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Chatbots For Insurance Companies: Top Use Cases

From improving reliability, security, connectivity and overall comprehension, AI technology has almost transformed the has to provide seamless, on-demand service while providing a personalized experience in order to keep a customer. You can train your bot to get smarter, more logical by the day so that it can deliver better responses gradually. It’s simple to import all the general FAQs and answers to train your AI chatbot and make it familiar with the support.

Traditional, paper-based claims processes are usually long, cumbersome, and frustrating for customers. For insurers, this challenge increases the risk of unhappy customers and also increases churns. An AI-powered insurance chatbot provides one of the best ways to meet the last goal – at low cost, at scale, and with an eye on the future. If Natural Language Processing makes a mistake and reads this as a large family, the chatbot will switch to a workflow for selling life insurance for a larger family.

Top 11 Insurance Chatbot Use Cases

However, within the insurance business specifics and current technological limitations, it would be better to combine bots with humans. In critical moments customers still rely more on personal assistance by agents. While the price is an important part of purchasing an insurance policy, it is also about the experience that the customer has.

• Unleash the power of AI and no-code to self-serve every micro-engagement™-from acquisition and onboarding to end-to-end customer service journeys.
• This eliminates the need for multiple phone calls and waiting on hold, and it can also help to prevent claims from being delayed due to missing information.
• The main driver has to be the business need and where a chatbot can have a significant business impact.
• 80% or more of inbound queries received by insurance chatbots are routine queries or FAQs.
• Automate your sales process to pre-qualify leads and transfer them to the sales team for follow up.

I was fortunate enough to play with a private beta tester of the Spixii platform recently. Nienke is in the Dutch market talking to NN’s customers about insurance. A Chatbot is a computer software program that is able to communicate with humans using artificial intelligence.

Tailored insurance plans through intelligent chatbot questioning

Your chatbot would initiate a conversation to gather relevant information—age, medical history, preferred coverage—and then offer you tailored options. Today, they can shop for policies online, read reviews, compare offerings of different insurance providers, and even self-service their policies. Chatbots provide non-stop assistance and can upsell and cross-sell insurance products to clients. Let’s say a client asks an insurance chatbot about their car insurance policy. The chatbot should be able to understand the question and provide the client with the relevant information. According to a 2019 Statista poll, 44% of clients are comfortable using chatbots insurance claims, while 43% are happy to purchase insurance coverage.

Hanna is a powerful chatbot developed to answer up to 96% of healthcare & insurance questions that the company regularly receives on the website. Apart from giving tons of information on social insurance, the bot also helps users navigate through the products and offers. It helps users through how to apply for benefits and answer questions regarding e-legitimation. Nienke is a smart chatbot with the capabilities to answer all questions about insurance services and products. Deployed on the company’s website as a virtual host, the bot also provides a list of FAQs to match the customer’s interests next to the answer. It makes for one of the fine chatbot insurance examples in terms of helping customers with every query.

The solution

Furthermore, chatbots can manage several customer interactions simultaneously, guaranteeing that no client is left waiting for a reply or stuck on hold for hours. Along with other strategies to improve customer experience in insurance, especially digital ones like live chat, insurance chatbots can be a big help. As stated above, there are a lot of benefits that chatbots provide to the insurance companies — both to the agents and the customers. Insurance companies use chatbots to interact with the customers more engagingly, resolve their queries quickly and promptly, and deliver quick, hassle-free solutions.

Companies are becoming more competitive, and customers now have more alternatives than ever before. New customers who are digital natives and have high expectations when it comes to how a business handles them have emerged as a result of generational shifts. Support centers are a common solution for catering to client concerns.

A record of the interactions with individual customers can help the marketing and sales team get a complete overview of their ideal customer profile. This organized profiling can help you design contextually relevant and highly personalized marketing campaigns. Based on the different queries and inputs provided by the users, the bot can segment different and provide them with relevant quotes and information. This data can be instrumental for the sales team as they have the full context of what a potential customer is looking for and proceed accordingly.

By conducting comparative analyses of anonymous claims photos, this AI tool is able to quickly assess vehicle damage and provide repair estimates post-accident. Insurance agency perspective queries like hours of operation, direction, do you sell a specific product (say life insurance)? These and many such general queries can be instantaneously responded by Chatbot via messenger. Customer service Chatbot can be configured for general queries and over time with AI it can learn what else customers are asking about.

This is the same setup that is becoming the norm for almost all industries with an online presence today. They are able to provide customers with efficient service when responding to quick and common requests, such as passwords, policy copies, and billing questions. Beyond customer-facing chatbots, insurance providers can deploy chatbots to manage broker relationships. Chatbots can answer queries, especially if they are facing complex client inquiries or need an update on the status of an application.

As a result, practically every firm has embraced or is using chatbots to take advantage of the numerous benefits that come with them. According to Progress, insurance companies can implement Native Chat to create chatbots for their company smartphone apps, allowing customers to communicate with the chatbot after downloading the app. Chatbots can leverage previously acquired information to predict and recommend insurance policies a customer is most likely to buy.

Curated Content Learn more about using AI chatbots in your agency

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