How to Use AI Bots for Insurance- Unlocking Chatbot Power

With changing buying patterns and the need for transparency, consumers are opting for digital means to buy policies, read reviews, compare products, and whatnot. I am looking for a conversational AI engagement solution for the web and other channels. Stats have shown that such activities cause Insurance companies losses worth 80 billion dollars annually in the U.S alone. It usually involves providers, adjusters, inspectors, agents and a lot of following up. With Acquire, you can map out conversations by yourself or let artificial intelligence do it for you.

The chatbot is available in English and Hindi and has helped PolicyBazaar improve customer satisfaction by 10%. Service performance is positively correlated with sticking to or letting go of the provided services[2]. The less time you spend on fulfilling your client’s needs, the more requests you can manage. Phone calls with insurance agents can take a lot of time which clients don’t have or are not willing to waste. One of the major benefits of well-designed chatbots is they can answer questions fast and on point. Chatbots can offer customers a quote for their insurance without them having to spend time filling out long, complicated forms.

Building Customer Satisfaction and Trust

All companies want to improve their products or services, making them more attractive to potential customers. Insurance companies can install backend chatbots to provide information to agents quickly. The bot then searches the insurer’s knowledge base for an answer and returns with a response.

As part of efforts to make claims smoother for policyholders, chatbots can give a hand in the regular course of claim-processing. When customers need to file claims, they can do so fast (and 24/7) via a chatbot. The chatbot will then pass on that information to an agent for further processing. Despite these benefits, just 49 percent of banking and insurance companies have implemented chat assistants (only 17 percent when it comes to voice assistants).

Filing and tracking insurance claims

But, more importantly, it boosts their ability to prevent fraudulent claims, thereby saving significant costs and protecting genuine policyholders. AI chatbots are leveraged for fraud detection in several ways, bringing a significant transformation to the task paradigm as mundane, time-consuming, and inefficient. Traditional fraud detection methods, such as manual checks and rule-based systems, are no longer sufficient to tackle sophisticated, modern fraud techniques. It’s no secret that satisfied and confident customers are a key determinant to the success of an insurance company. Customer satisfaction and trust cannot be seen as a byproduct of a good sales campaign but rather as the guiding force behind it.

Once their query has been resolved, chatbots make it simpler for policyholders to provide insightful feedback on your insurance offerings and customer service. Additionally, policyholders demand the ability to file grievances online. A chatbot may gather all the necessary background data and escalate the issue to a human agent, who can then assist in satisfactorily resolving the client’s issue. To thrive in this new environment, providers need to become truly customer-centric and rise to meet the expectations of the modern policyholder. People today expect effortless, convenient and omnichannel interactions.

This means that the market is growing at an average rate of 25.6% per year. The bot responds to FAQs and helps with insurance plans seamlessly within the chat window. Through NLP and AI chatbots have the ability to ask the right questions and make sense of the information they receive. Generative AI Chatbot can produce different summaries of an answer to a question based on the user it’s interacting with. At Master of Code Global, we can seamlessly integrate Generative AI into your current chatbot, train it, and have it ready for you in just two weeks.

With Conversational AI, the process of filing a claim becomes a lot faster and more efficient for customers. Instead of waiting to talk to a service representative, a customer can instead file the claim anytime by chatting with your AI Assistant on their smartphone. The assistant can instantly pull up the customer’s information from your database and take them through the claims process in a swift and seamless manner. AI-powered Intelligent Virtual Assistants (IVAs) offer insurance customers a seamless conversational interface to get all their queries resolved, both before and after buying an insurance plan or policy.

Top 7 ChatGPT Use Cases In the Insurance Industry

We developed a front- and backend for a chatbot that supports a structured process for gathering data. Additionally, chatbots contribute to faster claims processing, improved data accuracy and personalized policy recommendations. The ability to gather valuable customer insights and deliver targeted marketing messages further strengthens the case for incorporating chatbots into insurance businesses. Ultimately, embracing chatbot technology empowers insurance professionals to meet evolving customer expectations, stay competitive in the digital age and foster stronger relationships with policyholders. Can you imagine the potential upside to effectively engaging every customer on an individual level in real time? How would it impact customer experience if you were able to scale your team globally to work directly with each customer, aligning the right insurance products and services with their unique situations?

This enables you to answer your customers’ most common questions in a natural and fluid way, which feels like a conversation. Being able to solve their queries quickly and frictionlessly through self-service, is what keeps customers satisfied and loyal. Thus, customer expectations are apparently in favor of chatbots for insurance customers. Fraudulent activities have a substantial impact on an insurance company’s financial situation which cost over 80 billion dollars annually in the U.S. alone. By addressing these varied needs, insurance chatbots are not just enhancing customer experiences but also contributing to a more efficient and responsive insurance ecosystem.

Research shows that if a response is not given to a customer’s question within 5 minutes, the chances of it becoming a lead are reduced by 400%. Such situations can be avoided with the presence of an insurance chatbot as it not only increases the lead conversion but also makes the user happy with an immediate response. Moreover, chatbots can provide relevant details to the customers depending on the input and queries they give. This data will help the sales team as it offers a complete context of what an active user is looking for and move forward accordingly. This is essentially where automated insurance agents, or insurance chatbots, come into play.

Mostly, all chatbots are programmed to collect the contact details of users interacting with them. These contact details can be added to the user database for social media updates, e-mails, and newsletters. In 2012, six out of ten customers were offline, but by 2024, that number will decrease to slightly above two out of ten. Chatbots increase sales and can help insurance companies automate customer conversations.

Test Advisory & Transformation Services

They then direct the consumers to take pictures and videos of the damage which gives potential fraudsters less time to change data. Only when bots cross-check the damage, they notify the bank or the agents for the next process. Smart Sure provides flexible insurance protection for all home appliances and wanted to scale its website engagement and increase its leads. It deployed a WotNot chatbot that addressed the sales queries and also covered broader aspects of its customer support. As a result, Smart sure was able to generate 248 SQL and reduce the response time by 83%. Providing answers to policyholders is a leading insurance chatbot use case.

• A customer can use WhatsApp chatbot for insurance to cancel a policy way faster than sending an email or making a call.
• Our discussion so far has encompassed areas like customer support, automating processes, improving sales and trust, and enhancing fraud detection.
• We call it 3-way communication between a customer, bot, and a human agent.

Instant satisfaction in customers triggers an increase in sales, giving the insurer the time and opportunity to focus on other facets to improve overall efficiency instead. The most obvious use case for a chatbot is handling frequently asked questions. A virtual assistant answers prospects’ and customers’ questions, triggers troubleshooting scenarios, and collects data for human agents to resolve complex issues. 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. Today around 85% of insurance companies engage with their insurance providers on  various digital channels.

Read more about https://www.metadialog.com/ here.