Transformation of Insurance industry with AI-powered Chatbots

In Artificial Intelligence by dunritetech

  • Gone are the days of using emails and IVRs to respond to customer queries.
  • The evolution of chatbots has taken over many organizations for service-related queries. 
  • Indian Insurance Industry is expected to reach USD 250 billion by 2025.
  • With the power of AI induces chatbots, the insurance industry can use it all along its life cycle from pre-purchase to claims, reducing the complexity involved.
  • These virtual agents can assist the customers in checking the insurance plans, compare policies, calculate premiums and make the purchase.
  • They not only help the customers but also boost the confidence level of insurance agents while making a sale/demo, by better retrieval of information and plan comparisons.
  • The implementation of AI converts 5 times the leads generated than via traditional methods.
  • Above all, they help the insurance agencies in cutting down the response time of queries, thus saving a huge cost and entail a positive reputation.
  • They pave the way to increase the revenue by building brand trust among the customers and empowering them.
  • In short, AI-powered chatbots remove the bottlenecks in operations and speed up the insurance claiming process and resulting in satisfied customers.

Here is a quick list of top priority insurance functions for a chatbot
Product Recommendation:

  • Quote
  • Channel Support
  • Upsell & Cross-sell

Customer Education:

  • Document Submission for Underwriting
  • Policy Issues
  • Payments

Customer Queries:

  • Policy Renewals
  • Alerts & Reminders
  • Claims FNOL & Assessment

Let’s take a look at how AI is transforming the Insurance Industry. 
1. Customer Advisory:

  • Insurance policies are sometimes cumbersome and may require educating the customers thoroughly. 
  • Chatbots come in handy as they interact with every web visitor and based on their inputs and information, give them what they are looking for in a simple way.
  • It even suggests an optimal policy by comparing and showing results from multiple carriers.
  • Customers learn about the available options in front of them and make an informed decision with the help of chatbots 24/7 and have come to be their personal assistants.

2. Lead Profiling: 

  • Chatbots are easily deployed in everyday apps used by customers for more traction.
  • With their built-in conversational skills, chatbots can level up the process of data gathering and can easily segregate potential customers.
  • Bots profile them according to the input received and match them with the sales team data.
  • Some bots even assign an intent score to the customer based on their purchase intent.
  • The higher the score, the more a qualified inbound lead!
  • With chatbots on board, the volume of leads increases, subsequently increasing the conversions on site and reducing human intervention.

3. Underwriting:

  • Bots have the capability of processing documents in a matter of seconds and providing with the desired results such as accept/reject/redirect. 
  • They provide the users with options to upload the documents to process, unlike the traditional way of document collection by an agent and forwarding it for further process.
  • It unmasks the hidden risks and helps the underwriting team in assessing the applicants efficiently, precisely and quickly.

4. Policy Servicing: 

  • The bots can bridge the gap between a customer and the agency with their constant interaction.
  • They remind the customers about the payments, policy renewal and other alerts to make them feel more connected to the brand.
  • Chatbots have the competency to enhance the customer experience because of their meticulous instant replies, extending the care quotient from the brand.

5. Claims Management:

  • As mentioned afore, chatbots play a main role in claims management.
  • Bots can streamline the process of claims, right from claims FNOL to settlement and recovery.
  • Because of reduced human intervention, errors and elimination of repetitive tasks, it aids in faster claims.

6. High Valued Database:

  • Data is the fuel to success.
  • Chatbots can be easily integrated with internal CRMs.
  • Bots can extract the information from the customer interactions and store them in database, for further use.
  • These are added for sending updates about new product recommendations and other information through emails, newsletters and SMS.
  • Combined with chatbot analytics, deep insights can be unfolded.
  • The insurtech bots help in a hassle-free work environment for the sales team and reduce the multitude of work, by optimizing various activities.
  • The more the AI gets advanced, the better the customer engagement, making the whole process as personalized and efficient as possible.

Leverage your business by incorporating the latest bot in your system in no time. Partner with us to explore the features of chatbots for your business and get end-to-end support with our customer team backing you up 24/7.