Businesses of all kinds are increasingly using automation as a technical asset. Whether it is supply chain management in assembly lines or self-service checkouts in supermarkets, the world is moving even faster toward automated solutions to handle problems that would traditionally demand a significant amount of human resources for repetitive tasks resulting in waste of energy and time. . The usage of chatbots for insurance companies is one such expanding automation-related application. Chatbots are not a new invention, and in 2022, they are already widely used. Industries are moving towards adapting this simple automation tool, reaping tremendous long-term benefits(Could you please add a link to the benefits of chatbots we had already written here?)

Would you believe it if we told you that there are chatbot boyfriends, therapists, and even chatbot politicians? Chatbots offer a broad spectrum of applications and have the potential to save businesses a substantial amount of money and labor. As ambitious, growth-oriented firms consider how they may integrate chatbot technology into their own strategy plans, this new army of digital workers has become imperative and statistics mirror this growth. As per recent studies, 42 percent of B2C websites and close to 58 percent of B2B enterprises employ chatbots. A further 35% of customers have the opinion that more businesses should use chatbots. Additionally, a whopping 136 percent more service organizations—53 percent—say they will utilize chatbots in the next 18 months.

Brief Vista On Chatbots

Chatbots are everywhere and have emerged as one of the most prominent consumer-facing applications of artificial intelligence and machine learning. These applications range from online assistants like Microsoft’s Cortana to “helper bots” on messaging platforms like Slack to home applications like Amazon’s Alexa. The predominance of chatbots is, in essence, a result of businesses putting greater emphasis on the use of artificial intelligence. According to a recent survey, IT corporations completed over $21.3 billion in AI-related mergers and acquisitions. However, this figure does not include the tens of billions of dollars that companies spend on internal R&D. As they communicate directly with customers, chatbots constitute a crucial ConversationalAI application.

A chatbot is a type of software application that allows for online communication instead of real-time human interaction. The concept essentially dates back to 1950, when Alan Turing devised the Turing Test to determine if a computer program could pass as a human. Since then, the current application of this idea has been employed to facilitate communication between people and information systems. The employment of chatbots has proved advantageous for many organizations in the ever-expanding digitally linked world by offering respite in time-consuming, tedious jobs. In terms of user assistance, chatbots have advanced dramatically, making a significant contribution to the development of the modern service desk. Even in their earliest forms, they foretold the potential of several future innovations, including sentiment analysis, natural language processing, and machine learning. As it reaches adulthood, next-generation AI has changed from being a mysterious black box to becoming a simple, open-source solution.

Also read: Chatbots To The Rescue

Chatbots And Insurance Companies

What is the most effective marketing technique ever? Most marketers will agree that “customer care” is the answer. Treat your customers with the respect they deserve, and you’ll most likely be seeing them again soon. This tried-and-true approach for customer retention in sales and marketing is still incredibly important today.

Policyholder and consumer expectations are transforming as the world becomes more digital. They now buy insurance online, contrast prices before interacting with an agent, and even self-service their policies. 

Given that consumers can now receive information promptly, the insurance sector will need to look for methods to revamp its processes in order to improve the interaction between policyholders and providers. Consumer and policyholder expectations for round-the-clock self-service are rising sharply. They are moving further away from phone calls and toward mobile applications and texting because they no longer like using web forms. 

Digital marketing has made it possible to reach potential customers in the insurance business through a variety of platforms. But what would happen if a potential customer’s query goes unanswered? The customer moves on to another supplier if an agent isn’t accessible to provide pertinent information as and when they need it. However, by leveraging chatbots and multi-channel interfaces, insurance providers can now have a solution in place to bridge the expectations of their customers and transition from the conventional transaction into a two-way relationship. When conversational AI solutions like Intone’s chatbots and process automation tools are properly implemented on a website or landing page, it offers a comprehensive, guided buyer experience that dramatically lowers customer friction and generates more than five times as many leads for insurance companies.

Through automation, chatbots can help:

  • Offer faster and more effective claims administration.
  • Efficient underwriting processes.
  • Lead conversion.

Listed below are 5 effective Use Cases of Insurance Chatbots For Insurance Companies

Also read: Voice bots the future of customer service

Use Cases of Chatbots For Insurance Companies

Quick and Short: Positive Interactions

Prospective clients frequently want to independently explore their alternatives before dealing with a live person. Artificial and human intelligence are used in conversational insurance chatbots to create the ideal hybrid experience and a fantastic first impression. AI chatbots, like Intone’s InsurAI chatbot can be networked with numerous sources about insurance plans, products, and frequent insurance problems (such as an insurance knowledge base). They can proactively reach out at crucial moments and respond to commonly requested queries in an instant, reliably, and accurately. Additionally, conversational chatbots that make use of NLP interpret nuances in everyday conversations to figure out what clients are striving to ask. They provide incredibly accurate insurance advice in their replies to consumers using natural language. Additionally, they can offer a pleasant first impression without the need to wait on hold for an agent to become available. By interacting and engaging with every visitor to your website and other channels, insurance chatbots can also help you boost conversions. 

