AI Agents Explained - The future of Automation in Business

By now, you are probably familiar with chatbots and voice bots. They are designed to automate certain workflows such as customer interactions. However AI agents are gaining attention these days for their advanced capabilities.

Unlike traditional chatbots and voicebots which you are familiar with are rule-based, limited to specific responses. AI Agents (chat & voice), go beyond these constraints. They possess the ability to complete tasks autonomously, learning and adapting to improve performance and handle complex tasks.

Let us deep dive into the types, benefits & examples of AI Agents or commonly termed as Agentic AI.

What is an AI Agent & how are they different from AI bots

AI agents, also known as Agentic AI are intelligent digital assistants that autonomously handle complex tasks through advanced machine learning & NLP. Unlike traditional chatbots and voicebots, which is bound by pre-set rules, an AI agent learns and evolves over time, making it far more flexible & capable for your business. So as your business grows, so will your AI Agents.

So, what is AI agents in practice? Simply put, it’s a system designed to carry out your tasks with minimal human intervention, adapt to new challenges & provide responses that feel genuinely conversational. Let us see how they surpass AI bots;

• Rule-Based vs Learning based - Chatbots & voicebots is rule based, following scripted responses whereas AI agents use machine learning to learn from interaction and improve autonomously.
• Predictable Tasks vs Complex tasks - Chatbot and voicebots handle routine, predictable query. AI agents can manage complex, evolving task & adapt to new scenarios. So you have a dynamic solution for your business.
• Static Responses vs Adaptive responses - Chatbots provide fixed response, while AI agents adjust their responses based on context & past interaction for more personalized experience.
• Frequent Reprogramming vs Self improvement - Bots require regular updates to handle new situations, while your AI agents continuously learn from data, reducing the need for re programming.
• Limited Scope vs Broad capability - Chatbots and voicebots are meant for straightforward queries. But AI agents are designed to perform a wide range of tasks with greater accuracy and flexibility.

Benefits of AI Agents in business & examples

By leveraging Agentic AI across various domains, businesses can improve operational efficiency, enhance customer experience, & reduce costs associated with manual or bot-based processes.

In Insurance

Claims FNOL filing, status updates & support:

AI agents streamline the First Notice of Loss (FNOL) process by enabling claimants to file their claims instantly through automated channels. Faster claim initiation, reduced human error and accelerated the claims cycle is achieved by you.

AI agents can automatically notify you about claim approval, required documentation, or the next steps, significantly reducing your wait times and frustration. Additionally these agents are available 24/7 to answer your questions and provide support on claim inquiries.

Policy & Billing management:

AI agents assist your customers with policy management, helping them understand their coverage, make policy adjustments or renew their plans. They can also handles billing inquiries, such as explaining payment schedules, processing premium payments, issuing receipts & resolving billing discrepancies.

Service management:

AI agents can support service management by managing a variety of customer service tasks, like such as processing service requests, handling complaints or providing details on policy benefits. These agents also have the ability to learn from past interactions, offering increasingly effective solutions over time.

In Banking

Digital Customer Onboarding:

AI agents simplify the digital customer onboarding process by guiding new customers through account creation and verification steps. They can automate document collection, identity verification and KYC checks.. AI agents help increase conversion rates, lower abandonment rates, & ensure compliance with regulatory standards.

Customer Support:

AI agents in banking provide your customers with 24/7 support, answering common inquiry related to account balances, transaction history & loan statuses or credit card info. By automating responses AI agents enhance the efficiencies of the support teams. They also improve customer satisfaction by reducing wait times.

Sales Enablement:

AI agents enhance sales enablement by identifying opportunity for cross-selling and upselling banking products, such as loans, credit cards, or investment services. They can analyze customer data & preferences to deliver personalized recommendations. Additionally, AI agents can assist in lead qualification by automating initial interactions.

In Collections

Automating collections:

AI Agents automates the collections processes (by automated phone calls), handling both inbound and outbound calls and texts across multiple digital channels 24/7. With the ability to engage in more than 150 languages, ai agents ensures an efficient and scalable solution for debt recovery.

Ensuring Compliance:

They ensure full compliance with key regulations such as Reg F, FDCPA, TCPA and HIPAA, safeguarding your business from legal risks. Through its adherence to industry standards, ai agents guarantees that all collections activities are conducted ethically and legally, providing peace of mind for both businesses and customers.

Payment collection & negotiation:

AI agents automate payment negotiations, dispositions, Promise to Pay (PTP), and right party contact (RPC). They also do collection of payments through multiple options, including IVR, payment links or payments on file. Customer can easily make payment their preferred way.

Floatbot.AI

Floatbot.AI leverages LLM powered AI Agents to automate and streamline a wide range of business tasks, revolutionizing operations across insurance, collections, banking and contact centers/BPOs. Our AI agents enhance efficiency, reduce manual workloads & significantly cut down operational costs. These AI agents drive revenue growth and elevate customer satisfaction CSAT and CX.

Join businesses who have already transformed their operations with Floatbot.AI. Schedule a demo today.