Given the obsolete and legacy processes involved, a blend of insurance and technology may sound like an immiscible mixture of oil and water. However, in the past few years, the rising popularity of insurtech tools like AI, IoT, and Blockchain has marked a new wave of insurance and technology integration. As customers turn more demanding and labor becomes a costly resource, insurance agencies are left with no other option apart from embracing digitalization. Let’s take a look at how AI-driven chatbots are sharing some of the load.
Role of AI-Powered Chatbots in Insurance
Customer experience personalization, infinite scalability, and 24*7 availability are some of the generic advantages of chatbots in any industry. However, when it comes to insurance, AI-powered chatbots can streamline operations and grant benefits to your agency in the following ways:
- It boosts customer knowledge and awareness by immediately addressing frequently asked questions through its built-in knowledge base. So whether it is comparing two policies or generating a quote, a chatbot can handle these tasks for you.
- They can keep the leads and prospects moving through the sales funnel.
- Chatbots can offer assistance to customers for claims-related issues. This single task can free up resources and enhance customer experience by many folds, which will improve your bottom line.
- They can follow up with customers and notify them regarding the claims status or the payment status at the touch of a button.
- Through customer segmentation and targeted marketing, chatbots can bump up the number of leads captured and the corresponding conversion rates.
- Apart from offering pre-sales assistance, chatbots can also offer post-sales servicing, which will allow the user to extract value from day one.
- It can double as a touchpoint that captures customer feedback and improves upon the listed pain points.
- Chatbots offer end-to-end integrations which speed up deployment over existing chat-based platforms like Messenger or WhatsApp.
Key Features of an AI-Driven Insurance Chatbot
Here are a few features to keep in mind while selecting an AI-driven insurance chatbot:
Considering that chatbots are becoming a norm across every industry, you need an application that is humane, creative, and engaging. Contextual understanding is possible through machine learning and deep learning, while technologies like NLP can conduct intelligent conversations.
When a customer interacts with a customer executive, they want results. The transaction could be in the form of raising a claim, renewing a policy, requesting a quote, and more. The chatbot should be capable of carrying out these transactions to the customer’s satisfaction.
Despite being a piece of cutting-edge technology, chatbots need to be reliable enough to earn customer trust. Any misunderstanding or error lays the foundation for mistrust and diluted customer experience, which builds a case against chatbots!
Real-Time, Omnichannel Presence
AI-Powered Chatbots can be deployed over various channels. You can leverage existing platforms (like Messenger and WhatsApp cited previously) or develop a native environment for your business. Ultimately, you want to be present in maximum possible channels and in real-time so that customers view it as a value-added benefit.
Given that chatbots will handle your customers’ personal information, identifiers, and payment details, it goes without saying that the chatbots must conduct interactions over a secure platform. Data privacy is of utmost concern, and having an application that is GDPR or HIPAA compliant will only improve credibility.
Use Cases and Examples of Chatbots
AI-powered chatbots can find use in the following situations:
- Customer Support
- Lead Capturing and Profiling
- Service Personalization
- Cross-selling and Upselling
- Fraud Prevention and Detection
- Internal Operations Management
- Claims Processing
- Payment Assistance
- Customer Review
In the post-COVID world, customers will seek better engagement, 24*7 availability, contextual services, instant gratification, and self-servicing capabilities. Fortunately, AI-based chatbots can address all these requirements and perform above and beyond. Choosing an appropriate chatbot platform can put you on the track of future-proofing your insurance business in the long haul.