Insurance chatbots in 2020 use cases, examples and case studies

insurance chatbot use cases

With quality chatbot software, you don’t need to worry that your customer data will leak. If you build a sophisticated automated workflow, you don’t have to give your employees access to customers’ sensitive data — your chatbot will process it all by itself. Below you’ll find everything you need to set up an insurance chatbot and take your first steps into digital transformation.

insurance chatbot use cases

This is where AI-powered chatbots come in, as they can provide 24/7 services and engage with clients when they need it most. This helps to streamline insurance processes for greater efficiency and, in turn, savings. Engati offers rich analytics for tracking the performance and also provides a variety of support channels, like live chat.

Filing and tracking insurance claims

The company is testing how Generative AI in insurance can be used in areas like claims and modeling. 75% of consumers opt to communicate in their native language when they have questions or wish to engage with your business. They would also require some help and assistance throughout the process in terms of documentation and other information. Faster document submission and instant query response make such bots capable of providing claim confirmation possible swiftly. Reliable Insurance companies are necessary to gain their clients’ trust. Errors in transactions or interpretation are unacceptable and may result in a client’s loss.

After closing the support ticket, it can ask for a customer satisfaction score and collect feedback on the application process. Moreover, you can also use your chatbot as a marketing tool to promote offers. People want to safeguard and have solid coverage for any potential future damages, whether medical or car insurance. While having an insurance policy gives peace of mind to the users, processing claims is a lot of work for a company too. Filing a claim can be a frustrating and time-consuming process for customers.

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Getting the precise information a consumer needs on these platforms might be challenging. Treat your customers like the extraordinary beings they are, and you’re them again very soon. The age-old secret to retention in sales and marketing holds the same importance in this day and age as well. At Kommunicate, we are envisioning a world-beating customer support solution to empower the new era of customer support. We would love to have you on board to have a first-hand experience of Kommunicate. As brokers, customers, carriers, and suppliers focus on higher productivity.

insurance chatbot use cases

By providing 24/7 customer service, chatbots can help insurance companies to meet the needs of today’s customers. Health insurance provider DKV uses the Inbenta chatbot across its main online channels to improve its CX. Known as ‘Nauta’, the insurance chatbot guides users and helps them search for information, with instant answers in real-time and seamless interactions across channels. Using information from back-end systems and contextual data, a chatbot can also reach out proactively to policyholders before they contact the insurance company themselves.

Tokio From Tokio Marine Insurance Company

The conversation is not necessarily how they naturally communicate, but it should feel normal to make them feel at ease. Bots help you analyze all the conversation data efficiently to understand the tastes and preferences of the audience. You can always trust the bot insurance analytics to measure the accuracy of responses and revise your strategy. Insurance firms can put their support on auto-pilot by responding to common FAQs questions of customers.

They’re designed to understand human language, answer queries, assist in selecting the right insurance plans, and even help with filing claims—all in real-time. An insurance chatbot is a virtual assistant solution that uses artificial intelligence (AI) and machine learning (ML) technologies to simplify communication between insurance companies and their customers. The chatbot helps automate a variety of processes and steps that customer support people often do in the industry. An AI-powered insurance bot can cater to the needs of customers at every stage of their journey.

Insurance Chatbot Guide (5 Benefits & 3 Use Cases)

Overall, most chatbots across the world remain at a basic level, and now insurance companies are investing in enhancing their bots’ capabilities to maximize value for their business and customers. Customer care should be more excellent than ever to keep the customer satisfied, loyal, and retained. See what benefits an AI-based chatbot can bring to policyholders and insurers, what challenges are hidden inside, and how to manage them during the implementation. In addition to being available 24/7, providing instant responses, and offering personalized services, AI chatbots offer a transparent and seamless user experience that boosts customer satisfaction and trust.

Haptik built Zuri’, an Intelligent Virtual Assistant (IVA) available 24/7 on Zurich’s official website. Zuri helps customers manage their existing policies and enables faster query resolution by guiding them through every step. It swiftly handles routine tasks such as making a claim or withdrawal, modifying personal details in the policy, offering premium-related information etc. Zuri successfully resolved 70% inbound queries end-to-end, with no human intervention required. Needless to say, insurance firms across the globe receive massive volumes of queries every day, from prospective customers looking to buy insurance, and existing customers looking for help. Given the sheer volume of inbound queries, it is not always possible for human insurance agents or support staff to handle these conversations with the speed, efficiency and precision required.

Future of AI Chatbots in the Insurance Industry

It was created to help customers get the right level of cover and price by interpreting quote details and making personalized recommendations. It does this by directing users to the appropriate page location and letting them interact with the buttons on that page to make necessary changes. Our solutions are designed to improve the efficiency of your business operations and enhance customer satisfaction. Let our team of experts show you how this chatbot solution can help you fully automate and personalize more interactions for members and agents with a single solution.

When it comes to grappling with tough insurance questions, brokers are on the front lines. Insurance brokers need to be experts in intricate cover types, and an overwhelming amount of information. Since AI chatbots can query lots of documents for the most accurate and relevant answers, they can be a broker’s best ally. Customer service is the backbone of any business, and insurance is no exception.

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In the case of the AA, 80% of customers that clicked on the bot continued to interact with it. So not only are businesses embracing conversational engagement, customers are too. With advancements in natural language processing and voice recognition technology, voice-enabled chatbots are able to provide a more conversational and personalized customer experience. This technology allows customers to interact with chatbots using their voice, providing a hands-free and convenient way to get assistance.

The use of human agents and chatbots in the insurance industry can work together to provide customers with a better experience. By combining the strengths of both, insurance companies can improve efficiency, reduce costs, and enhance the overall customer experience. It will be very difficult to imagine having these expectations met with old, complex processes.

insurance chatbot use cases

The claims process usually involves a mountain of paperwork and a long waiting period. Insurance chatbots are designed to expedite this by walking customers through each step, collecting essential information and documents, and routing these to the appropriate departments. We all know that insurance terminology can feel like a foreign language. Enter your chatbot, which breaks down complex terms such as ‘deductibles,’ ‘premiums,’ or ‘coverage limits’ into easy-to-understand language, empowering customers to make informed choices. Insurance procedures often involve extensive paperwork and can be confusing for the average person. Your chatbot can works as a friendly guide, helping customers with clear answers on policies, claims, and terms and conditions.

insurance chatbot use cases

Since the AI chatbot came out in November, workers across industries have used it on the job to save time and boost productivity. The paper, “Testing the limits of natural language models for predicting human language judgements,” was published online in Nature Machine Intelligence on September 14, 2023. Its full list of authors includes Tal Golan, Matthew Siegelman,  Nikolaus Kriegeskorte and Christopher Baldassano. Zurich Insurance uses a Claims Bot on their car and home insurance claims guidance pages. The Claims Bot asks the user a series of questions before either guiding the user to the appropriate pages or connecting them with an available agent. AI-powered Intelligent Virtual Assistants (IVAs) offer insurance customers a seamless conversational interface to get all their queries resolved, both before and after buying an insurance plan or policy.

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