Global Insurance Brand Reports Strong AI Business Outcomes with Verint Bots
Verint (NASDAQ: VRNT) announced that a global insurance company has reported significant AI business outcomes using Verint's bots. The company deployed Verint Exact Transcription Bot, Verint Coaching Bot, and Verint Quality Bot in its contact centers. These bots boosted workflow efficiency, achieving a 97% increase in the Net Promoter Score (NPS) and saving $6 million in operating costs annually. The Exact Transcription Bot delivered a 95% call categorization accuracy, reducing repeat calls and enhancing customer journeys. The Coaching Bot and Quality Bot shortened policy renewal call durations by over three minutes, increasing agent capacity. These savings were realized within three months of deployment.
- NPS score increased by 97%.
- Operating costs reduced by $6 million annually.
- 95% call categorization accuracy achieved.
- Repeat calls reduced, improving customer journey.
- Policy renewal call duration decreased by over three minutes.
- Increased agent capacity.
- None.
Insights
The implementation of Verint bots by a global insurance company has led to significant cost savings and operational improvements. Reducing operating costs by $6 million within three months is a notable achievement. Such cost savings directly translate into improved profitability, which positively impacts the company's financial health. Additionally, a 97 percent increase in the NPS score highlights enhanced customer satisfaction, which can lead to higher customer retention rates and potentially more policy renewals. For retail investors, this signals that the insurance company is effectively leveraging technology to streamline operations and improve customer experience, positioning itself for continued growth.
The deployment of Verint bots represents a move towards automation, a trend that is becoming increasingly prevalent across various industries. The 95 percent call categorization accuracy rate and reduction in policy renewal call duration by over three minutes showcase the efficiency improvements brought by AI. This indicates a broader shift in the market where companies are investing in AI to enhance customer interactions and reduce operational costs. Retail investors should note that such technological advancements can provide a competitive edge, making the company more attractive in the long-term. However, the impact on employee morale and job security within the contact center should be monitored as automation increases.
The strong performance of Verint's AI bots is noteworthy. The Exact Transcription Bot's 95 percent accuracy in call categorization and the efficiencies introduced by the Coaching and Quality Bots demonstrate the effectiveness of Verint's technology. The high accuracy rate not only improves workflow but also reduces repeat calls, enhancing the overall customer journey. This success story highlights the importance of investing in robust AI solutions that can deliver real-world benefits. For retail investors, it is important to understand the technological landscape and the potential of AI to transform business operations. The insurance company's success with Verint's bots can be a strong indicator of Verint's capabilities and value proposition.
Insurance Brand Increases NPS Score by 97 Percent and Reduces Operating Costs by
The global insurance company deployed the Verint Exact Transcription Bot, Verint Coaching Bot and Verint Quality Bot in its contact center operations and reported the following tangible AI business outcomes:
- Verint Exact Transcription Bot achieved 95 percent call categorization accuracy rate which drove workflow improvements, reducing repeat calls and improving customer journey. As a result, the brand reported their customer NPS (Net Promoter Score) increased by 97 percent.
-
Verint Coaching Bot and Quality Bot reduced policy renewal call duration by over three minutes on average. Because of this, the brand increased agent capacity and saved approximately
$6 million
“Insurance companies are looking to drive up insurance policy renewal rates without increasing the size of their contact center workforce. This is a powerful example of how multiple Verint bots are helping a global insurance brand achieve their objectives,” says Verint’s Daniel Ziv, vice president, go-to-market strategy. “The Verint Open Platform has been deployed by many of the largest insurance companies in the world, delivering strong AI business outcomes for the industry.”
Visit Verint Open Platform to learn more.
About Verint
Verint® (NASDAQ: VRNT) is a leader in customer experience (CX) automation. The world’s most iconic brands - including more than 80 of the Fortune 100 companies - use the Verint Open Platform and our team of AI-powered bots to deliver tangible AI business outcomes across the enterprise.
Verint, The CX Automation Company™, is proud to be Certified™ by Great Place To Work®. Learn more at Verint.com.
This press release contains “forward-looking statements,” including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2024, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ.
VERINT, VERINT DA VINCI, VERINT OPEN CCAAS, THE CX AUTOMATION COMPANY, THE CUSTOMER ENGAGEMENT COMPANY AND THE ENGAGEMENT CAPACITY GAP are trademarks of Verint Systems Inc. or its subsidiaries. Verint and other parties may also have trademark rights in other terms used herein.
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Media Relations
Sue Huss
sue.huss@verint.com
Investor Relations
Matthew Frankel
matthew.frankel@verint.com
Source: Verint
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