Use Cases of Conversational AI in the Insurance Industry

Jun 14, 2022 | Robotic process automation | 0 comments

Use Cases of Conversational AI in the Insurance Industry

Conversational AI solutions can help improve customer experience and enhance customer satisfaction by automating conversations. As per the Salesforce State of Chatbots Report 2018, 69% of consumers prefer to use chatbots because of the speed and ease of communicating with the brand. Conversational AI has also found massive success when deployed in the insurance industry. Insurers are now investing heavily in AI-powered insurance chatbots to enhance customer experience and deliver better service. 

A survey conducted by Statista in 2019 reported that 44% of customers are comfortable using chatbots to make insurance claims, and 43% are comfortable using them to buy insurance policies, further going on to show how well-received chatbots are in the insurance industry. But how can conversational AI help your insurance company? This article takes you through some of the use cases of conversational AI in the insurance industry.

Effective Use Cases of Conversational AI in the Insurance Industry

According to McKinsey, the insurance industry stands to gain an astounding $1.1 trillion by embracing Artificial Intelligence. There are many use cases of conversational AI in the insurance industry, such as

  • Claims Processing

Settlement of claims is a tardy process that requires the involvement of providers, adjusters, inspectors and agents and could take upwards of 30 days or more to complete. Meanwhile, the customers have to constantly follow up with a customer rep to check the status of the claim. 

With the help of Insuretech by Intone, a state of the art AI-powered insurance chatbot, the entire process becomes streamlined and extremely easy to carry out. With our solutions, policyholders just have to tell about the nature of the claim and a few additional details, after which the bot pulls up the customer’s policy from the company’s CRM and immediately initiates the claims filing process. This helps in elevating the customer experience and significantly reducing the time needed for the entire process.

  • Customer Engagement

Customer engagement is a crucial aspect of the insurance industry and can often be a hectic and mundane task as customer service executives end up spending a lot of time providing policy information to users. Most of the time, these would be answers to trivial questions which can easily be handled by a chatbot.

Insuretech by Intone is equipped with a dynamic question and answering schema, which can help resolve most of the initial queries. Timely answers to FAQs are an effective use case of conversational AI in the insurance industry that can help impress customers and attract them into buying your product. With the deployment of our solutions, you can assign your executives to higher-order tasks, where they would be more in need. 

  • Self-Servicing for Policy Selection

Self-servicing for policyholders is another major use case of conversational AI in the insurance industry. With the help of an intelligent chatbot, such as Insuretech by Intone, embedded on your company website or in an app, the policyholder can go through the entire insurance purchase journey themselves. 

Self-servicing works best for simple products whose features tend to be similar and easier to compare without the end-user needing to possess much domain knowledge. Travel insurance, motor insurance and mutual funds are some such products where self-servicing can come into play. 

With multiple use cases of conversational AI in the insurance industry, chatbots are expected to play an important role throughout the value chain. A study by Delloite reported that nearly 74% of executives from the insurance industry are considering investing more in the field of AI in 2022. All the way from pre-purchase, purchase, customer service, marketing and other back-end operations, chatbots are expected to bring the next wave of innovation to the insurance industry.

Check What is Conversational AI? Definition and benefits of Conversational AI

Why Choose Insuretech by Intone?

A study by IBM reported that chatbots can help companies save up to 30% of their customer support costs by speeding up response times, freeing up agents and answering routine questions. Conversational AI and chatbots are bound to be an integral part of operations of nearly every industry in the future, and the insurance industry is no exception.

Get access to enhanced operation agility, swifter response times, and elevated customer experience with Intone’s Insuretech tailor-made for the insurance industry. From underwriting to servicing to claims management and beyond, let our solutions automate mundane tasks, and give you the results you deserve. We offer,

  • Faster claim processing and easier policy cancellation.
  • Ensure adherence to the latest compliance standards with RPA.
  • Automate data collection from internal and external sites and enhance underwriting.
  • Elevate customer experience and clear queries faster with RPA chatbots.
  • Increase policyholder retention by identifying retention risks and offering solutions.
  • Eliminate manual data entry, reduce human-prone errors and free up your workforce.
  • Greater data security with a minimum of 256-bit encryption at transmission and rest.
  • Proactively engage users with alerts and set up a timely incident response system.
  • Improved accuracy of financial analysis and forecasts with financial process automation.
  • Automated replies to frequently asked questions.

Request a free demo to learn more about how Intone’s Insuretech can help your business!

Check out how Intone can help you streamline your manual business process with Front-End Robotic Process Automation and Back-End Robotic Process Automation

Image by Gerd Altmann from Pixabay

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