AI Chatbots for Independent Insurance Agents

Today around 85% of insurance companies engage with their insurance providers on  various digital channels. To scale engagement automation of customer conversations with chatbots is critical for insurance firms. An experienced and reputable solution provider will partner with you to set key performance indicators (KPIs) to assess chatbot efficacy. These metrics might indicate the number of phone calls deflected proactively or in real-time, where callers are encouraged to interact with a virtual agent to have their questions answered.

• In addition, chatbots are available around the clock and are able to work with thousands of users at once, eradicating high call volumes and long wait times.
• The end goal for every insurance chatbot is to make every interaction as human, as personalized, and as native to the parent site, as possible.
• These automated insurance agents can provide information almost instantaneously and guide consumers to appropriate resources for more information.
• The features of an Insurance chatbot go beyond its technological usage; other factors must also be looked into.
• Haptik, for instance, developed an intelligent virtual assistant to answer inquiries from customers for Zurich Insurance Company (see Figure 2).
• When today’s members interact with their health insurance provider, they’re in need of easy access to answers and quick resolutions.

A bot can also handle payment collection by providing customers with a simple form, auto-filling customer data, and processing the payment through an integration with a third-party payment system. Chatbots are often used by marketing teams to support promotional campaigns and lead generation. You can use your insurance chatbot to inform users about discounts, promote whitepapers, and/or capture leads. Chatbots can be used to introduce potential customers to the benefits of your service, while at the same time collecting data on what these potential customers are looking for. That’s vital information that can be used to further develop your chatbot, ultimately boosting your conversion rate. Instead of wading through pages of information searching for what they need, customers can ask simple or complex questions to your chatbot and receive helpful, relevant answers.

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For a better perspective on the future of conversational AI feel free to read our article titled Top 5 Expectations Concerning the Future of Conversational AI. Health insurance is the number one sector benefiting from this technology. Our four values guide our continued, holistic growth as individuals, as teams, and as a global organization with over 1,700 employees through 25 years of building community one intention at a time. There is no question that the use of Chatbots is only going to increase. Moreover, technological advancements have transformed the insurance industry. Schedule a meeting with one of our product specialists to get a custom tour of Watson Assistant for insurance.

Those that don’t ride the wave of innovation may find themselves struggling for existence as market demands set new norms. With the bot tightly coupled with your internal systems, you don’t have to worry about changing how you work or looking at disparate sources of data. The chatbot can be integrated with your internal CRMs or databases along with tools such as Health Sherpa, CompuLife, Ninja Quoter, eHealth, and more. Meanwhile, consumer and policyholder expectations for 24/7 self-service continues to grow every passing day. They no longer prefer to use web forms and are shifting from phone calls to mobile apps and messaging. Once your customers have all the necessary information at their disposal, the next ideal step would be to purchase the policies.

Insurance Chatbots: A New Era of Customer Service in the Insurance Industry

They reply to users using natural language, delivering extremely accurate insurance advice. Based on machine learning (ML), chatbots can predict which insurance policies a client is more likely to buy. Thanks to the segmentation function, personalized offers and discounts can be provided to customers. The most obvious use case for a chatbot is handling frequently asked questions.

Verint conducted a survey of American consumers to see how they preferred to interact with their customer service providers. Some questions in the study inquired specifically about healthcare and health insurance. However, Voice AI has still not reached the level of sophistication to take over completely. 60% of consumers think humans are able to understand their needs better than chatbots. In terms of bot maturity, 67% of chatbots are still at a basic maturity level, 20% are at a moderate level and only 13% are at an advanced maturity level. It is important to understand that AI chatbots that are having a conversation with you are constantly running statistics to know what to say to you next.

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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. Being available 24/7 and across multiple channels, an automated tool will let policyholders file insurance claims or get urgent support and advice whenever and however they want. Often, potential customers prefer to research their options themselves before speaking to a real person.

By leveraging AI-powered image recognition technology, chatbots can also ask for new pictures or files if a file does not meet requirements. For example, an American car insurance company, Metromile, was able to approve 70-80% of claims immediately after launching its chatbot. In 2017, PwC published a report which highlighted that the industry as a whole, has not entirely accepted bots. However, the impact that insurance chatbots can have on the customer experience especially in providing immediate help around insurance claims or approvals is quite high. Chatbots are improving the customer experience by helping customers explore and purchase policies, check billing, make payments, and file claims quickly.

Easy claims processing and settlement

According to a 2019 LexisNexis survey, more than 80% of large U.S. insurers have fully deployed AI solutions in place including the research and development of chatbots. These bots are being used widely within insurance companies for underwriting assistance, agent advisory services, and on-boarding assistance for human resource teams. In the U.S., more than forty insurers have incorporated chatbots into their daily business. Can you imagine the potential upside to effectively engaging every customer on an individual level in real time? How would it impact customer experience if you were able to scale your team globally to work directly with each customer, aligning the right insurance products and services with their unique situations?

• This not only saves insurance companies money but also helps maintain a fair and trustworthy insurance ecosystem for all customers.
• Chatbots are often used by marketing teams to support promotional campaigns and lead generation.
• They help effectively manage customer requests with instant responses and boost their experience and satisfaction.
• A. The insurance chatbot market is projected to reach $4.45 billion by 2032.
• More than any other technologies entering the workplace today, chatbots offer the most promise when it comes to digitizing enterprise processes for the 21st-century economy.
• First, it needs support from a large-scale, robust infrastructure in order to access the data it needs to deliver effective service; but this is more than just server, storage and networking technology.

Think back to the last conversation you had with a friend or family member. Day-to-day conversations have a natural flow, which metadialog.com usually happens without much thought. However, when you’re giving a clear service, it’s important you’re in control.

AI Chat for Life Insurance

You could also develop an onboarding experience through your chatbot, so that as soon as a customer signs up for a plan, a guided conversation walks them through its key features. Whether it’s finding the right plan, filing a claim, or just understanding how your benefits work, interacting with your insurance company can feel like a daunting task. Navigating complex websites and technical jargon can leave customers feeling confused and uncertain. Automate accident claims, status updates, billing, and paying settlements with insurance chatbots. Training and wages can cost a huge amount of money to companies, especially when the job requires agents to constantly be on call with a customer. This not only requires more support team members to complete the task but also takes away the productivity levels of the employees.

Chatbots can take away all the hassles that customers often face with insurance. With an AI-powered bot, you can put the support on auto-pilot and ensure quick answers to virtually every question or doubt of consumers. Bots can help you stay available round-the-clock, cater to people with information, and simplify everything related to insurance policies. Insurance companies can use chatbots to quickly process and verify claims that earlier used to take a lot of time.