AI Chatbots in Insurance: Key Benefits, Features, and Examples

Insurance chatbots: Benefits and examples

Furthermore, chatbots can manage several customer interactions simultaneously, guaranteeing that no client is left waiting for a reply or stuck on hold for hours. Hanna is a powerful chatbot developed to answer up to 96% of healthcare & insurance questions that the company regularly receives on the website. Apart from giving tons of information on social insurance, the bot also helps users navigate through the products and offers. It helps users through how to apply for benefits and answer questions regarding e-legitimation. You can use an intelligent AI chatbot and enhance customer experience with your insurance products.

AI chatbots act as a guide and let customers keep in control of their buyer journey. They can push promotions in a specific timeframe and recommend or upsell insurance plans by making suitable suggestions at exactly the right moment. This facilitates data collection and activity tracking, as nearly 7 out of 10 consumers say they would share their personal data in exchange for lower prices from insurers. Chatbots can gather information about a potential customer’s financial status, properties, vehicles, health, and other relevant data to provide personalized quotes and insurance advice. They can also give potential customers a general overview of the insurance options that meet their needs.

Insurance chatbots can be programmed to follow industry regulations and best practices, ensuring that customer interactions are compliant and reducing the risk of errors or miscommunications. This can help insurance companies avoid costly fines and maintain their reputation for trustworthiness and reliability. Let’s dive into the world of insurance chatbots, examining their growing role in redefining the industry and the unparalleled benefits they bring.

Chatbot for Different Types of Insurance Policies

In the struggle to optimize customer service, insurance agencies are actively adopting virtual assistants and chatbots. Customer care should be more excellent than ever to keep the customer satisfied, loyal, and retained. See what benefits an AI-based chatbot can bring to policyholders and insurers, what challenges are hidden inside, and how to manage them during the implementation.

Customers can submit the first notice of loss (FNOL) by following chatbot instructions. They then direct the consumers to take pictures and videos of the damage which gives potential fraudsters less time to change data. Only when bots cross-check the damage, they notify the bank or the agents for the next process. Regardless of the industry, there’s always an opportunity to upsell and cross-sell.

After they are done selling home insurance or car insurance, they can pitch other products like life insurance or health insurance, etc. But they only do that after they’ve gauged the spending capacity and the requirements of the customer instead of blindly selling them other products. Providing answers to policyholders is a leading insurance chatbot use case. Bots can be fed with the information on companies’ insurance policies as common issues and integrate the same with an insurance knowledge base. The insurtech company Lemonade uses its AI chatbot, Maya, to help customers purchase renters and homeowners insurance policies in just a few minutes.

With a chatbot helping reduce the AHT for each query, you will also be freeing up more of your agents’ time. This time is then able to be used on more complex queries, rather than the same, repetitive tasks that can be automated easily. The more you reduce the pressure on your support teams, the more you can save on labor costs. This insurance chatbot is easy to navigate, thanks to the FAQ section, pre-saved quick replies, built-in search, and a self-service knowledge base. Having a customer self-service center within your insurance chatbot is essential as it empowers your customers to instantly get detailed answers in a hands-off manner.

Chatbots can proactively communicate with potential customers, explain the differences between insurance products, and help them choose the right plan. They can also ask visitors qualifying questions in order to recommend specific products based on their unique needs, leading to increased sales opportunities. Insurance providers can use bots to engage website visitors and collect information to generate leads. When it comes to conversational chatbots for insurance, the possibilities are endless.

A glimpse into the future: What’s next for insurance chatbots?

Having competitive prices is just the tip of the iceberg; insurance companies work on the basis of promises and need to earn the customers’ trust that they’ll deliver on those promises. You can train your bot to get smarter, more logical by the day so that it can deliver better responses gradually. It’s simple to import all the general FAQs and answers to train your AI chatbot and make it familiar with the support. The use of an Insurance chatbot can help brands acquire, engage, and serve their customers. By deploying an insurance bot, it becomes easy to cater to the needs of customers at every stage of their journey. Companies that use a feature-rich chatbot for insurance can provide instant replies on a 24×7 basis and add huge value to their customer engagement efforts.

Conventionally insurance agents used to make house calls or even reach out digitally to explain the policy features. The process of receiving and processing claims can take a lot of time in insurance which ends up frustrating the customers. They have to wait to get in touch with a representative to fill out a form and send documents. Considering the time and effort that goes into claiming, this should be one of the first activities you should consider automating to improve customer service in the insurance sector. Insurance chatbots collect information about the finances, properties, vehicles, previous policies, and current status to provide advice on suggested plans and insurance claims.

