7 Use Cases of Insurance Chatbots for a better Customer Experience

The design framework of a chatbot for proactive persuasion has the same components as a chatbot for reactive persuasion. An important aspect to be kept in mind is that users do not converse with chatbots to be persuaded. To get the most out of conversational AI, insurance providers need to train the system with a variety of different data sets. Data on company info, types of products, terms and conditions, exceptions and other publicly available data such as social media sentiments and financial market movements may be easily available. For example, they can explore the various products available, compare prices and premiums, identify the best fit based on their profile and continue to purchase, all by asking questions of the bot.

The process takes around days or more to issue claims, submit and then reach the settlement process. In such cases, the customers constantly follow up with a customer representative or agent to check the claim status but there can be chances of claim requests going unattended. For decades, the insurance industry was able to rest on its goodwill and credibility. Whereas customers could operate competitive policies, claims, and coverage using manual procedures. Fast forward to today’s digital world, legacy systems in the insurance industry are constantly transforming while customers are no longer left out of the loop to access quick and relevant information.

Insurance Solutions

Conversation AI bots tap into various systems such as websites, databases, and APIs. If any of these resources are updated, the changes are automatically applied to the bot interface. While a lot goes into setting up the insurance AI bot systems, once up, AI systems have the self-learning elasticity that rule-based bots don’t. This makes Insurance AI bots more cost-efficient in the long run compared to rule-based bots that require continuous maintenance to stay relevant. Like a flowchart, the logic works on mapping out conversations that a customer might ask and how the chatbot can respond.

Regardless of the industry, there’s always an opportunity to upsell and cross-sell. After they are done selling home insurance or car insurance, they can pitch other products like life insurance or health insurance, etc. But they only do that after they’ve gauged the spending capacity and the requirements of the customer instead of blindly selling them other products. 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%.

An AI platform that identifies consumer intent to drive engagement

AI-based insurance chatbots are one of the most demanded technological upgrades among insurers. They can improve customer loyalty and brand engagement, metadialog.com cut expenses, and generate additional income for the company. In most case studies, a chatbot is considered a customer service tool.

Stats have shown that such activities cause Insurance companies losses worth 80 billion dollars annually in the U.S alone. It usually involves providers, adjusters, inspectors, agents and a lot of following up. Additionally, a chatbot can automatically send a survey via email or within the chat box after the conversation has concluded. Other useful notifications include alerts when policy renewal time is coming up. The bot can send a renewal reminder and then guide the policyholder easily through the process. Sensely is a conversational AI platform that assists patients with insurance plans and healthcare resources.

Lead Generation – Insurance template

The machine learns the “right” response over time by analyzing correct and erroneous responses. As an expert in artificial intelligence and chatbots, Manuel is convinced that the possibility of digital customer dialog should not be missing in customer communication. The targeted use of a bot improves both efficiency and the customer experience considerably. Thus, leveraging AI-powered in-built image recognition in chatbots allows users to also keep track or upload new images and files if the claim filled does not meet the requirements. Often customers and policyholders prefer to research their queries or information before consulting an expert agent.

• Chatbots can leverage recommendation systems which leverage machine learning to predict which insurance policies the customer is more likely to buy.
• Unlike bots on social media or websites, they do not share offers, promos, or other customer engagement materials.
• Are you thinking about adding chatbots to your business but not sure how you’ll use them?
• With a transparent pricing model, Snatchbot seems to be a very cost-efficient solution for insurers.
• Haptik, a vendor of conversational AI, works with Fortune 500 companies like Disney, HP, Unilever, and others.
• This chatbot template assists you receive medical reimbursement applications or claims from patients by reducing the added mailing time.

Submitting a claim, known as the First Notice of Loss (FNOL), requires the policyholder to complete a form and provide supporting documents. This can be made easier by using a chatbot that engages in a conversation with the policyholder, collecting the necessary information and requesting documents to streamline the claim filing process. Around 71% of executives expect that by 2021, clients will choose to deal with an insurance chatbot over a human representative. At Hubtype, we understand the unique challenges and opportunities that insurance companies face.

How do chatbots using rules-based processes work?

They can simply ask or type what they need, and multi-step actions are compressed into a single command followed by the chatbot. The voice assistant can provide the customer with personalized information based on their policy number. This improves the customer experience by providing quick and easy access to policy information. They launched a live chat and chatbots on the website’s home landing page.

Yes, Landbot offers a wide variety of out-of-the-box integrations such as Google Sheets, MailChimp, Salesforce, Slack & Email Notifications, Zapier, Stripe, etc. The Professional plan also offers a no-coder-friendly option to set up API webhooks with pretty much any tool or software. Perhaps the workflow is too long, and people start disengaging after the fifth or sixth question.

How Conversation Design Institute can help

An insurance company will find it easy to create a powerful bot anytime and start engaging the customers round the clock. Chatbots can take away all the hassles that customers often face with insurance. With an AI-powered bot, you can put the support on auto-pilot and ensure quick answers to virtually every question or doubt of consumers.

Whisper is a privacy-preserving language model that can be used to train machine learning models without exposing sensitive data. Insurers could potentially use Whisper to analyze claims data or other sensitive information, while protecting the privacy of their policyholders. ChatGPT can be used to provide policy recommendations and personalized insurance quotes to potential customers, based on their unique needs and risk factors. ChatGPT uses advanced natural language processing techniques to better understand and respond to human language. It has been trained on vast amounts of text data from the internet, allowing it to generate responses that are more natural-sounding and accurate. Rules-based chatbot software performs pre-programmed behaviors based on “playbooks” you create on the user interface’s backend module.