Axcel Beck

According to a recent study, the use of conversational AI chatbots for insurance will lead to cost savings of almost $1.3 billion by 2023, across motor, life, property, and health insurance, up from $300 million. This can prove to be a differential factor that can allow insurance firms to stay at the forefront of the competition. 

If there is a brand differentiator that mustn’t be overlooked, it’s customer experience, be it any industry. Chatbots, the latest addition to the equation of customer experience, are proving to be key in most industries, in augmenting customer engagement and brand presence. And the Insurance industry is one of the new entrants to harness the benefits of this revolutionary technology. 

The pandemic has further enhanced the need to resort to technological innovation to provide unparalleled customer support to clients who are confined to their homes. The usual remedy for tending to customer needs are support centers, that are not only expensive but have become incompetent and non-viable. Also, the humongous amount of customer requests requires customer service that is scalable and can tend to these needs 24/7, in multiple languages and various digital channels, while guaranteeing personalized interactions. The befitting solution to it all is conversational AI. 

AI-powered insurance chatbots can help to improve sales while decreasing cycle times. And moreover, they not only address user inquiries but also handle more complex processes like claim filings. With the help of intuitive chatbots, insurance companies are able to explain complex products to their customers, drive brand engagement, and improve sales and distribution. Insurers incorporate chatbots into these systems to successfully streamline the customer experience, reap cost savings, and shift processes from reactive to proactive. 

Chatbots in Insurance

With many viable areas and opportunities in insurance processes, chatbots are poised to play an important role across the insurance value chain, including sales, claim filing, customer service, and other back-end operations. They offer 24×7 customer service, lower processing time, faster resolution and more, leading to increased customer satisfaction.  

  • Round the Clock Customer Support & Personalized Consulting  

Omnichannel, round-the-clock and multilingual support are just some of the clear benefits advanced conversational AI chatbots for insurance can provide and serve to deliver unique, high-quality customer experiences.  

Most feel that understanding various insurance policies are tricky and complicated. But chatbots can ease it by taking up the redundant task of educating the customers on various factors related to policy suggestions, claims, etc. based on a rich database. With the help of the database and the insights drawn from it, chatbots can offer personalized consulting like provide better deals and advice on quotas and insurance claims. By keeping track of customer behavior and habits, chatbots can make tailor-made recommendations

  • Automated Claim Filing & Processing 

Programming chatbots to process claims will ease out the workload of insurers’ daily operations. Additionally, chatbots can also follow up with customers regarding existing claims and notify for payments, thus simplifying the process with just a conversation yet deliver the right customer experience with reminders! Processes like claim filing can also be automated using chatbots. 

  • Lead Generation and Conversion 

Chatbots also come in handy for customer segmentation and preference recognition. An insurance chatbot not only bridges the gap between potential customers and your brand but also segments the customer base contextually. They can easily identify the query and consumption patterns to suggest the most appropriate offers. Also, their 24*7 availability and quick responses help in converting potential customers and generate more leads. With a chatbot, the cold to warm leads can be assigned to the sales representatives for better targeting. 

  • Customer Experience and Feedback 

Integrating company websites with chatbots will make it more interactive and engaging for users, thus guaranteeing superior customer experiences by omitting the need to reach out to personnel or skim through multiple web pages. They can also collect valuable feedback for the brand, product, or even website development. 

  • Data Privacy, Security & Fraud Prevention  

Chatbots are efficient in monitoring and detecting warning signs of fraudulent activity and can alert both the insurer and the customer. Similarly, it can ensure enhanced data privacy and security of the information from users. 

Today, insurance chatbots can basically be deployed as a customer’s personal insurance manager while equipping the sales team with valuable and contextually relevant insights at the same time and the industry is soon to become seamless and chat-intensive! 

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