Generating Revenue from Existing Customers Part 2: The Rise of AI

Harness the power of machine learning; use cutting-edge technology to generate new business.

The AI revolution is here, and it’s sending shockwaves through every industry, Estate Planning included. Using AI as a tool to generate more revenue from your clients is not only possible, at this point, it’s all but inevitable.

Large Language Models (LLMs) are changing the way we look at work processes and promise to alter them out of recognition, and into a realm of efficiency we thought was not possible just a few years ago.

• How does AI enhance our client relationships?
• What can this incredible tool do for us?
• How can we use it to increase revenue?

How Legacy uses AI to enhance client relationships

Fully digitising our processes was only the beginning; our Legacy Software is now integrated with a powerful AI to bring an added dimension to our services. Estate Planning thrives on client interaction; technology moves fast, and digitisation means we can reach more people while maintaining our efficiency. With AI we can enter into a whole new world of possibilities.

Here at CTT we embrace the push toward a digital future. By incorporating AI into our processes through our Legacy Software, we open the way for us to explore untapped potential.

Referrals for your existing client base

Each new client brings the possibility of 2-8 new referrals in the form of nominated trustees and guardians. This process is made simple with the use of Legacy Software; the interconnectivity is a foundational element of the program, keeping you and your clients in close contact.

The paperless platform makes referring your clients’ families and friends simple, through communication and education, you’ll make them an informed participant in the process.

Educational videos sent to guardians and trustees

As part of the Estate Planning process, your client will nominate others to be trustees, executors, and guardians of their estate. These people will need to be educated on the legal ramifications and duties inherent in these roles. As such, Legacy generates 2–3 minute educational videos with a fully realised AI avatar customised to the person receiving it.

Rather than receiving paperwork or a PDF document with the rather dry instructions, the vital information is delivered in an easily digestible video format, ensuring comprehension and engagement with their role.

Client AI simulator

Within Legacy is an innovative feature that allows Estate Planners and Will Writers to practise their skills as often as they want. Clients are likely to ask all manner of complex and specific questions relating to their estate and the provisions to take around planning for their assets after death.

Being able to answer these questions in a succinct and confident way enhances their trust in you and stops any lingering doubts from holding up document processing.

The client simulator allows you to carry out interactions from beginning to end with a customer, inputting prompts and dealing with them in a conversational manner as if you were talking to a real client.

Creating value from your existing will bank

One of the main stumbling blocks around generating increased revenue from your pre-existing database of clients, is that many perceive our services as a single purchase service. With advances in digitisation and AI we can educate clients on relevant related products and create further touchpoints to stay in regular contact; creating opportunities to increase revenue and retention at the same time.

A will bank is an enormous resource of untapped commercial value, and with the integration of AI we can:

• Add further touchpoints for your clients - Using AI to send out birthday messages with targeted avatar images and personalised educational videos, as well as reminders for updating wills and estate plans and the reasons to do this.

• Enhance the personal touch – The data gathered by you during your interactions with the client can then be used by AI to create an avatar image targeted to their demographic. The information they receive about related services is delivered in a friendly, personable manner.

Turn a single purchase into a full-fledged client relationship – All of this is aimed at nurturing a lasting relationship with a client. Using AI to create a more personalised experience across every point of contact. It’s likely many clients are simply unaware of the breadth of services available to them. A more informed client is a more engaged client.

How digitisation enhances work processes

Estate Planning was traditionally an entirely paper-based industry. With the advent of more intuitive and user-friendly computer interfaces we have been able to pivot to a completely digital, paperless existence. The increase in efficiency has been astronomic, with the time saved from filling out forms and inefficient filing methods being put to much better use.

Digitisation offers more than just a means to speed up our work processes; it has the potential to change the way we work fundamentally, benefitting our client relationships and our bottom line.

1. Educating to guarantee generational clients

Getting people engaged and interested in the products around planning for the distribution of assets after death is always going to be a tough sell. Even though our services are of vital importance, thinking about your inevitable demise is not something many people will seek out!

We can change this attitude by educating our clients about the plethora of products created to help them - bringing this knowledge to them in bitesize chunks and sharing the experience between them and their trustees.

Giving clients a smooth, exceptional service is more likely to generate a positive attitude to Estate Planning within a family, leading to the possibility of generational clients.

2. Spending more time with clients at the right time

With processes fully digitised you’ll have the time to spend on your clients that you always dreamed of. Cultivating a relationship with them that’ll keep them coming back again and again. With AI used to aid in filling out forms and providing helpful guidance on the creation of legal documents, you’ll be more efficient than ever, leaving all the time you could want to move on to other clients or converse around the finer points of Estate Planning.

3. Gives you more data to aid in conversion

In compliance with GDPR, we use the data gathered about clients to create a more bespoke, customised experience for them. This data is used to inform us on related products that will be useful to them and in the creation of targeted educational and marketing content designed to enhance our engagement with our clients.

4. Shortens timeframes for product delivery

With the enhanced efficiency in creating documents comes increased productivity. By using prebuilt templates that cover all the important aspects to ensure they fulfil the criteria of legal documentation, we can move through the document creation step of our interactions with lightning speed without sacrificing accuracy.

Because of this we can promise much shorter lead times for the delivery of our products, all of which our clients can keep track of within Legacy Software.

5. Increased efficiency and better security builds trust

Data management is paramount when dealing with huge amounts of sensitive, personal information. Having a fully digitised workflow means there is no chance of misplacing or losing important client information. Every piece of data is saved and backed up securely, and every interaction is recorded to create a clear audit chain from the first client interaction to the last.

The future

Legislation around AI is likely to come into force sooner or later. The opportunities of this tool are enormous, and we’ve barely scratched the surface of what is possible. In this uncertain time there are those, like us, wanting to use AI as a tool to enhance our existing services, and there are those wishing to use it in an unethical or immoral way.

The use of AI in the creation of audio and video could easily be used for exploitative purposes, so until legislation comes into force with consumer standards, we have to be wary that we use it for innovation, not exploitation.

There are many exciting developments in the near future that are set to further revolutionise the way we look at work and how we communicate with each other. The impact of these is completely unpredictable. Much as the development of LLMs was in the first place!

As an example of possible developments that will impact Estate Planning, there are the rather unfortunately named ‘Deadbots’. These are digitally created avatars designed to simulate the behaviour of a deceased individual.

The implications of such a thing are fairly horrifying without restrictions in place to limit their use. The best-case scenario for these AI chatbots is as a tool to communicate with loved ones from beyond the grave. Giving heartfelt messages and informing their trustees of their passing.

We’ll see these sorts of developments with increasing regularity in the next few years. As the world scrambles to try and catch up with technological innovation it won’t pause as we all try to catch our collective breath. It’s an exciting, uncertain time with change ever-present just around the corner.

We at CTT want to embrace the future, in whatever shape it occurs. Contact CTT's Professional Services to discuss how we can help you unlock the potential of digitisation and AI for your business.