Seamless Generation Of Quotations And Hassle-Free Sale Of Products And Services

An insurance chatbot can streamline and improve the purchasing process for clients who have done their research and are prepared to purchase one of your insurance policies, products, or upgrade an existing one. Chatbots, for instance, can clearly explain insurance coverage. Instantaneous, customized quotes, personalized recommendations, and information that is simple to understand may all be sent in a matter of seconds. Additionally, chatbots can offer step-by-step forms without the need for phone calls. AI chatbots serve as a guide and enable clients to take charge of their purchasing process. They are also a terrific way to promote purchases. By providing the appropriate recommendations at just the right time, they can promote or upsell insurance policies and push promotions within a certain time period. Nearly 7 out of 10 consumers stated they would provide their personal data in exchange for cheaper pricing from insurers. This makes data collecting and activity tracking easier.  Additionally, chatbots like our InsurAI chatbotcan assist current policyholders to update their coverage or provide new customers with all the information they need to sign up and move on with the client onboarding process. Furthermore, chatbots assist with an omnichannel approach. This enables clients to switch between communication channels without having to repeat themselves and makes information swiftly available to a human agent if necessary. And once a new client has purchased their first insurance policy, product, or service from a provider, chatbots can provide a warm greeting to them and provide links to frequently asked topics, such as how to submit a claim and any documentation the insurer may want.

Easy Account Access And Support

Policyholders can manage their accounts effortlessly and promptly using AI-powered chatbots across numerous channels and at any time, without having to wait around or be put on hold until a live representative is available to assist them. Instead of reading through the fine print, policyholders can utilize a chatbot as a customer interface to ask questions about their current policies (such as coverage and details) and receive prompt responses. Additionally, they can employ it to report problems, check expiration dates, renew policies and goods, examine invoices, and get information on unpaid insurance premiums. Chatbots can also be used to submit documents, update personal and financial information, and obtain information regarding refunds, cancellations, and discounts. If the issue the customer is facingis more complicated, an AI chatbot can ask the policyholder for the necessary details before transferring the case to a human representative. As a result, the customer won’t have to repeat anything, and the agent will be able to work more quickly to remedy the issue. Users will always have highly customized interactions with replies that are based on information supplied by clients as well as information obtained by the chatbot and other analytics tools.

Road To Growth; Receive Feedbacks And Complaints

Once their query has been resolved, chatbots make it simpler for policyholders to provide insightful feedback on your insurance offerings and customer service. Additionally, policyholders demand the ability to file grievances online. A chatbot may gather all the necessary background data and escalate the issue to a human agent, who can then assist in satisfactorily resolving the client’s issue.

Pre-sales & Sales

A recent survey suggested that 53% of consumers are more inclined to make an online purchase if they can message the company directly. One advantage of using an insurance chatbot is that it can identify clients based on their likelihood to make a purchase, which helps to bridge the gap between potential customers and your brand. Higher intent scores can be given to leads farther down the buying funnel based on early interactions before they are forwarded to the sales staff as qualified inbound leads. This demonstrates once again how advantageous chatbots are for insurance companies.

The Covid-19 epidemic has dramatically increased customers’ desire for virtual interactions in general. The insurance industry is not an exception, however, some customers still prefer face-to-face interactions. Clients’ expectations seem to favor chatbots for insurance customers in this way. Additionally, insurers will opt to spend more on AI than in any other sector, with 74 percent of executives considering doing so in 2022.  As a result, we anticipate seeing the additional potential for chatbot deployment in the insurance sector. It is safe to presume at this point that chatbots for insurance companies are something that your business will indeed need if it aspires to grow and expand. According to research, businesses will employ chatbots to save almost 2.5 billion customer care hours by the end of 2023. This cut, which would save $11 billion a year, will influence the banking, retail, and healthcare industries. This is a truly fascinating trend that is quickly altering the industry as a whole and will unquestionably boost the short-term financial performance of both large corporations and small to medium-sized firms.

Also read: How Can Healthcare Chatbot Add Value To The Healthcare Ecosystem?

Why Choose Intone?

Until chatbots reach their full potential, there is still more work to be done. Nevertheless, chatbots will ultimately produce enormous future value in both business and consumer settings due to the billions of dollars invested annually in them and the significant human resources dedicated to their development. What further manifestations of tailored chatbots are possible? Additionally, a lot of businesses are working to create the most sophisticated chatbot for both customers and businesses. Will one business or commodity truly stand out from the competition in the battle to create the greatest chatbot? While multiple chatbots could succeed, industry consolidation might result in the emergence of a single, monopolistic offering. The chatbot sector will undoubtedly grow increasingly important in how companies and customers connect, regardless of how it evolves. We at Intone are committed to giving you the best services for your AI needs. We offer:

  • InsurAI makes faster claim processing and easier policy cancellation possible.
  • It also ensures adherence to the latest compliance standards with RPA.
  • You can also implement data collection automation from internal and external sites and also enhance underwriting.
  • InsurAI also provides greater data security with a minimum of 256-bit encryption at transmission and rest.
  • It also improves the accuracy of financial analysis and forecasts with financial process automation.

Check out how Intone can help you streamline your manual business process with Robotic Process Automation solutions.

Image by mohamed Hassan from Pixabay