through agents. Many a time, agents are the touchpoint between customer portal (technology) and the customer. 

From an organization’s perspective, automated systems also ensure effective data management, which gives their agent easy access to customer information and company policies and documents; bridging the knowledge gap.

By automating about 30% of resource-intensive manual processes, insurance companies can cut about 40% operational cost.

Why to Automate Insurance Agents Onboarding?

Removing the unnecessary layers of complexity and automating processes can help insurance companies interact with more potential agents and set stricter selection criteria.

Successful onboarding can help establish a strong relationship between agents and insurance companies. According to research from Brandon Hall Group, organizations with an efficient onboarding process can improve new-hire retention by 82%. Also, finding the right person for your organization can improve the agents as well as overall enterprises’ productivity by 70%.

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Enhancing digital patient experience with healthcare chatbots

5 minutes read

Chatbots are fast emerging at the forefront of user engagement across industries. In 2021, healthcare is undoubtedly being touted as one of the most important industries due to the noticeable surge in demand amid the pandemic and its subsequent waves. The Global Healthcare Chatbots Market is expected to exceed over US$ 314.63 Million by 2024 at a CAGR of 20.58%.

Chatbots are being seen as those with high potential to revolutionize healthcare. They act as the perfect support system to agents on the floor by providing the first-step resolution to the customer, in terms of understanding intent and need, boost efficiency, and also improve the accuracy of symptom detection and ailment identification, preventive care, feedback procedures, claim filing and processing and more.

At the outset of the COVID-19 pandemic, digital tools in healthcare, most commonly chatbots, rose to the forefront of healthcare solutions. Providence St. Joseph Health, Mass General Brigham, Care Health Insurance (formerly Religare), and several other notable names built and rolled out artificial intelligence-based chatbots to help with diagnostics at the first stage before a human-human virtual contact, especially while differentiating between possible COVID-19 cases and other ailments. The CDC also hosts an AI-driven chatbot on its website to help screen for coronavirus infections. Similarly, the World Health Organization (WHO) partnered with a messaging app named Ratuken Viber, to develop an interactive chatbot for accurate information about COVID-19 in multiple languages. This allowed WHO to reach up to 1 billion people located anywhere in the world, at any time of the day, in their respective native languages.

For Care Health Insurance, Mantra Labs deployed their Conversational AI Chatbot with AR-based virtual support, called Hitee, trained to converse in multiple languages. This led to 10X interactions over the previous basic chatbot; 5X more conversions through Vanilla Web Experience; Drop-in Customer Queries over Voice Support by 20% among other benefits.

Artificial Intelligence’s role in the healthcare industry has been growing strength by strength over the years. According to the global tech market advisory firm ABI Research, AI spending in the healthcare and pharmaceutical industries is expected to increase from $463 million in 2019 to more than $2 billion over the next 5 years, healthtechmagazine.net has reported. 

Speaking of key features available on a healthcare chatbot, Anonymity; Monitoring; Personalization; collecting Physical vitals (including oxygenation, heart rhythm, body temperature) via mobile sensors; monitoring patient behavior via facial recognition; Real-time interaction; and Scalability, feature top of the list. 

However, while covering the wide gamut of a healthcare bot’s capabilities, it is trained on the following factors to come in handy on a business or human-need basis. Read on: 

Remote, Virtual Consults 

Chatbots were seen surging exponentially in the year 2016, however, the year 2020 and onwards brought back the possibility of adding on to healthcare bot capabilities as people continued to stay home amid the COVID-19 pandemic and subsequent lockdowns. Chatbots work as the frontline customer support for Quick Symptom Assessment where the intent is understood and a patient’s queries are answered, including connection with an agent for follow-up service, Booking an Appointment with doctors, and more. 

Mental Health Therapy

Even though anxiety, depression, and other mental health-related disorders and their subsequent awareness have been the talk around the world, even before the pandemic hit, the pandemic year, once again could be attributed to increased use of bots to seek support or a conversation to work through their anxiety and more amid trying times. The popular apps, Woebot and Wysa, both gained popularity and recognition during the previous months as a go-to Wellness Advisor. 

An AI Wellness Advisor can also take the form of a chatbot that sends regular reminders on meal and water consumption timings, nutrition charts including requisite consultation with nutritionists, lifestyle advice, and more. 

Patient Health Monitoring via wearables 

Wearable technologies like wearable heart monitors, Bluetooth-enabled scales, glucose monitors, skin patches, shoes, belts, or maternity care trackers promise to redefine assessment of health behaviors in a non-invasive manner and helps acquire, transmit, process, and store patient data, thereby making it a breeze for clinicians to retrieve it as and when they need it.

Remote patient monitoring devices also enable patients to share updates on their vitals and their environment from the convenience and comfort of home, a feature that’s gained higher popularity amid the pandemic.

A healthcare chatbot for healthcare has the capability to check existing insurance coverage, help file claims and track the status of claims. 

What’s in store for the future of chatbots in Healthcare? 

The three main areas where healthcare chatbots can be particularly useful include timely health diagnostics, patient engagement outside medical facilities, and mental health care. 

According to Gartner, conversational AI will supersede cloud and mobile as the most important imperative for the next ten years. 

“For AI to succeed in healthcare over the long-term, consumer comfort and confidence should be front and center. Leveraging AI behind the scenes or in supporting roles could collectively ease us into understanding its value without risking alienation,” reads a May 2021 Forbes article titled, The Doctor Is In: Three Predictions For The Future Of AI In Healthcare. 

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