Chatbots in Insurance: Use Cases

The Verint® Assistant™ for health insurance understands more than 92 percent of user intents when it comes to health insurance, and can then deliver the responses your customers need. Chatbots eliminates long wait time and automates the insurance claim process. When a policyholder files an insurance claim, chatbots can collect all the necessary documents, data, images, and videos.

Being able to solve their queries quickly and frictionlessly through self-service, is what keeps customers satisfied and loyal. In fact, most insurers find that they can fully automate up to 80% of cases with chatbots. However, when necessary, the bot can also hand over the conversation to a human agent. Therefore making a chatbot a must-have tool for any insurance customer service department. Lemonade, an AI-powered insurance company, has developed a chatbot that guides policyholders through the entire customer journey.

Use Case 3: Managing Policies

So digital transformation is no longer an option for insurance firms, but a necessity. And chatbots that harness artificial intelligence (AI) and natural language processing (NLP) present a huge opportunity. In fact, using AI to help humans provide effective support is the most appealing option according to insurance consumers. Its chatbot asks users a sequence of clarifying questions to help them find the right insurance policy based on their needs. The bot is powered by natural language processing and machine learning technologies that makes it possible for it to process not only text messages but also pictures (e.g. photos of license plates). Successful insurers heavily rely on automation in customer interactions, marketing, claims processing, and fraud detection.

• Customers may not be readily willing to disclose such information for obvious reasons and yet analysing such data in a conversation can help providers tailor their solutions more accurately.
• Insurance providers can also use conversational AI solutions to go directly to the customer.
• Chatbots also support an omnichannel service experience which enables customers to communicate with the insurer across various channels seamlessly, without having to reintroduce themselves.
• Insurers incorporate chatbots into these systems to successfully streamline the customer experience, reap cost savings, and shift processes from reactive to proactive.

This means they’ll be able to identify personalized services to best suit each policyholder and recommend them directly, helping generate leads or upsell opportunities. As part of efforts to make claims smoother for policyholders, chatbots can give a hand in the regular course of claim-processing. When customers need to file claims, they can do so fast (and 24/7) via a chatbot. The chatbot will then pass on that information to an agent for further processing. To compete in today’s insurance market, carriers must first and foremost focus on their clients’ changing expectations–expectations that are frequently influenced by factors outside of the insurance industry.

Chatbot for Different Types of Insurance Policies

Scandinavian insurance company specializing in property and casualty insurance for individuals and businesses. Founded in 2007, the company has quickly grown to become one of the largest independent insurance providers in Scandinavia (NO, SE, DK). Chatbots provide a convenient option for instant customer service, taking the hassle out of everyday tasks. From booking meetings to assisting on daily tasks or helping out new employee onboarding, they are designed to complete specific procedures efficiently and quickly. Provide agents with an omnichannel solution that uses real-time data analysis to identify products closest to customers’ needs. Onboard customers, provide detailed quotes, educate buyers and enable 24/7 customer support during claims and renewals with DRUID conversational AI.

The bot is super intelligent, talks to customers in a very human way, and can easily interpret complex insurance questions. It can respond to policy inquiries, make policy changes and offer assistance. 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.

Each of these spheres has greatly benefitted from integrating AI bots, delivering tangible business results and improved service experiences for customers and employees alike. Our discussion so far has encompassed areas like customer support, automating processes, improving sales and trust, and enhancing fraud detection. AI chatbots are leveraged for fraud detection in several ways, bringing a significant transformation to the task paradigm as mundane, time-consuming, and inefficient. Traditional fraud detection methods, such as manual checks and rule-based systems, are no longer sufficient to tackle sophisticated, modern fraud techniques. It’s no secret that satisfied and confident customers are a key determinant to the success of an insurance company.

Based on the different queries and inputs provided by the users, the bot can segment different and provide them with relevant quotes and information. This data can be instrumental for the sales team as they have the full context of what a potential customer is looking for and proceed accordingly. The ability of chatbots to interact and engage in human-like ways will directly impact income. The chatbot frontier will only grow, and businesses that use AI-driven consumer data for chatbot service will thrive for a long time. 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.

Accelerated chatbot-driven claims processing

Not all insurance providers may need to adopt a fully integrated omni-channel conversational AI system in one go. Depending on the number of channels you use to interact with customers, you can start automating the support in one of these. For example if your call centre query volume is primarily comprised of phone calls, you can start by exploring how many of these queries are repetitive that can be automated using a virtual assistant. Once you realise the productivity and efficiency benefits from this first step, then proceed to the email, messenger and physical mailchannels. One of the biggest firms in Ireland offering online car, house, travel, and life insurance is The AA Ireland, which was established in 1910 to provide roadside assistance for Irish drivers.

That’s especially useful in times when claims are so numerous  that they make it difficult for policyholders to get through to your call center (e.g. in cases of natural disasters). They’re one of the most effective solutions for leveling up customer experience – and the insurance industry could certainly benefit from that. The chatbot provides answers to insurance-related questions and can direct users to the relevant GEICO mobile app section if necessary.

Top benefits for your business:

Companies are becoming more competitive, and customers now have more alternatives than ever before. New customers who are digital natives and have high expectations when it comes to how a business handles them have emerged as a result of generational shifts. These, on the other hand, are not only costly, but also nearly obsolete because staff cannot be reached to answer calls.

As for the clients, chatbots can provide them with prompt responses, find the right products or quotes that lead to customer content. According to some estimates, chatbots will generate over $8 billion in savings globally by 2022. AI, including insurance chatbots, will also bring benefits for the business as $1.3 billion cost savings by 2023. In addition to collecting valuable customer feedback, chatbots can also analyze their own interactions with customers to determine what’s working well and what could be improved. Chatbot analytics can offer useful insights to optimize your customers’ chatbot experience, revealing service problems and suggesting solutions. This intuitive platform helps get you up and running in minutes with an easy-to-use drag and drop interface and minimal operational costs.

Deliver your best self-service support experience across all customer engagement points and seamlessly integrate AI-powered agents with existing systems and processes. In more complex cases, an AI chatbot can act as the first line of defense to gather information from a policyholder before passing it off to an agent. Master of Code Global can assist in integrating chatbot into your insurance team.

• It can then recommend insurance products and provide the required steps to follow.
• Customers now have more options than ever due to the increasing competition among businesses.
• 80% of the Allianz’s most frequent customer requests are fielded by IBM watsonx Assistant in real time.
• Automating most of recurrent tasks, chatbots are also lowering labor costs even if the company needs to handle a growing volume of customers.

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