What You Should Know:
– Fair Square Medicare, a technology company building the next generation of software solutions for Medicare companies, today unveiled Vox, a groundbreaking generative AI platform that transforms customer experience for Medicare carriers and brokerages.
– Built on GPT-4, Vox sets a new standard for leveraging AI to both interact with customers and learn from each encounter. The platform includes three pillars: AI voice agents, generative AI-driven insights and AI-powered coaching for human teams.
Transforming Medicare Enrollment: Fair Square’s AI-Driven Vox Platform
Fair Square Medicare is a digital health platform company that’s revolutionizing how seniors navigate their healthcare. The company builds tech-enabled services that help seniors find the best health insurance options while also providing concierge support to maximize their benefits.
Fair Square Medicare is at the forefront of revolutionizing the Medicare enrollment process through its innovative AI-driven solutions. The company has engineered a suite of generative AI voice agents designed to streamline nearly every aspect of plan enrollment. Leading this suite is Sophia, an AI-powered screening agent that qualifies potential customers for Medicare coverage before they engage with a sales representative.
“I saw firsthand how broken the entire enrollment experience is when my own parents approached Medicare eligibility. They deserve much better and so do the millions of seniors today who are 65 and older,” said Daniel Petkevich, co-founder and CEO of Fair Square Medicare. “We’re building solutions that create an experience I’d want for my parents. Using AI, our Vox platform unlocks 10x outcomes for Medicare distributors and carriers and provides a superior experience for customers much more cost effectively.”
– Efficiency and Enhanced Customer Experience: Sophia ensures calls are promptly answered, delivering a superior customer experience while optimizing sales agents’ time by filtering out non-qualified leads. This AI agent not only asks key questions but also comprehends responses to determine eligibility and gather critical insights. These insights help ensure that seniors access the most suitable benefit plans. During testing, Sophia matched human sales conversion rates during working hours and demonstrated a remarkable 4x increase in conversions for after-hours calls—all at a fraction of the cost associated with large call-center teams.
– Expansion of AI Capabilities: Sophia is just the first in a series of AI voice agents Fair Square plans to launch. Upcoming agents will handle tasks such as enrollment script reading, conducting health risk assessments, and activating ancillary benefits for enrollees, including health club enrollment.
– Comprehensive Call Tracking and Analysis: The Vox platform includes Insight, a generative AI transcription and auditing tool that tracks every customer call, whether managed by AI or a human agent. Leveraging retrieval-augmented generation (RAG) and large language models (LLMs), Insight offers a searchable interface that allows business leaders to query data and extract valuable intelligence on various topics. This includes identifying the top issues frustrating callers, understanding features that prompt consumer questions about competitors, analyzing issue-resolution rates, and determining which benefits drive the most sales.
– Real-Time Coaching and Support: Fair Square has also developed Coaching Support, an intuitive application that identifies issues during customer calls, whether related to agent behavior or broader customer experience challenges. By analyzing crucial metrics like conversion and objection rates, the system provides real-time feedback on poor objection handling and highlights successful outcomes achieved by other agents. It also offers immediate corrections for any inaccurate information provided to customers.
– Addressing Medicare Enrollment Challenges: A significant challenge for Medicare beneficiaries is understanding their coverage options. A study found that nearly 70% of Medicare enrollees do not review or compare their coverage options annually, often due to an overwhelming amount of information. This issue is especially prevalent among older beneficiaries and those in poor health. Traditionally, contacting a broker or carrier for information often results in a frustrating experience, with long phone queues and multiple transfers leading to suboptimal coverage choices.
– A Future Beyond Medicare: In contrast, Fair Square’s Vox platform is designed to address these issues by building customer loyalty, streamlining operations, boosting sales, and providing critical insights that inform plan designs. Founded five years ago as a tech-enabled Medicare brokerage focused on customer experience, Fair Square Medicare has since evolved into an advanced technology firm. It now engineers software that leverages the most sophisticated AI available. While the current focus is on Medicare, the core technology behind the Vox platform holds the potential to reshape customer experiences across other industries heavily reliant on call centers.
