7 Use Cases of Insurance Chatbots for a better Customer Experience

The chatbot should be able to understand the question and provide the client with the relevant information. For insurers, chatbots that integrate with backend systems for creating claim tickets and advancing the process of managing claims, are a cheaper and more easy-to-use solution for staff than a bespoke software build. Such chatbots can be launched on Slack or the company’s own internal communication systems, or even just operate via email exchanges. Generative AI chatbots can analyze various factors of a customer’s data, including their medical history, driving record, and other personal details to create a personalized quote for insurance plans.

According to a survey, 53% of consumers are more likely to end up purchasing online if they can message the business directly. Based on initial conversations, the leads that lie further down the purchase funnel can be assigned higher intent scores, before being passed on to the sales representatives as qualified inbound leads. 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?

Trend- Insurance chatbots for agents?

Such focus is due to the use of intelligent personal assistants to streamline processes and AI-enabled bots to uncover new offers for customers. They’ll make customer contacts more meaningful by shortening them and tailoring each one to the client’s present and future demands. Progress has developed software named Native Chat, which the company asserts can reduce customer service expenses. The system leverages natural language processing and has likely been trained on numerous customer service questions.

• Further, many people prefer to communicate through messaging apps rather than phone calls or email.
• Although numerous insurance companies have mobile apps to help their clients, these are fairly limited.
• Almost 80% of insurance executives believe AI will revolutionize the way they interact with their customers.
• Chatbots are bound to play a more significant role in the future to come.
• Before reflecting the changes done by customers, let them verify the changes made, so as to eliminate errors.
• And that insurance company employee who answers the phone will not need to ask the policyholder or insurance agent to repeat what they already shared with the chatbot.

Check out Top Generative AI integration companies to drive customer support. This is why insurers and insurtechs, worldwide, are investing in AI-powered insurance chatbots metadialog.com to perfect customer experience. This intuitive platform helps get you up and running in minutes with an easy-to-use drag and drop interface and minimal operational costs.

Low-Code Bot Building Tools for the Insurance Industry

AI chatbots are not sentient and cannot be expected to empathize like a human agent probably could. In 2016, AI Jim (Lemonade’s AI chatbot) set a world record for the fastest processing of an insurance claim – just under 3 seconds and with zero paperwork. In the 3000-year history of insurance, nothing like this had ever happened before. It is no surprise then that voice AI is seeing the fastest growth with the global chatbot market expected to grow by a CAGR of 24.3% by 2025.

So the chances are that we’ve all used them sometime along our digital journey and just not know about it. Research shows that we only use about about 5 regularly, and half of these are social media apps. AIMultiple informs hundreds of thousands of businesses (as per similarWeb) including 55% of Fortune 500 every month. You can see more reputable companies and resources that referenced AIMultiple. Throughout his career, Cem served as a tech consultant, tech buyer and tech entrepreneur. He advised enterprises on their technology decisions at McKinsey & Company and Altman Solon for more than a decade.

Reduced pressure and more team productivity

UK startup Peppercorn has confirmed a product launch in the insurance sector with its chatbot assistant driven by conversational AI, using natural language processing to answer common customer queries. 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.

The time of renewal is also the perfect opportunity to cross-sell and upsell to clients. Conversational insurance makes doing this easier, which means an increase in revenue per policyholder. Rooms and airplane seats are remarkably similar, as with many insurance policies. Customer service is now a core differentiator that providers need to leverage in order to build long-term relationships and deepend revenue. With the lifetime value of policyholders so high, and acquisition costs also sky-high, keeping current customers happy with stellar customer service is an easy way to reduce churn.

AI in Insurance – Understand AI, Evaluate an AI solution – Adopt towards competitive advantage

In other words, the less the customer can differentiate between the agent and chatbot, the better. A chatbot that cannot process simple queries of customers may end up disappointing them and give a wrong impression of the company. If they can’t solve an issue, they can ask the policyholder if they’d like to be put through to an agent and make the connection directly. The agent can then help the customer using other advanced support solutions, like cobrowsing. For example, if a consumer wants to complete a claim form, but has trouble, they can ask the chatbot for help. The bot can send them useful links or draw from standard answers it’s been trained with.

According to research, the claims process is the least digitally supported function for home and car insurers (although the trend of implementing tech for this has been increasing). Deployed an intuitive chatbot for handling routine customer interactions.This expedited customers’ buying journey and bolstered engagement, all while reducing dependence on human agents. Maya supports Lemonade customers in English and in German, through the Lemonade mobile app. The chatbot allows customers to purchase insurance, file claims, and resolve customer service inquiries. Typbot will plug into your existing technology or our team will develop a customised solution for you to connect the virtual insurance agent to your backend system (CRM).

