In a groundbreaking development, Assurance IQ, a prominent InsurTech company, has successfully slashed the onboarding time for new insurance sales agents by harnessing the power of Alltius' AI sales assistants platform. This transformative approach has allowed Assurance IQ's new agents to attain mid-level experience and productivity within an impressive timeframe of just one month.
Assurance IQ, known for providing personalized insurance plan buying guidance to over 17 million customers in the North American region, faced a significant challenge in ensuring their sales agents were knowledgeable across a vast array of 6,000+ insurance plans from more than 100 plan providers. With these plans subject to periodic changes, the onboarding process for new agents often stretched beyond six months, resulting in low productivity compared to seasoned sales agents.
Recognizing the need for a transformative solution, Assurance IQ partnered with Alltius, a leading conversational AI platform for sales and customer support. Alltius developed AI assistants specifically tailored to Assurance IQ's requirements, enabling agents to identify insurance plans based on customer needs during calls, convert plan benefits into personalized sales pitches, and provide valuable customer insights. Within a month of implementation, the sales team began utilizing these AI assistants, which were trained on insurance plans and domain knowledge expertise.
The results of this collaboration have been remarkable. Alltius' responses across all insurance plans achieved an impressive 100% accuracy rate and a 97% recall rate. Moreover, the personalized and need-based sales pitches generated by the AI assistants led to a 5-15% increase in call-to-sale conversion rates. The overall productivity of sales agents also saw a significant boost, with a 20%+ improvement over an average two-year tenure.
The successful implementation of Alltius' AI sales assistants at Assurance IQ demonstrates the immense potential of conversational AI in revolutionizing the insurance industry. By empowering sales agents with AI-driven insights and personalized sales pitches, companies can significantly reduce onboarding time, enhance productivity, and improve customer engagement. As more insurers embrace this technology, the industry is poised for a new era of efficiency and customer-centricity.
Assurance IQ sales agents have expressed their enthusiasm for the AI assistants, with one agent stating, "This Alltius' AI assistant is excellent! It phrases things perfectly. It takes 6 months to get new agents up to mid-level of productivity. These tools would get them there in a third of the time."
Vibs Abhishek, CEO of Alltius, emphasized the impact of the AI assistants, stating, "Alltius' AI assistants act as a force multiplier for Assurance IQ's sales team's expertise. With the assistants handling deep product knowledge, their agents can focus on listening to customer needs and having more personalized conversations that drive conversions."
Nick Howard, CTO of Assurance IQ, praised Alltius, saying, "One of the best [platforms] we have seen in the market. Also, they are one of the best teams we have worked with, that has been leveraging GenAI much before tools like ChatGPT arrived on the scene."
