We are excited to release ReChat, a new generative AI feature that provides actionable steps to retain at-risk accounts. Using the data organizations already have, ReChat mines the information and uncovers what has worked in the past to assemble speaking points, complete call scripts, and draft email messages. The company expects ReChat to save existing customers 15 minutes per renewal, equating to thousands of hours of increased productivity per year.
Industry experts estimate that acquiring a new policyholder is 5-25x more expensive than retaining an existing one. Still, until now, there has yet to be a way to anticipate if an account would churn predictively and what to do about it. ReFocus AI's Converge platform, now with ReChat, offers a unique, turnkey solution that allows brokers to leverage the predictive power of their policyholder data to pinpoint the ideal retention action to reduce churn by as much as 25%.
"We are excited to increase the value of Converge to our customers with Generative AI," says Colby Tunick, CEO at ReFocus AI. "We are excited to equip every insurance agent, broker, and carrier professional with tools to make their job easier while increasing retention."
"ReChat is at the bleeding edge of what is possible with Generative AI, built completely in-house to protect our customer's data," said Dr. Nisar Hundewale, Chief Data Officer at ReFocus AI. "By extracting unstructured data that already exists, we are tapping into a completely new and unutilized data set which enables ReChat to be more useful than other large language models."
ReFocus AI is rolling out the technology to existing customers first. Interested independent agents and brokers are encouraged to sign-up on the waitlist (https://meetings.refocusai.com/rechat-waitlist-signup).