Claim Management

If there’s missing information, that synchronous dependency makes it hard to resolve claims quickly. 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.

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%. But not all insurance companies are seeing the same return from chatbot technology. Unlike previous advancements in customer relations, chatbots are not a plug-and-play or set-and-forget type of platform. Rather, they must be targeted at specific needs within the customer-facing application suite, then carefully honed over time to account for changing needs and expectations from an increasingly diverse consumer base.

Connect customers to dedicated advisors

This is where AI-powered chatbots come in, as they can provide 24/7 services and engage with clients when they need it most. LivePerson can help you automate many of these interactions with an insurance chatbot that works across the most popular messaging channels without hiring an army of agents. From auto and home to health and life policies, increase conversions and offer quick access to your services and experts with Conversational AI, messaging, and an insurance chatbot.

Robotic Process Automation, which connects them to the business’ back-office systems, can help them achieve this (RPA). When humans and bots interact, the use of distinct languages, formal or informal, must be considered. Security and privacy of consumer data are the responsibilities of insurance companies. Chatbots are effective at keeping an eye out for and spotting symptoms of fraudulent conduct, and they can notify both the consumer and the insurer. 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. If you’d like to develop a chatbot for insurance, drop us a note on or just ‘Get In Touch’ with us.

Increase Sales Conversions with AI Insurance Bots

As chatbots evolve with each day, the insurance industry will keep getting new use cases. As AI and Machine Learning become mainstream, the insurance industry will witness numerous functions and activities it can automate via advanced chatbot technology. Chatbots are just one more innovative tool insurers can use to meet customer expectations and deliver the service their customers have come to expect. Opening up its Messenger platform for anyone to develop and deploy Chatbots also opens the door for the automated insurance agent. Whereas the banking focus of Fintech was all about “disruption”, the digital innovation focus of InsurTech is about “rapid evolution”.

• We want actions to be taken, quotas to be delivered, claims to be signed, and accounts to be opened when we speak with an insurance advisor.
• Insurance also happens to be a complex process right from the start, which has room for a lot of errors.
• The latest insurance chatbot use case you can implement is fraud detection.
• Chatbots in insurance can educate customers on how the process works, compare as well as suggest the optimal policy, from multiple carriers, based on the customer’s profile and inputs.
• So, this means that this free chatbot template can collect information about your website’s visitors and adapt based on their insurance preferences.
• It is estimated that about 71 percent of insurance executives strongly believe that customers will prefer interacting with an insurance chatbot rather than a human agent.

For example, Metromile, an American car insurance company, used a chatbot called AVA to process and verify claims. This chatbot initiates the application process for an endowment insurance plan. If you are a financial institution and want to generate lead on potential customers who are seeking consolidated insurance coverage plans, this bot makes that possible for you with just a few clicks.

• Based on initial conversations, the leads that lie further down the purchase funnel can be assigned higher intent scores, before being passed on to the sales representatives as qualified inbound leads.
• Inbenta is a conversational experience platform offering a chatbot among other features.
• Customers can get answers to common questions like insurance policies and other common insurance queries.
• Insurance Chatbots are cutting-edge technology that may provide insurers with several advantages, including 24/7 customer service.
• When humans and bots interact, the use of distinct languages, formal or informal, must be considered.
• This data further helps insurance agents to get a better context as to what the customer is looking for and what products can close sales.

You can train your bot to get smarter, more logical by the day so that it can deliver better responses gradually. It’s simple to import all the general FAQs and answers to train your AI chatbot and make it familiar with the support. SnatchBot is an intelligence virtual assistance platform supporting process automation. Another simple yet effective use case for an insurance chatbot is feedback collection. You just need to add a contact form for users to fill before talking to the bot. Often lengthy wait for a live customer service representative becomes a thing of the past.

Chatbots also identify customers’ intent, give recommendations and quotes, help customers compare plans and initiate claims. This takes out most of the unnecessary workload away from employees, letting them handle only the more complex queries for customers who opt for live chat. Most chatbot services also provide a one-view inbox, that allows insurers to keep track of all conversations with a customer in one chatbox. This helps understand customer queries better and lets multiple people handle one customer, without losing context. This is essentially where automated insurance agents, or insurance chatbots, come into play.

We would love to have you on board to have a first-hand experience of Kommunicate. Users have convenient access to insurance products through instant messengers, mobile applications, and a web portal, and the insurer can instantly interact with end customers. This is a program specifically designed to help businesses train their employees in how to use chatbots successfully. 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.