AI Chatbot For Insurance: Benefits, Use Cases, and Key Features

The chatbot is available in English and Hindi and has helped PolicyBazaar improve customer satisfaction by 10%. French insurance provider AG2R La Mondiale has a chatbot created by Inbenta using conversational AI. Chatbots reduce client frustration by providing an easy and quick manner of getting things done. The modern client wants to be able to communicate with companies at any time of the day or night. Chatbots are available 24/7 and deal with queries in a fast and efficient manner.

• But these are only two of the many applications of Artificial Intelligence insurance chatbots.
• Today around 85% of insurance companies engage with their insurance providers on  various digital channels.
• An insurance company’s services and products no longer suffice to set it apart.
• AI chatbots have a clear advantage in their ability to learn through each interaction and provide helpful responses to a broader set of inquiries.
• We found their work to be creative and technically competent, and their staff friendly, professional and responsive to change.
• That’s why, as an insurer, you want to deal with each claim as quickly and seamlessly as possible.

They are able to provide customers with efficient service when responding to quick and common requests, such as passwords, policy copies, and billing questions. When a policyholder needs to submit a claim, a chatbot can collect the right data to process the claim. This can include probing for the required documents and –  depending on the type of insurance or claim –  request images or video. By leveraging AI-powered image recognition technology, chatbots can also ask for new pictures or files if a file does not meet requirements.

Improved compliance and risk management

Onboard your customers with their insurance policy faster and more cost-effectively using conversational AI or chatbot technology. A chatbot helps automate the journey, responding to queries, gathering proof documents, and validating customer information. TTV depends on the complexity of the automation platform coupled with the complexity of the carrier’s ecosystem (if not multiple sub ecosystems) where integrations are necessary. Chatbots can reinforce an “open door” policy where the customer or carrier can start the conversation.

This data runs through your predictive analytics and advanced automation systems to predict whether human intervention is needed or if the claim can proceed. We are a Conversational Engagement Platform empowering businesses to engage meaningfully with customers across commerce, marketing and support use-cases on 30+ channels. 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. This impacts their overall experience and doesn’t guarantee that they will find what they require in the least amount of time.

Benefits Of Using Chatbots For Insurance

Many insurance companies use AI chatbots to automate claim handling and customer support. These chatbots can also help in bringing down human errors in the application process. Providing omnichannel, 24/7, and multilingual support are just a few of the apparent advantages that sophisticated conversational AI chatbots for the insurance industry can offer.

Insurance and Finance Chatbots can considerably change the outlook of receiving and processing claims. Whenever a customer wants to file a claim, they can evaluate it instantly and calculate the reimbursement amount. As brokers, customers, carriers, and suppliers focus on higher productivity. They also focus on lower costs, and improved customer experience, the rate of change will only accelerate. HDFC Life Insurance realized the challenges in insurance and came to Kommunicate for an automated support solution.

Insurance Solutions

Staff can concentrate on improving their abilities or handling more complicated back-office processes by leveraging automation to speed up repetitive chores. 67% of people who have car insurance, according to Accenture, are willing to share information in exchange for changes to their insurance rates depending on usage. In several industries, changing customer expectations have altered corporate practices.

People feel as though a chatbot’s lack of emotions makes it hard to relate with. Operating in the UAE market since 1976, Tokio Marine & Nichido Fire Insurance Co., Ltd., is one of Japan’s oldest and largest non-life Insurance companies. With customer trust as the foundation for all of its activities, TMNF provides the safety and security necessary to provide comfort to its customers. The UAE brand aspired to shorten its sales cycle through proactive support.

Insurance Chatbot Examples: 5 Innovative Use Cases

But thanks to new technological frontiers, the insurance industry looks appealing. Schedule a meeting with one of our product specialists to get a custom tour of Watson Assistant for insurance. Not only does our model surpass the competition, but IBM’s Watson Assistant makes it incredibly easy to get started with a host of resources, such as templates, one-click integrations, guided tutorials, SMEs and more. Taking into consideration the high volume of tickets that insurance CS departments receive, even a small reduction in AHT will affect the bottom line. AHT (Average Handling Time) is the most common metric that contact centers and CS departments use to measure efficiency, which is why it is such a key metric for insurers. Health insurance is the number one sector benefiting from this technology.

This eliminates the need for the person to look for information on their own, as they will receive an answer formulated by AI. This new service is open to anyone seeking answers related to insurance, pensions, and homeownership. To learn more about how natural language processing (NLP) is useful for insurers you can read our NLP insurance article. For example, Metromile, an American car insurance company, used a chatbot called AVA to process and verify claims. This allows customers to move seamlessly from one communication channel to another in their buyer journey, without having to repeat themselves and with information being instantly available to a human agent if needed. The standard for a new era in customer service is being set across the board, and the insurance industry is not exempt.

How does a chatbot for automated healthcare claims work?

Therefore, it’s critical to determine which positions the bot can affect the most. To lower the risk of human mistake, it can be helpful to automate some of the process, such as claims checking and data entry. They can be designed to provide information on claims policies or to respond to frequently asked inquiries, such how to begin a claim. Insurance chatbots can audit claims, verify policy and policymaker’s details using a fraud detection algorithm before showing the green light. And to reduce that number, you might need to employ various layers of verification before processing a claim. It allows customers to choose among the entire range of travel insurance policy options.

Chatbots can also deliver numerous advantages for insurance companies, from lowering costs and improving customer support to automating multiple processes and maximizing ROI. A WhatsApp insurance chatbot can send automated alerts about renewal due dates, policy status; dividends declared, etc. Plus, WhatsApp boasts 95% open rates, making it easy for the insurer to reach out to customers. It also enables customers to stay on top of important updates that may affect their policy and coverage status. At Verint, we have two decades of real-world experience in the health insurance space. Over that time, we’ve built out a robust natural language understanding model.

FAQ Support

After assessing the client’s damage, the insurance company reports the amount of compensation to the customer via a chatbot. One of the many time-savers of an insurance chatbot, is being able to automate FAQs. 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.

• Bots can be programmed and configured to address your customer’s insurance claims and also follow up with them on the existing ones.
• The next part of the process is the settlement where, the policyholder receives payment from the insurance company.
• One of the major things that make Hubtype’s conversational apps unique, is their rich elements.
• By analyzing past claims, these chatbots can provide tailored recommendations, helping customers make informed decisions about their insurance policies.
• A chatbot helps automate the journey, responding to queries, gathering proof documents, and validating customer information.
• That apart, they can also encourage customers to drop positive reviews and collect their feedback.

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). This means that, despite how much chatbots are being talked about, they still offer a decent competitive advantage for providers that use them. Insuretech by Intone is equipped with a dynamic question and answering schema, which can help resolve most of the initial queries. Timely answers to FAQs are an effective use case of conversational AI in the insurance industry that can help impress customers and attract them into buying your product.

Insurance Chatbots for Enhanced Customer Experiences

With pricing, policies and coverage so similar, a key way for insurance providers to differentiate is on customer experience. Increasingly, insurance providers are investing in modern conversational artificial intelligence (AI) to scale personalized, effortless and metadialog.com proactive customer experiences. GEICO’s virtual assistant, Kate, is designed to help customers with various insurance-related tasks. Some examples include accessing policy information, getting answers to frequently asked questions, and changing their coverage.