Insurance Chatbots Top 5 Use Cases and More

Better knowing the customer is a benefit to everyone involved in providing them service, including the carrier – and often an insurance agent. This view of collected data spans phone, email, and chat utilization. Carriers use that aggregated view to more accurately analyze where customers engage, better understand why consumer expectations change, and can also reveal insurance product cross-sell and upsell opportunities. Across marketing, quote, policy, enrollment, billing, and claims journeys, conversational AI has many practical uses for an insurance company. In fact, interactive agents can offer tremendous value from end to end on the insurance customer’s journey.

This is one of the best examples of an insurance chatbot powered by artificial intelligence. 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. Adding the stress of waiting hours or even days for insurance agents to get back to them, just worsens the situation.

Insurance Solutions

Property and casualty insurance is complicated and challenging to comprehend for many people. Chatbots for insurance agents can help clients understand the processes and costs of purchasing different forms of insurance, renewals, and claims. Users can turn to the bot to apply for policies, make payments, file claims, and receive status updates without making a single call. But you don’t have to wait for 2030 to start using insurance chatbots for fraud prevention. Integrate your chatbot with fraud detection software, and AI will detect fraudulent activity before you spend too many resources on processing and investigating the claim. With a proper setup, your agents and customers witness a range of benefits with insurance chatbots.

• Apart from giving tons of information on social insurance, the bot also helps users navigate through the products and offers.
• If you use the chatbot to give support after an emotional event, the positive impact may far outweigh the chances of being unable to give customers a quote estimate quickly.
• This is a truly fascinating trend that is quickly altering the industry as a whole and will unquestionably boost the short-term financial performance of both large corporations and small to medium-sized firms.
• Together with automated claims processing, AI chatbots can also automate many fraud-prone processes, flag new policies, and contribute to preventing property insurance fraud.
• AI-powered chatbots can act on signals from back-end systems as well as contextual data in order to preemptively intervene before a problem becomes a bigger issue or a policyholder has to reach out to a company themselves.
• You can see more reputable companies and resources that referenced AIMultiple.

For example, after a major natural event, insurers can send customers details on how to file a claim before they start getting thousands of calls on how to do so. Being available 24/7 and across multiple channels, an automated tool will let policyholders file insurance claims or get urgent support and advice whenever and however they want. Conversational chatbots that use NLP decipher the nuances in everyday interactions to understand what customers are trying to ask. They reply to users using natural language, delivering extremely accurate insurance advice. Text-to-Speech Give your users the option of listening to the chatbot, rather than reading.

See Watson Assistant in action

This will not only encourage the customers to make their upcoming payments but also assist them in making the payment through simple and easy steps across the channel preferred by the customer. 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. Policyholders are empowered to look at reviews, see coverage options and pricing, and compare offerings from a growing set of established auto, health, car and life insurance providers as well as digital disruptors. The real value of collecting customer insights is that they can be used to provide better deals and advice on quotas and insurance claims.

It’s easy to train your bot with frequently asked questions and make conversations fast. Insurance chatbots can add huge value to routine and time-consuming processes such as underwriting, claims management, ticketing. Bots can help improve customer experience through instant, error-free replies, therefore, adding to the engagement and profitability of the business. Insurance companies can implement AI-powered chatbots into their processes to boost overall productivity and reduce support costs.

Your Choice of Channel

Use our vendor lists or research articles to identify how technologies like AI / machine learning / data science, IoT, process mining, RPA, synthetic data can transform your business. Insurance companies can also use intelligent automation tools, which combines RPA with AI technologies such as OCR and chatbots for end-to-end process automation. At this stage, the insurance company pays the insurance amount to the policyholder. The chatbot can send the client proactive information about account updates, and payment amounts and dates. After the damage assessment and evaluation is complete, the chatbot can inform the policyholder of the reimbursement amount which the insurance company will transfer to the appropriate stakeholders. Based on the insurance type and the insured property/entity, a physical and eligibility verification is required.

This can only happen, however, if they engage with customers naturally and in the way the customer wants. Most customers buy insurance because they know they need to, but don’t necessarily want to. However, insurance firms must be prepared to assist clients in conducting end-to-end seamless processes in a conversational and secure manner, so that making any adjustments is not considered an extra burden.

Claim processing and payment assistance

We would love to have you on board to have a first-hand experience of Kommunicate. Gather leads – Customers may be asked to put in basic contact information, such as their name and email address while interacting with a chatbot, a simple and effective approach to collecting consumer data and creating leads. Insurance carriers can use chatbots to handle broker relationships in addition to customer-facing chatbots.

• 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.
• Insurance firms can put their support on auto-pilot by responding to common FAQs questions of customers.
• Recently, NLP has evolved with new forms of symbolic understanding that more closely match the way the human brain develops language skills and interprets the intent of language, not just the literal meaning of words.
• When customers interact with a chatbot, they may be expected to fill in basic contact information, such as name and email address, which is a simple and effective way to accumulate customer data and generate leads.
• Chatbots can ease this process by collecting the data through a conversation.
• Consumer and policyholder expectations for round-the-clock self-service are rising sharply.

When today’s members interact with their health insurance provider, they’re in need of easy access to answers and quick resolutions. Provide agents with an omnichannel solution that uses real-time data analysis to identify products closest to customers’ needs. To achieve a high level of proficiency, chatbots require some fairly sophisticated technology under the hood. First, it needs support from a large-scale, robust infrastructure in order to access the data it needs to deliver effective service; but this is more than just server, storage and networking technology.

The future of customer experience is conversational.

A great example of this is the Chatbot, which is short hand for an automated insurance agent in our market. If you’re looking for a highly customizable solution to build dynamic conversation Insurance Chatbots journeys and automate complex insurance processes, Yellow.ai is the right option for you. Is a conversational experience platform offering a chatbot among other features.

• Whatfix facilitates carriers in improving operational excellence and creating superior customer experience on your insurance applications.
• With chatbots being integrated in multiple messenger apps (Facebook, Slack, Twitter, etc.) it is easier than ever to contact an insurer.
• Robotic Process Automation Enhance your employee or customer experience by automating repetitive tasks and transactions, vastly reducing cycle times.
• Therefore it is safe to say that the capabilities of insurance chatbots will only expand in the upcoming years.
• 6 min read In this technical blog, we explore how accessing databases can unlock the next level of automation of conversational processes built on the…
• Policyholders or insurance agents no longer have to sit on hold, waiting for the next available call center representative.

Categorised in: AI Chatbots for Banking

This post was written by Chris Klimek