7 Use Cases of Insurance Chatbots for a better Customer Experience

What is Insurance Chatbots? + 5 Use-case, Examples, Tools & Future

insurance chatbots

Insurers need to ensure that their chatbot solution complies with data protection regulations, such as GDPR or CCPA, and has robust security measures in place to protect customer data. Chatbots can also help streamline insurance processes and improve efficiency. This is especially important for smaller companies that may not be able to afford to hire and train a large number of employees.

  • As AI becomes more deeply integrated in the industry, carriers must position themselves to respond to the changing business landscape.
  • With his unique experience in insurance, consulting and Insurtech, as General Manager Products, he helps carriers in market-facing disruptive technologies.
  • It can get hard to understand what is and is not covered, making it easy to miss out on important pointers.

Digital-first customers expect quick and flexible interactions tailored to their needs, and smartphones or IoT devices come by becoming more present in people’s lives. And they want it on the platforms they prefer at the times they prefer to use them. Our chatbot integrates with your website and Facebook plus it works great on every type of device. If an agent isn’t available to offer a quote or service a claim, the customer simply finds another agency.

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The bot pulls up your policy info and sets the ball rolling on your claim right away. No need to sift through piles of paperwork or hold on a call for what seems like an eternity. Your chatbot can pull up policy details, renewal dates, and cost breakdowns within seconds, increasing customer satisfaction. Deploy it wherever you want—website, mobile app, or social channels—it can handle the heat.

insurance chatbots

However, some brokers have not embraced this change and still communicate their new policies via image files. Insurers can automatically process these files via document automation solutions and proactively inform brokers about any issues in the submitted data via chatbots. They can guide customers through the claim reporting process, collect necessary information, and provide updates on claim status. Your chatbot can solicit feedback on a variety of areas—be it the claims process, policy clarity, or customer service quality.

Five reasons why internal chatbots are good for your business.

They excel in gathering customer data for tasks like generating quotes or processing applications. They can even request and verify supporting documents, offering a streamlined data collection process that benefits both the customer and the provider. On the other hand, the pandemic has accelerated the shift towards a digital world. Businesses around the globe are experiencing record-high engagement from customers.

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. Haptik, for instance, developed an intelligent virtual assistant to answer inquiries from customers for Zurich Insurance Company (see Figure 2). Thanks to Haptik, Zurich Insurance’s platform currently handles about 85% of client inquiries automatically, with 70% of all inquiries being totally automated without human help. Keeping operational costs low is crucial for any business, and insurance companies are no different. Chatbots help by taking on the tasks that would usually eat up a lot of a human agent’s time, reducing the need for a large staff and therefore cutting costs. Your chatbot would initiate a conversation to gather relevant information—age, medical history, preferred coverage—and then offer you tailored options.

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This IVA delivered a range of services, even helping members obtain and compare cost-of-service estimates and locate in-network providers. To put it more simply – our machine-learning technology has listened to thousands of interactions and come to understand the intent behind the queries that members have typed into our virtual assistants. That means that a Verint IVA can be deployed in a health insurance space and be effective on day one thanks to the pre-packaged intents that have been established. Chatbots will also use technological improvements, such as blockchain, for authentication and payments. They also interface with IoT sensors to better understand consumers’ coverage needs.

insurance chatbots

The AI-driven NLP empowers insurance companies to keep up-to-date with the latest data, automate repetitive task, and internal processes, and improve productivity. In addition, it improves customer experience through predictive analytics and automate function where manual processes were previously required and personalize user-interface capabilities. When customers call insurance companies with questions, they don’t want to be placed on hold or be forced to repeat themselves every time their call is transferred. Whether they’re looking for quotes, seeking to file an insurance claim, or simply trying to pay their bill, they want an immediate response that is personalized, accurate, and aligned with their high expectations.

Automate Routine Customer Queries, Reduce Live Chat Interactions

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