Chatbots are revolutionizing the Insurance industry

Bots can help customers easily find the relevant information and appropriate channels to make the payment and renew their policy. Following such an event, the sudden peak in demand might leave your teams exhausted and unable to handle the workload. This is where an AI insurance chatbot comes into its own, by supporting customer service teams with illimited availability and responding quickly to customers, cutting waiting times.

A bot can also handle payment collection by providing customers with a simple form, auto-filling customer data, and processing the payment through an integration with a third-party payment system. Chatbots are often used by marketing teams to support promotional campaigns and lead generation. You can use your insurance chatbot to inform users about discounts, promote whitepapers, and/or capture leads. With quality chatbot software, you don’t need to worry that your customer data will leak. If you build a sophisticated automated workflow, you don’t have to give your employees access to customers’ sensitive data — your chatbot will process it all by itself. Chatbots make it easier to report incidents and keep track of the claim settlement status.

Insurance Chatbots – Top 5 Use Cases and More

Insurance firms can leverage chatbots to offer customized plans and product recommendations based on understanding customer requirements better. By bringing each citizen into focus and supplying them a voice—one that will be heard—governments can expect to see a stronger bond between leadership and citizens. Visit SnatchBot today to discover how you can build and deploy bots across multiple channels in minutes. To solve a single problem, firms can leverage hundreds of solution categories with hundreds of vendors in each category. We bring transparency and data-driven decision making to emerging tech procurement of enterprises.

Nearly 7 out of 10 consumers say they would share their personal data in exchange for lower prices from insurers. They instantly, reliably, and accurately reply to frequently asked questions, and can proactively reach out at key points. I confirm that I have read and agree with the Privacy Policy and give my consent to the processing of personal data. Traditional means of customer outreach like websites and apps speak “computer language,” requiring users to navigate menus and screens and input information via commands and clicks. Channels Build your bot once and deploy easily into 20 messaging applications, accessing 4 billion users. Stats have shown that such activities cause Insurance companies losses worth 80 billion dollars annually in the U.S alone.

Top 8 Use Cases of Insurance Chatbots

The long documents on insurance websites and even longer conversations with insurance agents can be endlessly complex. It can get hard to understand what is and is not covered, making it easy to miss out on important pointers. Starting from providing sufficient onboarding information, asking the right questions to collect data and provide better options and answering all frequent questions that customers ask.

Though brokers are knowledgeable on the insurance solutions that they work with, they will sometimes face complex client inquiries, or time-consuming general questions. They can rely on chatbots to resolve those in a timely manner and help reduce their workload. Chatbots can be integrated across channels that consumers use every day. This keeps the business going everywhere and allows customers to engage with insurers as and when they grab their interest.

Why “now” for the Chatbot?

Our AI chatbot helps insurance businesses both in generating sales and improving service. Global insurance spending on AI platforms set to reach $3.4 billion by 2024, now’s the time to take the lead. The insurers who know how to use new technologies — in the right place, at the right time — to do more, faster, for policyholders will be the winners in the race to deliver an unbeatable CX. In the event of a more complex issue, an AI chatbot can gather pertinent information from the policyholder before handing the case over to a human agent. This will then help the agent to work faster and resolve the problem in a shorter time — without the customer having to repeat anything. Multi-channel integration is a pivotal aspect of a solid digital strategy.

Watson AI chatbots use a disambiguation feature to ensure clear communication with rapid, accurate responses and routing. 60% of business leaders accelerated their digital transformation initiatives during the pandemic. 80% of the Allianz’s most frequent customer requests are fielded by IBM Watson Assistant in real time. Insurers need to be equipped with next-generation conversational AI, not only to keep up with competitors, but to also meet the increasing expectations of a more savvy, more digitally comfortable generation of members. Their health is obviously important and personal to them, and they expect their insurer to deliver a member experience that makes them feel heard, respected, and secure.

Advantages of using chatbots in the insurance industry

Speech-to-Text Build natural and rich conversational experiences by giving users new ways to interact with your product with hands-free communication. Increase sales, send real-time information, reduce costs with automation while improving conversion. NLP Enrich digital experiences by introducing chatbots that can hold smart, human-like conversations with your customers and employees. Robotic Process Automation Enhance your employee or customer experience by automating repetitive tasks and transactions, vastly reducing cycle times. Haptik, a vendor of conversational AI, works with Fortune 500 companies like Disney, HP, Unilever, and others. Haptik helps their companies increase sales, engage customers, streamline processes, and save costs by utilizing chatbots and intelligent virtual assistants.

A conversational chatbot uses natural language processing to handle the nuances of conversation and understand what a person is trying to say. Handling nuance and understanding utterances let conversational AI solutions respond directly to inquiries. It combines the best of human and artificial intelligence for a satisfying — and frictionless — exchange.

File and Process Claims

A bot can understand the current customer need, and can suggest appropriate policies that suit each customer’s needs, right when they need it. A bot, when designed and implemented properly, can act as a sales person and thus add to your company’s bottom line. Integrated with smart algorithms, your insurance chatbot can help prospects calculate the exact monthly premium or savings of a policy.

Additionally, insurers will opt to spend more on AI than in any other sector, with 74 percent of executives considering doing so in 2022. As a result, we anticipate seeing the additional potential for chatbot Insurance Chatbots deployment in the insurance sector. It is safe to presume at this point that chatbots for insurance companies are something that your business will indeed need if it aspires to grow and expand.

• OTP Bank deployed DRUID conversational automation on their public website to provide customers with 24/7 access to banking products and automate key customer support processes.
• When a prospective customer is looking for a quote, a chatbot can gather key information about vehicles, health, property, etc., to provide a personalized quote in seconds.
• For example, after releasing its chatbot, Metromile, an American vehicle insurance business, accepted percent of chatbot insurance claims almost promptly.
• They are popular both as customer-facing chatbots, which can provide quotes and immediate cover, 24/7, and internally, to help insurance companies process new claims.
• For the insurer, the risk assessment is based on better levels of information specific to the trip.
• The employment of chatbots has proved advantageous for many organizations in the ever-expanding digitally linked world by offering respite in time-consuming, tedious jobs.