In the insurance industry, creating quotations ranks among the most challenging tasks that brokers and underwriters face daily. These processes demand not only deep expertise but also precision and speed. Each quote must be meticulously tailored to meet the client’s needs, as mistakes and delays can lead to significant consequences. Despite all efforts, manual quotation creation often remains time-consuming and prone to human error.
The Challenge: Complexity and Precision in Quotation Creation
Brokers and underwriters must consider a multitude of factors with every inquiry. They need to capture customer requests accurately, gather all relevant data, and convert it into a tailored quote. Each step demands careful attention, as even the smallest inconsistency can jeopardize the success of a quote. In an industry where speed and accuracy are critical, errors can have severe repercussions. The high manual effort and associated error susceptibility not only impact efficiency but also customer satisfaction.
How Can AI Assist in Quotation Creation?
With the advent of Artificial Intelligence (AI), the insurance industry has the opportunity to tackle these challenges effectively. AI enables the automation of routine tasks while performing complex analyses. This allows brokers and underwriters to focus on more demanding activities. Particularly noteworthy are intelligent email assistants that significantly simplify the quotation process. These AI-powered tools analyze email content, extract relevant information, and seamlessly integrate it into the quotation process. By minimizing manual interventions, they greatly reduce error rates and ensure that important details are not overlooked.
Intelligent Email Assistant as a Game Changer
One example of such an AI solution is the mgm COSMO AI Assistant. This Outlook add-in enhances the entire quotation process by analyzing incoming customer inquiries, extracting relevant data, and forwarding it directly to the appropriate systems. Simultaneously, the assistant generates standardized responses and proposal suggestions based on the collected information and individual customer needs. This automation not only saves time but also boosts the accuracy and efficiency of the entire process chain. It’s a real game changer, as it frees up employees to focus on more complex and value-added tasks.
See How the mgm COSMO AI Assistant Works in Our Live Demo:
A Success Story: Efficiency Boost in Practice
A leading German insurance company demonstrates how effectively AI can be applied in practice. The company adopted the mgm COSMO AI Assistant to meet rising market demands by automating email communication and quotation requests. The results were remarkable: the processing time for quotes decreased by 80%, leading to a significant increase in customer satisfaction.
Summary
Quotation creation in the insurance industry demands high accuracy and efficiency. Artificial Intelligence, particularly through intelligent email assistants like the mgm COSMO AI Assistant, offers substantial benefits. By automating tasks and intelligently processing data, brokers and underwriters can streamline their processes, reduce errors, and enhance customer satisfaction. The future of quotation creation lies in the smart use of AI technologies, which enable better handling of market challenges and elevate customer service to new levels.
Our team is happy to assist with any questions you may have.
