What is the difference between sentiment analysis and Net Promoter Score?

To sum it up, sentiment analysis works behind the scenes while Net Promoter Score (NPS) is more direct.

Sentiment analysis will analyze communications with current customers and identify instances when customers are unhappy. This enables agencies to be proactive, reach out to customers, and fix any issues before it leads to loss of business.

NPS asks the customer to respond to a one question survey. Based on this score, it is determined whether the customer is likely to recommend your services. If the score is low, the agent can reach out and try to find out why the customer was not happy with the service and try to rectify it.

What are the ways you can use sentiment analysis in your agency?

1. Increase customer retention: Identify which customers are happy with your service and which ones have experienced issues. Your team can reach out to anyone who seems displeased and correct the issue before it is time to renew.

2. Recognize employee achievement: Sentiment analysis enables agencies to monitor your team’s interactions with clients. You can see which employees clients want to talk to and enjoy speaking with the most. Consider developing a bonus program to reward these top achieving team members.

3. Identify cross-sell and upsell opportunities: Does your home insurance client also have a small business? Does your high net worth client need a larger umbrella policy? With sentiment analysis, agencies can identify additional opportunities within their current book of business.

4. Reduce Errors & Omissions claims: Agents’ workloads continue to increase. While agents are great at juggling many different client demands all at once, something might accidentally fall through the cracks. Sentiment analysis can alert agents to possible missteps, such as forgetting to recommend a particular coverage area, before it turns into an E&O claim.

How can I measure ROI of my sentiment analysis solution?

1. Errors and Omissions: What were your E&O claims like prior to implementing the technology vs. after? Has it detected any possible E&O exposures?

2. Retaining business: Are you seeing a significant increase in customer retention since using the technology? How much business has it saved?

3. New business opportunities: How many cross-sell or upsell opportunities has the solution identified? How much new business was brought in from these leads?

How can I have the most success from using sentiment analysis?

The most important thing to remember is that the technology will only get you so far. In order to capitalize on what the sentiment analysis uncovered, you will have to follow through and act on the insights. This often means having to have a tough conversation with a client.

It’s never easy reaching out to a client who might be upset. But sentiment analysis won’t help your agency if you ignore what it uncovers. When reaching out, be open about why you are calling and be ready to listen. Often the client will be happy to be heard and know you care. Then be ready to tell the client what you will do to rectify the situation. If you don’t have an exact solution at the time of the conversation, then promise to follow up in a day or two after you had time to delve into why the issue occurred.

Make sentiment analysis a key part of your renewal process. Ninety days before renewal look at the scores. For low scores, review the emails or phone transcripts to identify where an issue might have occurred. Then reach out and listen to the client.

What are the ways I can use chatbots in my agency?

1. Provide 24/7 service to customers: Chatbots enable agencies to continue service during off hours without having to have an agent be “on call.” It can answer any routine questions from customers and prospects. If it is asked a question that it does not have a learned response to, it can respond that the question has been received and provide a timeframe for when the person can expect a response.

2. Reduce your agents’ workloads: Though routine questions are easy to answer, they can take up a considerable amount of your agents’ time. This is time that could be better spent focusing on more complex insurance issues or trying to secure new clients.

3. Drive agency growth by serving more customers: Chatbots can help agencies serve more customers which in turn could lead to more business. If a prospect wants a quote for routine coverage like auto insurance, a chatbot could service this request from start to finish, getting the prospect information quickly which could ultimately result in a new customer.

How can I measure ROI of a chatbot?

1. Customer retention: How many customers have you retained? Has this increased since you started using the chatbot?

2. Increase in new sales: Has the number of news sales increased since using the technology?

3. Time saved by agents: Have agents experienced a reduction in their workloads? Are they no longer having to answer routine questions?

How can you have the most success using a chatbot?

Remember, chatbots can assist with customer service, but they should never completely replace agents. Make sure there is a way for a customer or prospect to speak with a human if they don’t want to interact with the bot.

Be transparent. Don’t try to pass the chatbot off as a real person. Let customers and prospects know that this is a tool that can help with common questions, but assure them that if they can’t get an answer quickly using the chatbot then an agent will get in touch with them shortly.

How can I use AI to boost sales at my agency?

1. Cross-sell and upsell opportunities: AI solutions can scan your book of business to identify other opportunities within your current client base. Did a client purchase a vacation home? Does your small business customer offer delivery but they don’t have a commercial auto policy?

2. Prospecting: AI can use your current client information to match you with prospects who have similar profiles. This will limit the amount of time your staff chases leads that aren’t the right fit for your agency.

3. Less time sourcing more time closing: AI solutions can streamline the process for identifying prospects enabling your agents and producers to spend less time sourcing and more time working with the target list to close sales.

How can I measure ROI of AI sales assistance?

1. Increase in sales: Have you seen your sales rise since using the tool?

2. Number of quality leads: How many leads fit within your target profile? Have you reduced the amount of time spent on leads that don’t fit your agency’s service areas?

3. Increase in upsell and cross sell opportunities: How many upsell and cross sell opportunities were identified in your current book of business? How many of these turned into sales?

How can I use AI to help with content creation?

1. Draft emails: Generative AI can help you create emails for any situation. Whether you want to develop an outbound email marketing campaign or respond to a customer’s questions, ChatGPT tools can help draft the message so you spend less time on writing.

2. Develop blog posts: Thought leadership content not only keeps customers and prospects engaged, but it can also boost your website’s SEO. But writing blogs can be time consuming and agents often don’t have the bandwidth. ChatGPT can take your ideas and turn them into an article. All agents need to provide are some bullet points or key takeaways they want to highlight in the post and the tool can turn it into a more polished writeup.

3. Social posts: Social media can boost a business, but developing content takes time. Generative AI can help with post creation so agencies can share more often.

How can I measure ROI when using AI content creation tools?

1. Time savings: How much time do the tools save on creating emails, blogs, social media, etc? What has this time savings enabled your team to do?

2. Increase in leads and sales: Have you seen an increase in leads since using generative AI to boost marketing content? Have these leads turned into any sales?

3. Social engagement: What has the engagement been like for the posts created by AI?

How can I have the most success when using AI for content creation?

Remember, that AI is meant to help make creating content easier, but it should not go right from the AI platform to distribution. Make sure to double check everything that the AI creates, and ensure that there are no factual errors. There are instances where AI might have included some misinformation. You want to make sure that everything you share with your customers and prospects is accurate.