5 Insurance Chatbot Use Cases Along the Customer Journey

Insurance Chatbot The success story of 3 largest companies by Engati

He Insurance sector has invested an average of $124million on AI and related processes, and this value is projected to rise exponentially as more investment on diverse applications is on the immediate horizon. The automation of several processes like broking, low-level claims processing, standardized underwriting is already implemented, and more automation is expected to follow. Chatbots are bound to play a more significant role in the future to come. But let’s explore how they change the customer experience while assisting your agents and looking after the smooth running of your organization.

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. Sensely’s services are built upon using a chatbot to increase patient engagement, assess health risks, monitor chronic conditions, check symptoms, etc.

Document submission for claim approval

Insurers can build models that can look at risks more closely at the individual property level. 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. The insurer has made their chatbot available in the client area, but also in their physician search page and their blogs.

As insurance and customer support leaders strive to navigate this transformation, AI-powered chatbots and support automation platforms emerge as a beacon of progress, heralding a new era of customer service. Chatbots in the insurance sector are a win-win for both companies and customers. They automate tedious tasks, provide 24/7 customer service, and offer personalized solutions, making life easier for everyone involved. The use cases range from helping customers pick the right insurance plan, to guiding them through the claims process, and even collecting vital feedback to improve services. Chatbots provide round-the-clock customer support, the automation of mundane and repetitive jobs, and the use of different messaging platforms for communication.

What Insurance Providers Should Know About

The better the level of support and guidance you are able to provide to your customers, the more satisfied and loyal they are going to be. They are also more likely to recommend your service to others, as Conversational Insurance is proven to increase NPS by 2X. What’s more, conversational chatbots that use NLP decipher the nuances in everyday interactions to understand what customers are trying to ask. They reply to users using natural language, delivering extremely accurate insurance advice. In a market where policies, coverage, and pricing are increasingly similar, AI chatbots give insurers a tool to offer great customer experience (CX) and differentiate themselves from their competitors. They can respond to policyholders’ needs while delivering a wealth of extra business benefits.

The use of natural language processing and machine learning algorithms also enables multilingual customer service and adapts responses based on user interaction history. Overall, generative AI chatbots offer a valuable tool for insurers to improve customer satisfaction and streamline operations. And with different generative AI architectures available, insurers can select the one that is most suitable for their needs.

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. Successful insurers heavily rely on automation in customer interactions, marketing, claims processing, and fraud detection. The Verint® Intelligent Virtual Assistant™ for understands more than 92 percent of user intents when it comes to health insurance, and can then deliver the responses your customers need. Regardless of the channel, an insurance chatbot can provide immediate, just-in-time support that’s difficult and very costly with an all-human team of support agents. Since chatbots are channel-agnostic, insurance companies can be where their customers want them to be.

Whatfix facilitates carriers in improving operational excellence and creating superior customer experience on your insurance applications. In-app guidance & just-in-time support for customer service reps, agents, claims adjusters, and underwriters reduces time to proficiency and enhances productivity. One crucial aspect of adopting Generative AI is customer acceptance, and the statistics indicate positive sentiments among customers. Approximately 55% of respondents reported that their customers had positive opinions of the technology, signaling the potential for higher customer satisfaction.

Onboard Customers and Manage Policies

Robo advisory solutions which analyse market movements to help investors forecast accurately are also becoming popular. Customer behaviour on support calls and social media posts provide valuable signals for marketing and sales. NLP models can analyse these interactions to develop new marketing campaigns.

• Today around 85% of insurance companies engage with their insurance providers on  various digital channels.
• The paper categorizes tasks based on their exposure to automation through LLMs, ranging from no exposure (E0) to high exposure (E3).
• Thus, customer expectations are apparently in favor of chatbots for insurance customers.
• As I recently heard someone say, “artificial intelligence will never replace an agent, but agents who use artificial intelligence will replace those who don’t.
• Its full list of authors includes Tal Golan, Matthew Siegelman,  Nikolaus Kriegeskorte and Christopher Baldassano.

If answers to these questions are not readily available, a customer is likely to drop off. Two major data points that customers consider when buying insurance is the premium and the cover. In insurance, leads are qualified based on an individual’s monthly salary, any loan undertaken to overpower the premium amount. Using a WhatsApp Chatbot for Insurance, you can collect a customer’s name, email, phone number. As more leads generated gives your sales team more deals to close and better pipelines for the future. Indicating, 97.05% of all customers who visit the ‘average’ website, have a flawed digital experience.

In either case, customers appreciate the ease of use and convenience of chatbots in the insurance industry. This further reduces operational costs while enhancing the insurer’s ability to connect with customers in a language they feel most comfortable with. In addition, the best insurance chatbots make it easy to enable a new language, so the insurer doesn’t have to rebuild a new chatbot every time they want to expand their geographical reach.

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