AI-driven automation has been the aim of many enterprises across industries over the past several years, and recent events such as the COVID-19 pandemic have only acted as catalysts that emphasize this priority. The insurance sector is not untouched by this trend either. According to Drift’s 2020 State of Conversational Marketing report, the use of chatbots as a brand communication channel has increased by 92% since 2019. 24.9% of customers used chatbots to contact businesses in 2020, an increase from the 13% that was visible in 2019. Something that can be better understood through the various use cases of conversational AI in insurance or other fields.

Being cost-effective has always been a strong discussion when it comes to AI automation, including chatbots for insurance agents. It also has understandably generated a lot of apprehension about the future role of human insurance agents. However, the fact of the matter is that in this age of digital transformation, the odds between insurance agents and AI assistants need not exist because automation is here to only augment human operations and not replace them.

What is an Insurance-Chatbot?

According to Genpact, every year, over 87% of insurance brands invest over $5 million in AI-related technologies. The days when artificial intelligence was just another buzzword are long gone. They have now evolved into a ‘must-have’ aspect of modern business. Insurers have placed a heavy bet on enhancing customer experience and one particular AI technology that is best suited for this objective of conversational AI in the form of a chatbot.

An insurance chatbot is an AI-powered virtual assistant solution that is designed to take care of the needs of insurance customers at every stage of their journey. The way insurance brands acquire, engage, and serve their customers is being revolutionized by insurance chatbots.

Results of Applying Chatbots for Insurance Agents

Chatbots for Insurance Agents Frees Them From Routine Tasks

One of the key benefits for insurance brands in implementing chatbots is saving costs. AI assistants can help insurers to save money on customer care costs by automating the responses to the large volume of routine queries and FAQs that they are faced with every day. 

Usually, insurance agents need to invest a huge amount of time and effort to answer routine queries of customers. When a chatbot for insurance agents takes up these tasks, insurance agents can invest more of their time and effort in more crucial and high-value work such as handling more complex customer queries which can range from prospects to working on client retention. The overall productivity of insurance agents also gets significantly boosted when they get free from these otherwise mundane and repetitive tasks.

Better Experience Through Better Data

Freeing insurance agents using chatbots lets them focus on more meaningful interactions with customers such as offering a better customer experience and increasing the likelihood of a successful conversion of potential customers.

Chatbots for insurance agents also function as a great source of data. When having interactions with prospective customers, the AI assistant has the ability to gather data on the intent of customers, requirements, risk profiles, etc. The availability of such data can provide agents with a clearer context of the precision that customers look for and serves as helpful guides during their own conversations with the prospect.

Conversational data gathered through customer-AI interactions also provide rich insights on consumer behavior, including meaningful patterns and correlations, which aid them in evolving a better decision-making process when dealing with them.

You can also sneak a peek at our blog on What is Conversational AI? Definition and Benefits of Conversational AI

Need of Human-Agent Escalation

Human agents are a vital part of implementing AI chatbot solutions in the insurance industry. While customers have comfortably started engaging with businesses through chatbots or virtual assistants, this level of comfort is largely dependent on the possibility of human intervention. According to a study by PointSource, 49% of consumers feel better about their interactions with an AI assistant if they have the clear option to scale to a human agent.

Technology is more effective when automating routine and repetitive tasks. At some point in the process of purchasing insurance, the experience and expertise of human insurance agents are necessary to handle the queries and issues that consumers may have and also help give the much-needed ‘human touch.’

Insurance is a heavy investment for buyers, and not just financially but emotionally as well. The process involves sharing sensitive personal and financial information. The reassurance and presence of a knowledgeable, trustworthy, professional insurance agent go a long way in easing any concerns that consumers may or may not have about the process.

Why Choose InsurAI by Intone?

AI automation is guaranteed to change the insurance industry in the coming years. However, the way forward is not having AI vs humans methods, but rather finding the symbiosis between the two to complement each other’s capabilities. 

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

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

Also Read:
Differences Between Conversational AI vs Traditional Chatbot