How AI enabled chatbots are transforming Insurance Industry

by user

Over the past few years, there is a steep increase in customer’s love towards self-service interactions. And this is why companies are investing their presence in every messenger platforms where their customers are present.

AI is disrupting every industry and insurance is no exception. Chatbots are one among the AI enabled tools that caught attention of enterprise CIOs because of the ROI it delivers. Chatbots with natural language processing capability helps in enhancing customer experience by providing an Onmi-channel experience to engage with customers across multiple platforms like Facebook, WhatsApp, WeChat etc.

Humans love conversations more than anything. Not convinced? Give a millennial a chat window and a support desk app and see what he prefers.

Source – Salesforce – 60% of consumers prefer chatbots for communication

How it helps consumers

One of the advantages of using chatbots is that it will be available 24/7. You don’t have to restrict your support timing only during business hours. A chatbot can serve your customer with his queries even at midnight.

Also, you can deploy the same chatbot across multiple messenger platforms wherever works best for your target customers. Many of the platforms including Facebook Messenger, WhatsApp etc supports chatbot implementations.

Customers can get personalised product suggestions and answers based on their profile. For example, your chatbot will know how to deal with a millennial who works in Software Industry and what products he might be interested in.

What results are insurers getting from chatbots?

Chatbots can handle multiple conversations with different customers at the same time, which is not possible for a human. One common trait in support related conversations is that, majority of the customers are asking the same question. It’s like the 80/20 rule. A chatbot can efficiently handle this repeatedly asked queries so that your human support agents can spend time in answering more complex queries that requires true human intelligence.

A study reveals that, around 30% of the customer service calls can be answered by an intelligent chatbot and still maintaining high customer satisfaction.

Insurance companies experience a 30% drop in customer service costs as they deploy chatbot to assist their customers 24/7.

Claim processing is another are where chatbots can bring a huge impact. One of the major problems faced by insurance companies is fraudulent claims. Deploying a chatbot for processing claims can analyse past data, and predict fraudlent claims that a human might miss.

Integration with existing systems

A standalone chatbot is of no-use if it cannot integrate with your existing CRM and ERP systems. But, that’s not the case. Chatbots today can interact with your existing systems, and read/write data as required.

For example, when a chatbot services a customer, the chatbot can pull previous data from your CRM and personalise the conversation accordingly. And also, the chatbot can help you add more information to your CRM based on the data collected from the conversation with your customer.

Chatbots will continue to gain traction in the Insurance industry as more and more companies are adopting chatbots for customer support, sales and claim processing.

53% of service organizations expect to use chatbots within 18 months — a 136% growth rate that foreshadows a big role for the technology in the near future.

Source – Salesforce

For further information

Looking to implement a chatbot? Connect with us to know how chatbots can benefit your industry.

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