Home > Blog

We live in a consumer’s world, and everything has to be done fast and precise. Consumers are tired of long waits to get help or information. It’s for everyone’s benefit that chatbots happened.

If you think about it, for business, it`s the best way for interacting with clients. This is especially true if a big number of the questions you receive are the same and a chatbot can help sort things out with a dash of personalization for every customer.

Customers are demanding better experiences when interacting with customer service, and that includes insurance.

Do you need a quote or are looking for health insurance? Do you need to talk to an agent? What package is best for you and what does that package cover?

Now, imagine being able to get the answers to 50 more questions easily and having this done for your entire company with 100 employees ─ insurance for 100 people all with different needs.

This is where enterprise chatbots and Artificial Intelligence shine.

Here are 7 ways chatbots have impacted insurance:

1. Personalized Experience

Do you remember that 40-minute call on a 1-800 number waiting for someone to help you, and after 40 minutes you hear, “Press 1 for this or press 2 for that?” Where is the live help?

Thankfully, today, we have technology on our side to end this agony.

Insurance agencies are embracing chatbots as the first contact with customers, and the chances are that when you are calling your insurance company, you are getting your information from a bot.

2. Insurance, Sci-fi Style

Using Natural Language Processor and Artificial Intelligence is a cocktail of awesome. People don`t seem to recognize the possibilities that chatbots have.

What this means is that AI powered chatbots will be your insurance advisors and you can ask a chatbot to pull insurance information for you or ask about your policy limits, the next payment due date, plus, much more.

3. Personal Insurance Agent

Yes, we all have one but how many times has it happened that you need to contact your agent after hours, on the weekend or a holiday?

Chatbots can help here, as well. What insurance has done is that they have a chatbot that will sell travel, motor and life insurance while speaking five different languages and is available for you 24/7.

Furthermore, chatbots help members understand how the claim process works, and assists them in filing new claims and following up on existing claims.

4. Using Data the AI Way

Insurance agencies only need one thing for Artificial Intelligence to be successful – Data.

Machine learning can use that data in many different ways. It can make recommendations, classify information and have analytics reports in a few minutes.

For instance, by evaluating information from closed claims, machine learning calculations can recognize both clear claims for programmed handling and complex claims that will probably require human mediation.

By distinguishing shared characteristics in closed cases that resulted in litigation, it could anticipate which new claims may take a comparative approach and suggest protection measures.

Irregularity, identification assumes a significant part in distinguishing misrepresentation of various kinds. It could, for example, be utilized to hail anomalous drug store endorsing samples and advise an agent that a clinical survey may be important.

In fact, the potential outcomes are endless.

5. Automate, Automate, Automate

Chatbots can help you, as a user, to register at the first notice of a loss, schedule the survey appointment for the evaluator, arrange emergency assistance during accidents, and offer before, as well as after, disaster claims.

This is handy if we keep in mind that everything can be arranged on our cell phones, as well.

6. Makes it Easy

Chatbots are such a big success because they are easy to use.

Unlike Apps, chatbots do not require downloading and a big amount of space on your cell phone which makes them even easier to use.

Honestly, when I`m calling the insurance agency about my claim and get an answer from a chatbot instantly, it relieves a lot of stress.

Final Thoughts

In insurance, speed and accuracy mean everything.

Having an enterprise chatbot that is capable to respond to clients’ inquires and claim-related questions eliminates a lot of waiting calls and makes customers happier.

Moreover, this enables insurance agents to do other tasks and speeds up all processes.

This is just the beginning, so stay tuned.


Posted by Maya S.