Five Compelling Use Cases for Insurance Digital Assistants

Therefore, we offer our omnichannel WhatsApp chatbot powered by conversational AI customized as per the objectives and use cases you have in mind. Enabled by AI, ML, and NLP, WhatsApp chatbots are now highly intelligent and ready to resolve most user queries. But still, there can be situations where human queries seem too complex to resolve for a bot. Collecting all required documents such as address proof, income proof, ID, and others become automated with a WhatsApp insurance chatbot. Mckinsey stats, COVID-19 pandemic caused a big rise in digital channel usage in all industries. Companies can keep these new customers by enhancing their digital experiences and investing in chatbots.

After the damage assessment and evaluation is complete, the chatbot can inform the policyholder of the reimbursement amount which the insurance company will transfer to the appropriate stakeholders. Chatbots enable 24/7 customer service, facilitate ordinary and repetitive tasks, as well as offer multiple messaging platforms for communication. Insurance chatbots are built to integrate with various systems and platforms. This allows them to access customer information, policy data, and other relevant data sources. They use data from your past interactions to offer you products or plans tailored to your needs. This boosts your chances of actually buying a policy that suits you best.

Accelerated claims processing

Whether it’s on social media, mobile apps, or the company website, a unified AI chatbot service will provide consistent and seamless engagements on all fronts. The insurance, financial, and risk management industry is about predicting and mitigating risks. If a customer reaches out with a common query, chatbots can quickly resolve the issue without having the customers search through the entire knowledge base and bank of FAQs. Customers can get answers to common questions like insurance policies and other common insurance queries.

Customers are able to choose which type of claim they want to make, provide the necessary information and photos, and then submit the claim, all within the comfort of a single conversation. At this stage, the insurance company pays the insurance amount to the policyholder. The chatbot can send the client proactive information about account updates, and payment amounts and dates. We all know that insurance terminology can feel like a foreign language.

How can companies use Chatbots for Insurance?

Staff can concentrate on improving their abilities or handling more complicated back-office processes by leveraging automation to speed up repetitive chores. 67% of people who have car insurance, according to Accenture, are willing to share information in exchange for changes to their insurance rates depending on usage. Check how they provided guidance to their customers, affected by the storm Malik.

The world is rapidly becoming more mobile, with nearly 70% of insurance customers now preferring to buy their policies through a mobile app. Finding the best ways to adapt to this trend and provide tailored, intuitive customer service should be on every insurance company’s docket. And one of the best ways to do that is with a chatbot powered by conversational AI. One of the leading reasons insurance companies are adopting AI solutions is to improve claim processing.

What are the functions performed by chatbots in insurance?

With an advanced bot, it’s virtually effortless to identify customers who file bogus documents and make false claims to squeeze money out of the insurer. Your insurance company can trust the bot to flag potential fraud by asking customers for additional proof of documentation. In essence, this provides customer self-service and automation models that are fueled by AI. With advancements in natural language processing and voice recognition technology, voice-enabled chatbots are able to provide a more conversational and personalized customer experience. This technology allows customers to interact with chatbots using their voice, providing a hands-free and convenient way to get assistance. Insurance chatbots are proving to be a cost-effective solution for insurers, delivering significant savings and increasing their profitability.

Most often, companies choose to automate the data collection process with a chatbot, thus reducing human involvement to a minimum. However, traditional engagement methods, including static web forms, are still being used. This helps reach a wider audience and collect more data, as well as assess what percentage of users prefer communication with AI. While the insurance industry wasn’t the first to innovate, changes were inevitable. First, since the pandemic, people’s expectations have skyrocketed, imposing the need on businesses to improve customer support service.

With excellent guidance and explanation, WhatsApp chatbots can direct every individual toward the best-suited policy. An AI-enabled chatbot can collect and leverage all the information and data to recommend to users a policy they would most likely prefer. It can understand the coverage requirements and risk profiles to help buyers with the right policy selection. With a WhatsApp chatbot for insurance, this process can become efficient without asking for too many agents to work round the clock. An insurance chatbot can qualify leads based on loans undertaken, monthly salary, and other factors compared to the premium of policies.

They no longer prefer to use web forms and are shifting from phone calls to mobile apps and messaging. They would also require some help and assistance throughout the process in terms of documentation and other information. Qualifying a lead is extremely important to understand if the requirements of a prospect align with what you are offering. At the same time, lead qualification also tells you about the level of interest a prospect has in buying your product.

How Conversation Design Institute can help

Policy renewals and upgrades are another area where an AI chatbot for insurance can enhance customer experience. Customers may view the task of renewing their policy or upgrading it to be time-consuming and nightmarish. The chatbot can send timely reminders to customers and guide them through the renewal or upgrade process.

Zurich Insurance, a global insurance powerhouse, embraced Haptik’s conversational solution, Zuri, with remarkable results. Harnessing the power of AI, Zuri drove Zurich’s key business objectives, delivering tangible impact. With an impressive 84% automation rate, query resolution skyrocketed by up to 70%, while engaging website visitors surged by a remarkable 10%.

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• Automating most of recurrent tasks, chatbots are also lowering labor costs even if the company needs to handle a growing volume of customers.
• The bot pulls up your policy info and sets the ball rolling on your claim right away.
• Security and compliance is often the first concern of professionals looking for these tech-savvy solutions.
• With changing buying patterns and the need for transparency, consumers are opting for digital means to buy policies, read reviews, compare products, and whatnot.
• One crucial aspect of adopting Generative AI is customer acceptance, and the statistics indicate positive sentiments among customers.
• It uses Robotic Process Automation (RPA) to handle transactions, bookings, meetings, and order modifications.