Insuranceciooutlook

Why Insurance Startups Must Leverage Chatbots

By Insurance CIO Outlook | Tuesday, August 11, 2020

Chatbots are leveling the ground for insurance startups by providing unparalleled benefits.

FREMONT, CA: The insurance industry has been seeing massive transformations, especially with the emergence of new players. The new generation of insurance companies is more flexible to changing customer needs. Insurance startups are also faring well when it comes to technological incorporation. Apart from enhancing internal operations, insurance firms are also focusing on customer-facing applications. For instance, chatbots are enabling intelligent conversations with users and customers. Chatbots have immense potential for insurance startups as well as for the customers.

Insurance startups are devoid of deep financial pockets. However, they are not under pressure to integrate new technologies on top of their legacy systems either. Thus, technological innovations are the easiest way for startups to match the might of the traditional insurance giants. Focusing on customer interaction, chatbots deployment has further reduced the need for insurance startups to invest in human representatives. Chatbots can offer highly improved operational efficiencies to the firms by addressing thousands of queries at the same time. On the customer side, chatbots stretch the interaction window with the insurance firm from 10-12 hours to 24 hours a day. 

Chatbots are also being used to educate customers about relevant policies as well as process procedures. Thus, brands can intelligently interact with the customers resulting in reduced pressure on human resources. Further, chatbots can assist the customers with claims processing by offering them necessary updates regarding the procedures. Upcoming payment notifications and simplification of the payment process are yet other aspects of insurance where chatbots can relieve the pressure from insurance startups.

Insurance startups understand the potential of chatbots and are introducing the capability to reach a wider audience spectrum at an affordable cost.

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