In the Insurance sector, 26.3 percent complaints are related to mis-selling. Mis-selling is an age-old Insurance challenge which the Insurers are struggling to grapple with even today. However, with AI in Insurance, this scenario is changing. Safe to say that AI agent is the new friend that every insurer was unaware of!
Product Mis-selling in Insurance- A Roadblock
Product mis-selling is quite a challenge that Insurers face when it comes to pitching different products. Often, Insurance agents pitch products in a deceptive manner that are not just of low value but also can be misleading. This leads to the customers to purchase products that really doesn’t suit their needs but are also deceived to buy them.
This activity can happen deliberately as well as non-deliberately. In either of the cases, a reliable support is the need of the hour. Lack of reliable support for Insurance agents adds up for increased chances of product mis-selling. Eventually leading the customers to pay a hefty surrender cost.
Multiple risks are posed by product mis-selling which can lead to heavy consequences. Hop on to the next section to explore them!
What are the Risks that Mis-Selling Causes?
Mis-selling -Not a Friend but a Foe!
There are a substantial number of risks that mis-selling causes not just to Insurers but to the consumers as well.
Trust Erosion
The major problem that is faced by the consumers due to mis-selling is loss of confidence. When the consumers are misled by inaccurate Insurance information by the insurance providers, there is a natural depletion of trust
Brand Reputation Tarnished
Mis-selling practices can severely damage an insurer’s reputation leading to a loss of customer loyalty.
Costly Legal Liabilities
When insurers are engaging in mis-selling, it can result in costly legal battles and penalties. The insurer needs to bear a significant financial burden that can divert focus from the essential business functions
Negative Psychological Impact
One misleading Insurance information can leave a negative psychological impact on the minds of the consumers. Not only customer loyalty is depleted but can also leave the consumers with a bitter Insurance experience
Why is Smart Agent Assistant the Friend that Every Insurance Agent Needs?
A friend in need is a friend indeed!
It is not hidden that Insurance mis-selling is still a problem in the Insurance industry. Mis-selling of Insurance products poses a detrimental impact on the trust factor- an essential ingredient that drives the Insurance industry. It also comes with a plethora of negative implications- from customer dissatisfaction to policy lapses to regulatory penalties to tarnished brand reputation and so on.
Avoid product mis-selling by asking smart agent assistant for accurate product information. Insurance agents can also respond to huge loads of Insurance queries and provide better customer service with these digital assistants.
Language no barrier for Smart agent assistant.
Agents as well as customers can ask these assistants queries in any language and conveniently mitigate product queries or any product related information.
But is there A Trusted smart agent assistant that can do all these?
iNube’s AI Quest can!
iNube’s AI Quest to the Rescue
iNube’s AI Quest has developed smart agent assistant, specifically designed to mitigate product mis-selling. Additionally, it also offers accurate product information so that you can pitch products that do not sound mis-leading.
Product mis-selling a headache? No more…
With iNube’s AI Quest
A solution powered by Generative AI and Natural Language Processing (NLP), this smart agent assistant provides real-time accurate responses that too in different languages!
Designed for agents to drive customer conversion rates and provide better customer service, iNube’s smart agent assist is the tool that an Insurance agent needs!
Want to know more about iNube’s AI Quest?
Book a session with us and unravel the many benefits that AI Quest has to offer!
