Insuranceciooutlook

Insurance Companies Betting Big on AI Powered Chatbots

By Insurance CIO Outlook | Friday, June 07, 2019

 ChatbotsFREMONT, CA: Insurance companies are under tremendous pressure to attract and retain customers. In a hyper-digital consumer-driven market where people are growing accustomed to interacting with the brand on any device, anytime, anywhere makes it easier for the customers to switch companies. To keep the business going, firms from the sector must do their best to attract customers and retain the existing ones.

Claims management and processing are daunting procedures for both insurers and insurance holders. Intelligent chatbots can eliminate excessive human intervention required in claims management. The policyholder has to report the claim in AI-powered claims bot. The intelligent bot can then verify policy details and pass it through fraud detection and create a confidence store based on which insurance company can decide to settle or reject the claim. This method makes the processing of applications much more relaxed, and standard documentation can be reviewed by AI bots hence delivering immediate customer assistance.

Chatbots work24/7 to address frequent queries based on which they can profile leads and provide them the quotes. The data gathered by the bots can be utilized by the sales team to follow up on the leads and onboard new customers. With chatbots on website or application, firms can address queries even after operational hours.

Because of their conversational nature, chatbots can provide educational support that the customers need to find a suitable insurance product. It can process customer queries, scan through the policy repository, and recommend actual products tailored to meet individual's needs. Besides helping individuals decide on the best-suited product, chatbots also assist them through the purchasing process of insurance policies. The round the clock availability and instant response time reduce customer wait time and as a result, improve customer experience.

It is essential to choose the right chatbot vendor the partners up with the company and understand the complexity of the insurance landscape. The chatbot solution must be tailor-made to suit the use case of a particular organization.

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