Transforming Customer Experience: The Rise of Insurance Chatbots

Conversational AI for the Insurance Industry

insurance chatbot conversation

The advent of AI-powered bots, commonly called insurance chatbots, has transformed how insurers interact with their customers, underwrite policies, and process claims. A chatbot for insurance can help consumers file claims, collect information, and guide them through the process. Nearly half (44%) of customers find chatbots to be a good way to process claims. Along with other strategies to improve customer experience in insurance, especially digital ones like live chat, insurance chatbots can be a big help. A health insurance chatbot is software programmed to conduct the online conversation using a chat window instead of a live human agent. You can deploy the chatbot to various platforms like landing pages of a website, social media accounts, mobile apps, and much more.

insurance chatbot conversation

One of the big initiatives we find among insurance firms is the drive towards modernising their customer experience journey. With the multitude of channels available, resources employed to oversee the channels, and contact centres to manage everything, the cost of servicing can mount quite quickly, compromising ROI. Insurance products can also be classified broadly based on how homogenous they are. This refers to how simple the product is and how much historical data on claims is available for providers to assess risks. Because of their nature, these are also products which users can research about online, aggregate options and compare prices, lending themselves well to self-service options.

Conversational AI Chatbots in Insurance: Opportunities and Challenges

This will result in more personalized and engaging conversation experiences for users. Most insurance companies now let their clients pay for their plans online. In a normal office, a receptionist usually manages this and answers calls from clients and customers. By introducing a chatbot, insurance agencies can save time and focus on important tasks. Chatbots that use analytics and natural language processing can get to know your audience pretty well.

insurance chatbot conversation

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. Chatbots provide round-the-clock customer support, the automation of mundane and repetitive jobs, and the use of different messaging platforms for communication.

AI Chat for Life Insurance

As consumers communicate across multiple digital channels, from the web to email, SMS, social, mobile apps, and messaging, chatbots are meeting them on their time and in their preferred channel. Here’s a real-world insurance example, based on the AA Ireland, demonstrating how a chatbot increases sales when done right. If your insurance company wants to build a user-friendly, customer-focused insurance chatbot quickly, Gupshup can help. Contact us to know more about our low-cost bot-builder platform and bespoke bot development services. Chatbots can also deliver numerous advantages for insurance companies, from lowering costs and improving customer support to automating multiple processes and maximizing ROI. An insurance chatbot can integrate with its backend systems to create claim tickets and speed up claims management.

insurance chatbot conversation

Travel insurance, motor insurance and mutual funds are some such products where giving policy holders the option of self-servicing can be extremely beneficial. Nearly 50 % of the customer requests to Allianz are received outside of call center hours, so the company is providing a higher level of service by better meeting its customers’ needs, 24/7. Engage users in multimedia conversations with GIFs, images, videos or even documents.

They use data from your past interactions to offer you products or plans tailored to your needs. This boosts your chances of actually buying a policy that suits you best. Training sessions can often be boring, for both new and experienced professionals. These bots can explain things, give quizzes, and show different situations to help trainees learn better. Trainees can also talk to these bots to learn about different types of insurance, how policies work, and the steps for relevant topics.

  • As Conversational AI, and other AI technologies, continue to evolve, the capabilities of insurance chatbots will continue to expand.
  • You might be forgiven for believing that there isn’t much opportunity in the industry for digital change.
  • The following are the key features to look out for in an insurance chatbot.
  • This is one of the ways in which an insurance chatbot can help lower the average cost per claim.

It took only 12 weeks, from the selection of the ServisBOT bot AI platform to the implementation of the Quote Bot. Shortly after launching the AI assistant, the AA saw an 11% increase in quote conversions just by having the bot engage when the contact center was closed. Since its launch in November 2018, the sales conversion rate has risen from this. It can collect information about the customer and available policies and help them narrow down their choices based on their coverage needs and risk profiles. They also help them pay premiums from within the same interface for a seamless end-to-end purchase experience. When customers have to go through a website or app for support, they’re often required to navigate complicated menus and multiple screens and input various pieces of information to get the help they need.

How Insurance Chatbots Benefit Insurance Companies

Using an insurance chatbot significantly reduces an insurer’s customer support costs, since a single chatbot can handle the volume of queries that would otherwise require a large customer care staff. It is also swifter, easier and more cost-effective for an insurance brand to scale up their customer support capacity using an insurance chatbot, rather than hiring, training and retaining greater numbers of human agents. Progress has developed software named Native Chat, which the company asserts can reduce customer service expenses. The system leverages natural language processing and has likely been trained on numerous customer service questions. Such questions are related to basic insurance topics such as billing and modifying account information. Their state-of-the-art Intelligent Virtual Assistant ensures an unmatched customer experience, resulting in an impressive 85% CSAT score.

Some providers, including Spixii, offer the ability to integrate this data with your back-office system to add to your bot loss ratio analytics, real-time underwriting and risk scoring. Engati offers rich analytics for tracking the performance and also provides a variety of support channels, like live chat. These features are very essential to understand the performance of a particular campaign as well as to provide personalized assistance to customers. Engati provides a user-friendly platform that is easily accessible and responsive across all devices. Our platform is easy to use, even for those without any technical knowledge. In case they get stuck, we also have our in-house experts to guide your customers through the process.

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