COVU, the only all-in-one 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.
“We are on the cusp of a groundbreaking development within the insurance industry and our team helping pave the way for a modern approach to growing revenue for insurance teams.”
COVU is a pioneering insurtech startup that gives independent agencies comprehensive support and cutting-edge tools for managing the entire business and uncovering new revenue. COVU helps empower success in today’s dynamic market by giving agents access to the latest technologies in order to make efficient and well-informed decisions.
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COVU’s team of world-renowned 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 and our team helping pave the way for a modern approach to growing revenue for insurance teams.”
The COVU platform and approach is designed to help agents better 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.
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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.
As a part of COVU’s commitment to modernizing the insurance industry, the company continues researching the possibilities and benefits of generative AI. COVU plans to release an upcoming study set to reimagine how insurance agencies manage operations, customer service, cross-selling, and all associated processes, ensuring better services and cost savings.
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