5 Ways AI Can Support Your Medicare Insurance Business
Artificial Intelligence has been a hot topic lately–and for good reason. With huge improvements in the art and content AI can create, many businesses are wondering how this exciting technology can support their workflow and communications with customers. The benefits for Medicare insurance agencies might not be obvious, but AI truly is poised to impact every industry.
While all the recent developments are exciting, take care to ensure the ways you choose to implement this technology align with your agency’s values. You may have seen some bad press about AI and Medicare. AI has a shaky track record of determining eligibility for Medicare Advantage plans. The use of this technology has raised concerns about how seniors are being treated and whether their needs are truly understood by algorithms.
How can you use AI in your business?
There are certainly pitfalls to incorporating AI into your Medicare insurance business strategy. But accessible, practical and ethical approaches to these new tools can ramp up your operations quickly and easily. Here are five key ways your agency can benefit from AI.
1. Automating workflow
Have you ever noticed you’re scheduling the same meetings over and over? Automating routine operations is a perfect area for AI to help. The best AI tools also analyze your data and offer suggestions to enhance your productivity. Once your routine tasks are handled more quickly, you’re free to get more done during your workday.
2. Connecting with clients
Many seniors want to personally interact with their Medicare insurance agent. While maintaining a personal connection with your clients is vital, AI chatbots can expand your capacity to connect. Automated tools excel at answering basic customer service queries and frequently asked questions. This leaves you and your employees free to handle the more complicated calls and problems only a real human can solve. Just make sure your chatbot has the ability to use keywords to identify when a case is more urgent and alert an agent to the issue.
AI tools can also help your clients personalize their experience with your company. If they only want to hear about certain products, seniors can tailor their communication preferences on your website or app.
3. Evaluating marketing strategies
Digital marketing is an area of huge opportunity for AI. Understanding how your potential customers are using your website is illuminating. Which pages get the most clicks? Which pages get the most conversions? How long does the typical visitor take to find what they’re looking for on your site?
AI tracks this data and presents it in a usable form. Then, your marketing department can prioritize content to feature on your home page and optimize your site for how your leads are actually using it.
4. Prioritizing leads
Selling Medicare insurance is about helping those who need coverage, but it’s also a business. You don’t always have time to pursue every lead, so prioritizing the most promising among them is key. AI can help determine which leads are most likely to convert and help you develop your list of priorities.
5. Working with employees
AI can also help in the hiring process. If you’re up to your ears in resumes, AI can rank candidates by analyzing their past work experience and other qualifications.
With more and more employees preferring remote work since the COVID-19 pandemic, virtual recruiting is necessary for businesses hoping to connect with quality prospects. You can take AI a step further by using it to recruit and connect with potential candidates who share your values. Today’s algorithms can be trained to look for equity and diversity in hiring, seek out candidates with specific interests, and even recruit based on the employee profiles of your competitors.
Taking the next step
Optimizing your Medicare insurance sales business is a constant process. Luckily, you don’t have to do it alone. Financial Grade is here to help.
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