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Technology development has accelerated the “destructive innovation” in the financial industry. Financial Technology will bring about a comprehensive impact on various sectors within the traditional financial industry, including banking, insurance and securities. While the impact on banking is immediate, the insurance sector will be impacted the most in the long run.
The rapid development of Financial Technology may change the consumers’behaviour in using the services. Thus, life insurance companies will have to make adjustments to their customer service practices accordingly.
Among all the Financial Technology applications, Intelligent Customer Service System is the one closest linked to telephone service, in which, employee payroll accounts for a large proportion of the total expenses. The emergence of Intelligent Service presents the opportunities for the call center to provide robot services.
This paper mainly examines the service projects in the traditional telephone service which can be replaced by the Intelligent Customer Service System. It also analizes the cost benefits such a new System will yield.
The example of the call center in a life insurance company is used in this study to show that, among a total of 147 traditional projects, 78 can be handled by the Intelligent Services System, or 53.1% of the total number of projects. In terms of quantity, the proportion of the replacement may be adjusted to 49.5%. It is possible that some customers are not used to robot services, thus, refusing to try them. If it is estimated that 40% of customers are willing to accept the System, it means 19.8% of the service can be replaced by the Intelligent Customer Service System. When this figure is converted to the salaries of the number of staff traditionally providing these services, the net savings can offset the cost of creating and maintaining such a new System, making it recoverable within 2.5 to 3 years,
This paper only studies the cost of call centers. For the entirety of a life insurance company, there will be a need to look at the impact of Financial Technology on the company's service strategies, which should determine the positioning of its call centers. In turn, the overall service strategies may be established by a special committee within the company or with the assistance of external consulting professionals.
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