How can AI transform member support?
With the introduction of the new two-pot system for retirement funds, member queries have increased significantly. To handle this influx, AI-powered support systems have become a game-changer. These systems offer smart responses, guide members to helpful resources and make query resolution smoother.
How does this differ from standard bots or live agents assisting members?
Standard bots offer limited responses via a highly restricted selection of options. Live agents are overwhelmed by the number of queries about savings pot withdrawals, leading to longer wait times.
AI bots understand and respond accurately to questions raised by members, providing 24/7 support. For instance, a fund with 53 000 members can support all their members simultaneously because AI:
- Uses Natural Language Processing (NLP). This helps AI comprehend complex questions, even with typos, incorrect tenses or different languages. If a member requests a human agent, the AI can direct them appropriately.
- Utilises sentiment analysis. This allows AI to respond empathetically to member concerns.
- Can be trained. Firms can train AI on specific data to retrieve accurate information quickly. For example, AI can guide members through understanding the two-pot system with videos and flyers.
One of our clients requested that our AI-bot-in-a-box product be trained on fund information and specific withdrawal processes of the administrator. The AI would suggest important videos and flyers, answer any questions and even motivate members to preserve their savings while answering queries. Members could engage it in any language.
How can AI assist employee benefits firms in reengineering processes to be more competitive?
Previously, when consultants had to dictate for secretaries, they had to ensure the sentence construction was correct and verbalise punctuation. With the AI in the new board pack tools, we find that our clients record their thoughts very haphazardly on AgendaWorx for their own use and the AI corrects grammar, removes “ums” and “ahs” and essentially writes the report, article or minutes item in a flash.
Our clients use our AI to transcribe meeting recordings and generate professionally grammar-edited minutes in under 10 minutes, properly formatted using their agenda items as structure.
The AI highlights key points, decisions and action items. The result? High-quality minutes are ready for review and distribution in less time than it takes to have a coffee break. This also enhances productivity, allowing firms to focus on what truly matters – driving their business forward.
How can AI address the cumbersome process of back-and-forth tracked changes with junior consultants?
Instead of the onerous process of changes with senior consultants, junior consultants can upload meeting recordings and the AI can quickly transcribe and organise the content into polished minutes. This ensures key points, decisions and action items are accurately captured and formatted, reducing the need for extensive revisions. By using AI to handle the initial drafting, junior consultants produce high-quality minutes that require minimal oversight from senior consultants. This saves time and reduces frustration for both parties, allowing them to focus on more strategic tasks. Consultants can even ask the AI to fix grammar issues or make other general changes, such as converting chairman to chairperson or summarising trustee biographies.
There seems to be a myriad of ways that AI can be used to make employee benefit firms more competitive.
Yes, these use cases illustrate the transformative impact of AI on employee benefit firms. Embracing AI is not just a trend but a strategic move that can lead to significant improvements in efficiency and member satisfaction. As these real-life examples show, AI has the potential to transform the landscape of employee benefit firms, helping them to beat the competition and thrive in a rapidly evolving industry.
The great thing is that there are off-the-shelf AI tools available to firms of any size. Our clients using our AI-in-a-box products range from small firms with 11 people to large retirement funds with over one-billion in assets. Technology has become so cost-effective that it is no longer the exclusive domain of large corporations.
