COVU, an AI-enabled digital platform for insurance agencies, has released a new executive forecast on the industry shift toward using generative artificial intelligence (AI) tools to help insurance agencies streamline operations, customer service, and cross-selling opportunities.
COVU is an insurtech startup that gives independent agencies support and tools for managing their business and uncovering new revenue. COVU says it helps them make efficient and well-informed decisions. COVU’s team of insurance, finance, and technology innovators believe generative AI tools – like ChatGPT built by OpenAI – will play a significant factor in the digital transformation of the insurance industry in 2023. These new AI-powered tools have the potential to reduce customer service costs by up to 30%, which could save insurance agencies millions of dollars.
“U.S. insurance agencies are falling drastically behind on the technology curve and it’s time to embrace the new digital era with innovative technologies that enhance business operations,” said Amir Kargar, co-founder and chief technical officer at COVU. “We are on the cusp of a groundbreaking development within the insurance industry.” The COVU platform is designed to help agents manage operations, customer service, and cross-selling. When adding in the use of AI tools, agents can reduce the time spent on administrative tasks, boost targeted marketing efforts and uncover more sales opportunities quickly.
Powered by AI and machine learning (ML), OpenAI’s platform automates routine tasks such as document handling and customer segmentation – freeing up critical time for high value activities like providing personalized client counsel, strengthening customer relationships through new offers, and growing the business. The technology offers unprecedented access to data and customer behavior patterns, allowing agents to make quick decisions based on real-time data and analysis.