A joint venture between Zurich and Spain’s Banco Sabadell has won bronze in the Gen AI innovation of the year category at this year’s Qorus insurance innovation awards.

Sabadell Seguros’ VoiceIQ tool aims to increase policyholder retention by using generative AI to deliver insights during conversations with customers.

The business says agents are provided with arguments and incentives that are most likely to achieve retention for each customer profile.  

“Thanks to VoiceIQ, they have already launched various initiatives such as optimal agent allocation, analysis and training of low-performers, identification of best scripts or arguments applying behavioural economics, achieving an increase in retention success of almost 20%,” Sabadell Seguros said. 

“The ultimate goal is to ... deliver personalised retention offers and loyalty initiatives that will be a huge success.”

Zurich Group chief information and digital officer Ericson Chan says he is “over the moon” at the win.

“Our voice AI helps agents to be the best they can be, driving up customer retention and experience,” he said.

“Thanks to Qorus for the recognition and, of course, all colleagues who worked hard to turn AI into real results.”