Four proven benefits of IVAs
1. Increased efficiency
IVAs improve efficiency by managing repetitive tasks and addressing frequently asked questions. With back-end system integration, IVAs can be set up to record customer inputs, which maintains context throughout all interactions and reduces repetitive conversations. Integrated systems can also provide account-specific outputs instantaneously, which provides an efficient and customized CX across all digital touchpoints.
More sophisticated IVAs can handle entire processes, such as claims submissions or policy renewals and upgrades. This automation frees human resources in marketing, sales and customer service to focus on more complex inquiries and higher-value transactions, including those that lead to higher revenue.
2. Enhanced customer experience
IVAs can leverage real-time and behavioral data to provide the highly personalized, highly intuitive and highly convenient on-demand experiences that customers desire.
IVAs operate within a broader suite of communications and touchpoints (ads, websites, call centers and other channels), and they must communicate harmoniously across all channels to create a consistent customer experience. Creating a similar tone and voice across all channels will help establish the persona of the company’s brand.
3. Intelligent upselling and cross-selling
Converging IVAs with AI, machine learning and RPA will generate new methods for acquiring new customers, and upselling and cross-selling existing customers. For example, a fully integrated system can assess and prioritize up-sell opportunities by pulling data insights from marketing, sales and other internal and external data sources. Once a qualified lead list is generated, IVAs can automatically send intelligent upselling and cross-selling messages proactively to targeted customers.
4. Stronger risk management
With proper governance and back-end system integration, IVAs reduce the risk in customer communications by increasing efficiencies and reducing human errors. IVAs also provide an auditable digital trail for compliance officers and regulators, and offer the ability to incorporate advanced authentication procedures.
To instill these stronger risk management practices, robust governance structures must be in place during IVA implementation and rollout to the enterprise. Governance helps enable visibility and proactive control over potential risks, including operational and reputational risks.