11 Insurance Chatbot Use Cases Why Providers Need AI Now

Insurance chatbots can help customers easily renew their policy – and pay for it – all within one conversation. By integrating payment services, your customers can experience a smooth and seamless renewal process. 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. Marc is an intelligent chatbot that helps present Credit Agricole’s offering in terms of health insurance.

Insurance firms can use AI and machine learning technologies to analyze data comprehensively and more accurately assess fire risks. Better fire risk assessment is possible due to the use of data from connected devices, climate studies, and aerial imagery. Insurers can build models that can look at risks more closely at the individual property level. Other useful notifications include alerts when policy renewal time is coming up.

Benefits of insurance chatbots for customers

This will also help you determine how many customers you could earn per month. Chatbots are extensions of your team, but customers don’t need to give them their full attention like they would with an agent. If you can explain your plans more quickly and clearly than your competitors through personalized communication, you’ll put your business at an advantage. In addition, the chatbot has helped FWD Insurance save $1 million per year in client support costs. When a new customer signs a policy at a broker, that broker needs to ensure that the insurer immediately (or on the next day) starts the coverage. Failing to do this would lead to problems if the policyholder has an accident right after signing the policy.

This can help insurance companies avoid costly fines and maintain their reputation for trustworthiness and reliability. For those particularly complex cases, your insurance chatbot can handoff to a human advisor. Hubtype is the secure way to connect customers with expert insurance advisors easily through their personal devices. The combination of both automated and human communication, allows agents to foster relationships which yield renewals, upsells, and cross-sells.

More engaged customers

Sensely’s chatbot-based platform assists insurance plan members and patients with the insurance services and healthcare resources they need when they need it. Sensely named a 2019 “Cool Vendor” in Healthcare Artificial Intelligence by Gartner. In addition to our

AI chatbot,

we offer a Smart FAQ and Contact Form Suggestions that attempts to answer a customer’s question as they type, saving them and your agents time. A chatbot can assist with this process by collecting the customer’s user ID and question to help forward the request to an agent, or share the status of their claim. According to IBM,

robotic process automation in insurance can speed up claims processing since it can move large amounts of claim data with just one click. Traditional claims processing requires employees to manually gather and transfer information from multiple documents.

A.ware – Senseforth’s proprietary chatbot building platform is dedicated to solving the challenges faced by both users and providers in the insurance industry. A.ware comes with pre-built industry models to help accelerate the process of training the chatbot. Bots built by the company are being used by the Max Life Insurance Company, ICICI Lombard and Future Generali, to name a few. He then forwards the damage report by email to the relevant department, which then contacts the customer in a timely manner. In this way, Serge relieves the customer service team of a great deal of work and frees up staff time to deal with more complex cases.

Service Chatbots Powering Customer Self-Service in the Insurance Industry

Where company websites are a common brand touchpoint, they become much more interactive and engaging for users with chatbot integration. It is obvious that chatbots can weave superior customer experiences by omitting the need to reach out to personnel or skim through multiple webpages. They can also collect valuable feedback for the brand, product, or even website development. An insurance chatbot not only bridges the gap between potential customers and your brand but also segments the customer base contextually.

Tokio is a great example of how to use a chatbot in providing proactive support and shortening the sales cycles. The chatbot currently handles up to two-thirds of the company’s inbound insurance queries over Web, WhatsApp, and Messenger. It serves customers with quotes, policy renewal, and claims tracking without any human involvement. AI can reduce the turnaround time for claims by taking away the manual work from the processes. Insurers will be able to design a health insurance plan for an individual based on current health conditions and historical data. A chatbot for health insurance can ensure speedier underwriting and fraud detection by analyzing large data quickly.

Insurance Chatbot Case Studies

They instantly, reliably, and accurately reply to frequently asked questions, and can proactively reach out at key points. AI bots make it easier for insurance companies to scale their customer support operations as their business grows. This is particularly important for fast-growing insurance companies that need to maintain high levels of customer satisfaction while insurance chatbot examples rapidly expanding their customer base. Chatbots can ease this process by collecting the data through a conversation. Bots can engage with customers and ask them for the required documents to facilitate the claim filing in a hassle-free manner. Chatbots in insurance can help solve many issues that both customers and agents face with recurring payments and processing.

Similarly, if your insurance chatbot can give personalized quotes and provide advice and information, they already have a basic outlook of the customer. But to upsell and cross-sell, you can also build your chatbot flow for each product and suggest other policies based on previous purchases and product interests. This is where an AI insurance chatbot comes into its own, by supporting customer service teams with unlimited availability and responding quickly to customers, cutting waiting times. AI chatbots can be fed with information on insurers’ policies and products, as well as common insurance issues, and integrated with various sources (such as an insurance knowledge base).

For example, after releasing its chatbot, Metromile, an American vehicle insurance business,   accepted percent of chatbot insurance claims almost promptly. Creating a chatbot that provides the kind of benefits that insurance businesses need requires a specific set of skills. Our team of experts has the necessary experience to help you create a chatbot that meets the unique needs of your insurance business. Many insurance firms lack the internal skills required to develop and implement chatbots. This often leads to a reliance on external vendors which can be expensive and may not always result in the best chatbot solution.

Zurich Insurance uses its chatbot, Zara, to assist customers in reporting auto and property claims. Zara can also answer common questions related to insurance policies and provide advice on home maintenance. https://www.metadialog.com/ By automating the initial steps of the claims process, Zara has helped Zurich improve the speed and efficiency of its claims handling, leading to a better overall experience for policyholders.