What Is an Insurance Chatbot? +Use Cases, Examples
Insurers incorporate chatbots into these systems to successfully streamline the customer experience, reap cost savings, and shift processes from reactive to proactive. They can respond to policyholders’ needs while delivering a wealth of extra business benefits. So digital transformation is no longer an option for insurance firms, but a necessity. And chatbots that harness artificial intelligence (AI) and natural language processing (NLP) present a huge opportunity.
Insurance chatbots have a range of use cases, from lead generation to customer service. They take the burden off your agents and create an excellent customer experience for your policyholders. You can either implement one in your strategy and enjoy its benefits or watch your competitors adopt new technologies and win your customers. In such a situation, a well-design Conversational AI chatbot not just create dramatic changes in lead conversion but also elevates the user with a faster resolution with reduced customer effort. Thus, simplifying this process with a dependable AI bot can smoothly settle claims faster. Lemonade claims that post chatbot integration it has collected 100x more data-driven points per customer when compared to other companies who are still applying generic customer-centric tools.
Getting clarity and the support needed along the customer journey is often difficult. Imagine a situation where your chatbot lets customers skip policy details. Instead, it offers them the option to explore specific details if they desire. This method helps customers get the information they need and focus on what’s important.
Chatbots help clients process their insurance claims quickly and easily while also acting as a listening tool that delivers meaningful data about customer behavior and preferences. Depending on the number of channels you use to interact with customers, you can start automating the support in one of these. Once you realise the productivity and efficiency benefits from this first step, then proceed to the email, messenger and physical mailchannels. Over the next decade, bot technology (including chatbots) will play a bigger role across the insurance value chain. Furthermore, GPT-3.5 capable chatbots can also generate personalized and unique responses for each user.
Examples of Insurance Chatbots
There are a lot of benefits to Insurance chatbots, but the real question is how to use Chatbots for insurance. Almost immediately, the lead generation kicked off as they had 100 chats of all new sales leads. Customer service chatbots can handle a large volume of requests without getting overwhelmed. This makes them ideal for answering FAQs at any time of the day or night.
In fact, using AI to help humans provide effective support is the most appealing option according to insurance consumers. While a popular belief about chatbots is that they will make human agents completely redundant, that is not entirely true. Chatbots can actually work for insurance agents, complementing their efforts and helping them carry out their jobs more effectively. 80% or more of inbound queries received by insurance chatbots are routine queries or FAQs. An insurance chatbot can seamlessly resolve these queries end-to-end, while redirecting the remaining 20% of complex queries to human agents.
Assistance with claim processing and payment by insurance chatbots
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. If expectations are not met, consumers are quick to switch to a competitor. With pricing, policies and coverage so similar, a key way for insurance providers to differentiate is on customer experience.
Health insurance provider DKV uses the Inbenta chatbot across its main online channels to improve its CX. Known as ‘Nauta’, the insurance chatbot guides users and helps them search for information, with instant answers in real-time and seamless interactions across channels. Often, potential customers prefer to research their options themselves before speaking to a real person.
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As a result, the global chatbot market size is growing at a CAGR of 24%. 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. They can help in the speedy determination of the best policy and coverage for your needs.
And the best part is that they’re available 24/7, so your digital strategy is always on. So whether you’re looking for a way to streamline your operations or simply want a little extra help, we’ve compiled a list of the best chatbots 2022 has to offer. There’s no need to reinvent a flow if our conversational experience designers already built a chatbot template for your use case. Many insurance firms lack the internal skills required to develop and implement chatbots. This often leads to a reliance on external vendors which can be expensive and may not always result in the best chatbot solution.
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This is where AI-powered chatbots come in, as they can provide 24/7 services and engage with clients when they need it most. A chatbot can collect all the background information needed and escalate the issue to a human agent, who can then help to resolve the customer’s problem to their satisfaction. In the event of a more complex issue, an AI chatbot can gather pertinent information from the policyholder before handing the case over to a human agent.
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