AI Chatbots in Insurance Top Use Cases & Benefits

With the growing demand for real-time customer service support, chatbots have stepped up to fill that need. But beyond just providing assistance to customers, these innovative and interactive robots can also be used internally within organisations. More than any other technologies entering the workplace today, chatbots offer the most promise when it comes to digitizing enterprise processes for the 21st-century economy. Research suggests that 73% of customers are more likely to respond over live chat than e-mail, and 56% of users are more likely to contact the business through a message rather than a call. This is because people are used to seeing websites as a static any kind of engagement happening on the medium makes for excellent customer experience. That apart, they can also encourage customers to drop positive reviews and collect their feedback.

• Claims processing is usually a protracted process with a large window for human error and delays which can be eliminated at each stage.
• It’s possible to settle insurance claims fast with an AI-powered chatbot.
• AI-enabled chatbots can streamline the insurance claim filing process by collecting the relevant information from multiple channels and providing assistance 24/7.
• As brokers, customers, carriers, and suppliers focus on higher productivity.
• By offering them not just general information, but also concrete recommendations, the insurance chatbot increases the likelihood of the prospect exploring the purchase further.

Additionally, Covid-19 has heightened the necessity of offering competent customer service to clients who are confined at home while also overcoming the difficulty of not being able to access workers. New customers who are digital natives and have high expectations for how a business handles them have emerged due to generational shifts. Given that one-third of customers said they would think about switching firms after just one instance of subpar customer service, these expectations shouldn’t be taken lightly. Our chatbot can be used to answer frequent questions and suggest policies based on responses.

Conventionally insurance agents used to make house calls or even reach out digitally to explain the policy features. Customers would then make a decision on what would suit their needs best. You can also scale support through an insurance chatbot across channels and consolidate chats under a single platform. You can always program it in a way where customers can quickly request a live agent in case there’s a complex query that requires human assistance. Providing answers to policyholders is a leading insurance chatbot use case.

Faster and efficient services:

In addition, the insurance sector is increasingly adopting technologies such as artificial intelligence (AI) and natural language processing (NLP). The use of chatbots to automate a variety of insurance-related processes is a logical development of these technologies. Furthermore, there is a surge in NLP technology adoption as artificial intelligence (AI) and machine learning (ML) technologies became more widely used in the insurance industry. However, high implementation and maintenance cost of insurance chatbots hinder the growth of the insurance chatbot market. On the contrary, technological advancements in the insurance chatbot such as emergence of artificial intelligence (AI) is expected to fuel the growth of the insurance chatbot market in the upcoming years.

There should be no reason a chatbot cannot comprehend the phrase “my son broke my window” when a damage claim is being made. A chatbot should be able to understand it if an insurance advisor can. Although many businesses have used chatbots for insurance, not all are up to par. Because of this, AI chatbots in the insurance industry have shown to be the greatest way to improve the user experience while cutting expenses.

Having Data Management Issues in Insurance?

Naturally, they would go looking for answers from agents who can guide them through different policies and products and suggest what would be ideal for them. But, even with this high demand, chatbot use cases in insurance are significantly unexplored. Companies are still understanding the tech, assessing the chatbot pricing, and figuring out how to apply chatbot features to the insurance industry. Insurance chatbots can tackle a wide range of use cases across two key business functions – Customer Care and Commerce. It is against this backdrop that Conversational AI has emerged as a powerful tool for enterprises to engage and serve their customers. 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.

Today, digital marketing gives the insurance industry several channels to reach its potential customers. However, what happens if a customer were to knock the door of an insurance company and return unattended? If an agent isn’t available to offer relevant information (could be in the form of a quote or even servicing a claim), the potential customer goes on to find another provider. The information gathered by chatbots can provide valuable insights into customer’s behavior, preferences, and issues.