Insurance Chatbots: Outstanding Service & Lead Generation

Your customers can turn to it to apply for a policy, update account details, change a policy type, order an insurance card, etc. With quality chatbot software, you don’t need to worry that your customer data will leak. If you build a sophisticated automated workflow, you don’t have to give your employees access to customers’ sensitive data — your chatbot will process it all by itself.

These features are very essential to understand the performance of a particular campaign as well as to provide personalized assistance to customers. Engati provides a user-friendly platform that is easily accessible and responsive across all devices. Our platform is easy to use, even for those without any technical knowledge. In case they get stuck, we also have our in-house experts to guide your customers through the process.

Top Generative AI chatbot use cases in the insurance industry

The customer can then find their nearest store and get connected with an agent to discuss the new policy, all within a matter of seconds. When the conversation is over, the bot asks you whether your issue was resolved and how you would rate the help provided. Users can also leave comments to specify what exactly they liked or didn’t like about their support experience, which should help GEICO create an even better chatbot. Here are eight chatbot ideas for where you can use a digital insurance assistant. You just need to add a contact form for users to fill before talking to the bot.

SWICA, a health insurance company, has built a very sophisticated chatbot for customer service. GEICO, an auto insurance company, has built a user-friendly virtual assistant that helps the company’s prospects and customers with insurance and policy questions. Though brokers are knowledgeable on the insurance solutions that they work with, they will sometimes face complex client inquiries, or time-consuming general questions. They can rely on chatbots to resolve those in a timely manner and help reduce their workload. 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. AI-enabled chatbots can review claims, verify policy details and pass it through a fraud detection algorithm before sending payment instructions to the bank to proceed with the claim settlement.

Life Insurance

A chatbot is always there to assist a policyholder with filling in an FNOL, updating claim details, and tracking claims. It can also facilitate claim validation, evaluation, and settlement so your agents can focus on the complex tasks where human intelligence is more needed. Insurance chatbots, rule-based or AI-powered, let you offer 24/7 customer support. No more wait time or missed conversations — customers will be happy to know they can reach out to you anytime and get an immediate response. Yes, insurance chatbots are designed to assist with claim management.

• Digitalization has demystified insurance processes for the customers.
• Allstate’s AI-driven chatbot, Allstate Business Insurance Expert (ABIE), offers personalized guidance to small business owners.
• Being channel-agnostic allows bots to be where the customers want to be and gives them the choice in how they communicate, regardless of location or device.

Verint conducted a survey of American consumers to see how they preferred to interact with their customer service providers. Some questions in the study inquired specifically about healthcare and health insurance. Imagine you’ve designed a chatbot to give customers a quote estimate for their car insurance.

Core components of insurance chatbots

Chatbots can collect customer data and also suggest the right insurance plan. This helps customers understand what will be covered under the specified insurance plan in case of need or an accident. Chatbots can easily explain insurance and banking jargon by pulling out information from your knowledge to help your customers understand better. The report focuses on growth prospects, restraints, and trends of the insurance chatbot market. So, a chatbot can be there 24/7 to answer frequently asked questions about items like insurance coverage, premiums, documentation, and more.

With this, you get the time and effort to handle the influx and process claims for a large number of customers. 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. A potential customer has a lot of questions about insurance policies, and rightfully so. Before spending their money, they need to have a holistic view of the policy options, terms and conditions, and claims processes. If you’re also wondering how chatbots can help insurance companies, you’re at the right place.

Natural language processing (NLP)

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. 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. Often, potential customers prefer to research their options themselves before speaking to a real person. Conversational insurance chatbots combine artificial and human intelligence, for the perfect hybrid experience — and a great first impression. You can use artificial intelligence assistants, such as chatbots, to automate various service tasks.

More companies now rely on the artificial intelligence (IA) and machine learning capabilities of chatbots to prevent fraud in the insurance industry. With an advanced bot, it’s virtually effortless to identify customers who file bogus documents and make false claims to squeeze money out of the insurer. Your insurance company can trust the bot to flag potential fraud by asking customers for additional proof of documentation. Successful insurers heavily rely on automation in customer interactions, marketing, claims processing, and fraud detection. Today around 85% of insurance companies engage with their insurance providers on  various digital channels.

Future of Insurance Chatbots

A chatbot helps automate the journey, responding to queries, gathering proof documents, and validating customer information. Tour & travel firms can use AI systems to effectively deal with the changing post-pandemic insurance needs and scenarios. They can use AI risk-modeling to assess risk in real-time and adjust policy offerings accordingly. Insurance companies can use chatbots to quickly process and verify claims that earlier used to take a lot of time.

• Improving customer experience is one of the key strategic areas wherein insurers have placed a strong bet.
• It allows customers to choose among the entire range of travel insurance policy options.
• Even though this process can be complex, chatbots make it simpler by asking the right questions and giving personalized suggestions, making decisions easier.
• The results people were getting helped many realize they could use this new tech to automate a wide range of tasks.
• Easily customize your chatbot to align with your brand’s visual identity and personality, and then intuitively embed it into your bank’s website or mobile applications with a simple cut and paste.

Projected savings for health insurance providers who shift one quarter of member digital interactions to self-service is $1.147M per million calls vs. $1.035M for property and casualty insurers. 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.

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