Fair Square Medicare Launches Generative AI Platform that Transforms Customer Experience for Medicare Entities

Built on GPT-4, "Vox" by Fair Square Medicare includes the world's first AI voice agent that screens potential customers; a searchable, interactive call transcription and auditing system that provides any insight across all customer interactions; and a coaching program that automatically understands call issues and intuitively suggests education to human agents.

AI voice screening agent converts 4x sales for after-hours calls compared to typical process; matches performance of human teams during working hours.

SAN FRANCISCO, Aug. 14, 2024 /PRNewswire/ -- 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.

AI Voice Agents: Fair Square Medicare is engineering a suite of generative AI voice agents that can handle nearly every part of the plan enrollment process. The first is Sophia, a voice-generating AI screening agent that qualifies potential customers looking for Medicare coverage before they speak to a sales agent. With Sophia, calls are promptly answered every time and customers are provided with a superior experience while sales agents aren't wasting time handling non-qualified leads.

Asking key questions and comprehending a consumer's answers, Sophia helps determine eligibility and gathers the insights needed to ensure seniors ultimately access the benefit plan best suited for them. In testing, Sophia matched human team sales conversion rates during working hours, but was proven to deliver 4x conversions for calls that came in after hours – all at a fraction of the cost of using large call-center teams.

Sophia is just the first AI voice agent to launch, but the company is building multiple others in the coming months, including: generative AI agents for enrollment script reading; conducting health risk assessments; and activating ancillary benefits for enrollees (e.g. health club enrollment).

Insight: Insight is a generative AI transcription and auditing application that tracks every customer call - whether AI or human. Leveraging retrieval-augmented generation (RAG) and large language models (LLMs), the application comes with a searchable interface where business leaders can query data and gather intelligence on any topic, answering questions like: what the top issues for frustrated callers are; what features inspire consumer questions about competitors; what are issue-resolution rates; what benefits drive the most sales; along with many more topics.

Coaching Support: Coaching Support is an intuitive application that identifies issues that occur on customer calls – whether it's agent behavior or broader customer experience issues. Analyzing important metrics like conversion and objection rates, the system can give human teams real-time feedback on poor objection handling. Vox also can provide specific examples where other agents reached a successful outcome and can give real-time feedback on any inaccurate information provided to customers.

Many seniors seeking Medicare coverage struggle with understanding their coverage options. In fact, a previous study found that nearly 70% of Medicare enrollees don't review or compare their coverage options annually with the overwhelming amount of information. The issue is compounded for older beneficiaries and those in poor health.

Beneficiaries that contact a broker or carrier to get information often endure a frustrating experience, frequently waiting in long phone queues only to be transferred multiple times before ultimately enrolling in suboptimal coverage. By contrast, Fair Square's Vox platform helps address these problems with software solutions engineered to build customer loyalty, streamline operations, boost sales and provide critical insights that inform plan designs.

"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."

Founded five years ago as a tech-enabled Medicare brokerage laser-focused on customer experience that grew to tens of thousands of customers, Fair Square Medicare has evolved into an advanced technology firm, engineering software that leverages the most sophisticated AI available. While the company is currently focused on developing solutions for Medicare entities, the Vox platform's core technology has the potential to reshape customer experience for other related industries that heavily rely on call centers.

ABOUT FAIR SQUARE MEDICARE

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. A 2020 Y-combinator (YC) graduate, Fair Square Medicare is headquartered in San Francisco and is backed by Define Ventures, Slow Ventures, Amplo and YC. For more information, visit www.fairsquaremedicare.com.

https://www.kff.org/medicare/issue-brief/more-than-half-of-all-people-on-medicare-do-not-compare-their-coverage-options-annually/

SOURCE Fair Square Medicare