LOOP Insurance triples customer self-service rate with Quiq’s innovative Generative AI

Quiq debuts the first AI Large Language Model Powered Assistant, propelling LOOP Auto Insurance to the forefront of customer service innovation with more personalized and efficient interactions.

BOZEMAN, Mont.--(BUSINESS WIRE)--
Quiq, the trailblazing conversational customer experience (CCX) platform, is proud to announce that LOOP insurance is live with a customer-facing AI Assistant, built on Large Language Models (LLM), the same AI underlying ChatGPT. The LOOP AI Assistant has already shown impressive results, tripling the number of customers who are able to get answers to their questions (vs. LOOP’s prior chatbot) and reducing email support volume by 55% while delivering customer satisfaction on-par with human assistance.

LOOP is disrupting the auto insurance industry with fair and equitable pricing that considers all drivers to be equal regardless of gender, marital status or credit score. LOOP is taking that same disruptive approach to providing their customers with excellent customer service powered by the efficiency of AI so that LOOP’s customers benefit from better rates.

AI Self-Service Beyond Anything Imaginable Before

LOOP’s AI Assistant is able to answer far more complex questions than prior generations of chatbots. In the past, chatbots used rudimentary language understanding to map a customer's question from an intent to a knowledge article. Even if the chatbot happened to correctly determine the intent, a single answer was returned - a lengthy static block of text that was forced upon all customers asking similar questions. Using the latest AI, Quiq has vastly improved language understanding, but LOOP’s self-service rate was improved even more by Quiq’s use of the LLM’s ability to generate a personalized answer that exactly matches a customer’s inquiry, even when the customer asks multiple questions.

The Good without the Bad

The success of the LOOP Assistant is a direct result of the Quiq’s innovative ability to leverage the LLM’s incredible language skills with LOOP’s proprietary knowledge. ChatGPT’s propensity to hallucinate and answer questions with incorrect answers is well known. Because Quiq has harnessed the LLM with only LOOP’s information, LOOP customers get accurate and up-to-date answers to their questions.

The Next Generation of Customer Self-Service

With the introduction of the AI Assistant, LOOP Auto Insurance is experiencing a remarkable 3X surge in self-service resolution with more than 50% of customers' questions automated with AI. While many have recognized the potential of LLMs to automate customer service with human-like quality, Quiq is the first to demonstrate it in practice.

“Quiq’s Generative AI Assistant is helping us improve the quality of our CX while allowing us to gain efficiency as we plan to scale our offerings to new geographical areas,” commented LOOP Co-Founder and Co-CEO, John Henry. “Quiq’s expertise has been critical to helping us unlock our path forward to deliver great CX efficiently.”

“This is such an exciting time. We are at the very beginning of a journey to re-imagine customer service based upon the incredible advancements in AI in the past year. Gartner is forecasting a $7B increase in AI spending for customer service in the next couple of years and I’m very proud to be the first in market with an LLM-powered AI customer-facing AI solution,” says Quiq CEO and Founder, Mike Myer.

If you’d like to learn more about how Quiq built LOOP’s AI Assistant, explore the case study. To try the automation yourself, start a conversation at ridewithloop.com.

About LOOP Insurance

LOOP Insurance uses predictive models and real-time driving data to create fair and equitable car insurance while eliminating biased and discriminatory factors—like credit scores, zip codes, and job titles—from the equation. LOOP believes systemic injustice has no place in our financial systems. That’s why the only thing that matters is how you drive.

Backed by top-tier VCs, institutional investors, and reinsurers who all believe in bringing change to the insurance industry, LOOP is committed to giving back and being a force for good in the world so we can uplift the communities impacted by systemic injustice.

About Quiq

Quiq is a trailblazer in the Conversational CX space, revolutionizing how businesses interact with their customers. Leveraging the power of Generative AI and Large Language Models, Quiq automatically resolves conversations across various messaging and voice channels. If a customer’s question is not appropriate for AI automation, Quiq seamlessly passes control to human agents working in Quiq’s next generation contact center solution. The world’s leading brands use Quiq’s Automation Studio to design customer experiences based upon leading edge AI technologies.

In addition to Quiq’s innovative CCX platform, Quiq also offers AI implementation and conversational design services from a team that many clients describe as “their favorite vendor”.

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Jackie Solis
Email: [email protected]

Source: Quiq