LOOP Insurance Deploys Quiq’s Gen AI Customer-Facing Assistant

Using large language model technology, the AI Assistant has tripled the number of customers able to get answers to their questions and reduced email support by 55 percent.

(Image credit: Caleb Whiting/Unsplash.)

Loop (Austin, Texas), an auto insurance startup MGA with AI-driven processes,  has deployed Quiq’s (Bozeman, Mont.) customer-facing AI Assistant, built on Large Language Models (LLM), the same AI underlying ChatGPT. The LOOP AI Assistant has already tripled the number of customers who are able to get answers to their questions (vs. LOOP’s prior chatbot) and reduced email support volume by 55 percent while delivering customer satisfaction on-par with human assistance, according to a Quiq statement.

John Henry, co-Founder and co-CEO, LOOP.

Quiq reports that 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, Quiq explains, a single answer was returned—a lengthy static block of text given to all customers asking similar questions. Using the latest AI, Quiq says it 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.

Quiq attributes the success of the LOOP Assistant to the vendor’s ability to leverage the LLM’s language skills with LOOP’s proprietary knowledge Because Quiq has harnessed the LLM with only LOOP’s information, LOOP customers get accurate and up-to-date answers to their questions, the vendor says.

The result of the introduction of the AI Assistant is that LOOP Auto Insurance is enjoying three-fold increase in self-service resolution with more than half of customers’ questions automated with AI, according to the vendor statement.

Improved CX Quality and Efficiency

Mike Myer, founder and CEO, Quiq

“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,” comments John Henry, co-Founder and co-CEO, LOOP. “Quiq’s expertise has been critical to helping us unlock our path forward to deliver great CX efficiently.”

“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,” comments Mike Myer, founder and CEO, Quiq. “Gartner is forecasting a $7 billion 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.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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