Quiq has successfully deployed a customer-focused AI Assistant for LOOP insurance, utilizing the same AI and Large Language Models (LLM) as ChatGPT. This has resulted in a threefold increase in customer query resolution and a 55% reduction in email support volume while maintaining customer satisfaction levels equivalent to human assistance.
In alignment with its innovative approach, LOOP is now using AI-driven customer service to deliver exceptional support efficiently, resulting in better customer rates and benefits.
“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. Quiq’s expertise has been critical to helping us unlock our path forward to deliver great CX efficiently,” commented John Henry, Co-Founder and Co-CEO, LOOP.
Unlike older chatbots, which relied on basic language understanding and provided a single, generic response to similar questions, Quiq's advanced AI, powered by LLMs, offers a higher level of language comprehension and generates personalized answers tailored to each customer's specific inquiries, even when multiple questions are posed.
As some chatbots tend to provide incorrect answers, Quiq's solution harnesses LLMs specifically with LOOP's information, ensuring that LOOP customers receive precise and current responses to their inquiries.
Since implementing the AI Assistant, LOOP Auto Insurance has seen a triple increase in self-service issue resolution, with over half of customer inquiries being automated using AI.
“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 Mike Myer, CEO and Founder, Quiq.
Speaking of its LLMs, Quiq has unveiled Conversational Customer Experience (CCX), a conversational AI system powered by Large Language Models (LLMs).