The next part of the process is the settlement where, the policyholder receives payment from the insurance company. The chatbot can keep the client informed of account updates, payment amounts, and payment dates proactively. For instance, Metromile, an American car insurance provider, utilized a chatbot named AVA chatbot for processing and verifying claims. An insurance chatbot is a virtual assistant powered by artificial intelligence (AI) that is meant to meet the demands of insurance consumers at every step of their journey. Insurance chatbots are changing the way companies attract, engage, and service their clients.

Your live chat widget will combine the capabilities of a bot and a regular live chat, allowing you to answer users’ questions in an automated manner and connect them with agents when needed. Let’s see how some top insurance providers around the world utilize smart chatbots to seamlessly process customer inquiries and more. A chatbot can also help customers inquire about missing insurance payments or to report any errors.

Claims processing is usually a protracted process with a large window for human error and delays which can be eliminated at each stage. You will need to use an insurance chatbot at each stage to ensure the process is streamlined. Around 71% of executives expect that by 2021, clients will choose to deal with an insurance chatbot over a human representative. As chatbots evolve with each day, the insurance industry will keep getting new use cases. As AI and Machine Learning become mainstream, the insurance industry will witness numerous functions and activities it can automate via advanced chatbot technology.

Capacity’s ability to efficiently address questions, automate repetitive tasks, and enhance cross-functional collaboration makes it a game-changer. AI bots make it easier for insurance companies to scale their customer support operations as their business grows. This is particularly important for fast-growing insurance companies that need to maintain high levels of customer satisfaction while rapidly expanding their customer base. AI chatbots can handle routine tasks, such as policy issuance, premium reminders, and answering frequently asked questions.

The first major insurer to launch a customer service chatbot was Aflac, one of the leading supplemental insurance providers. It helped answer consumers’ questions during the benefits enrollment season. An AI chatbot is the first step of interaction between a consumer and your brand. It takes much less time for a person to get all required policy information via chat than to listen to the same during a phone call. A dynamic answer & question mechanic helps keep a customer engaged, solving most trivial queries quickly. Having an intelligent AI-based chatbot is a must for the modern customer experience in the insurance sector.

When you integrate with ChatGPT, it will take over your “Standard reply” flow. However, you’ll still need to monitor your bot’s conversations, as AI bots only have short-term memory and may need occasional human input. You can also have your bot offer to chat with an agent if the inquiry is too complex or contains certain keywords. Add any other elements to your bot’s flows by dragging and dropping them from the sidebar to the workspace. For easier navigation, add menu items to your bot and start certain flows once users click them.

Maya assists users in completing the forms necessary for obtaining a quote for an insurance policy. This chatbot is a prime example of how to efficiently guide users through the sales funnel engagingly and effectively. chatbot insurance examples HDFC Life Insurance realized the challenges in insurance and came to Kommunicate for an automated support solution. That’s how Elle, the Virtual Assistant, was created to handle inbound customer queries and service.

Chatbots provide round-the-clock customer support, the automation of mundane and repetitive jobs, and the use of different messaging platforms for communication. Some of the best use cases and examples of chatbots for insurance agents are as mentioned below. For an easier understanding, we have bucketed the use case based upon the type of service that the chatbots can provide on behalf of insurance agents. Insurance Chatbots are cutting-edge technology that may provide insurers with several advantages, including 24/7 customer service. These chatbots for insurance agents can instantly deliver information and direct customers to relevant places for more information.

The customers desire proper data to back up their insurance investments and the best possible purchasing experience to ensure they get what they want when they want it. This is substantiated by research, which indicates that 47% of buyers are more likely to buy a product from a chatbot. This is largely owing to a bot’s ability to respond to queries and simplifying the purchase.

You can easily trust an insurance claims chatbot to redefine the way you go about the settlement process. Insurify offers Facebook Messenger-based chatbots to suggest the best car insurance offers from 655 providers based on the user’s input information. According to the company, it takes only 2 minutes to get the right quotes using their virtual agent. And it provides the same qualification of service as if you call a live agent. Chatbots are one of the most popular applications of artificial intelligence in insurance.

Everything you wanted to know about chatbots

Failing to do this would lead to problems if the policyholder has an accident right after signing the policy. Additionally, a chatbot can automatically send a survey via email or within the chat box after the conversation has concluded. When a customer interacts with an insurance agent, they expect agents to take into consideration their history and profile before suggesting a plan that is best suitable for them.

Here are eight chatbot ideas for where you can use a digital insurance assistant. Below you’ll find everything you need to set up an insurance chatbot and take your first steps into digital transformation. Learn how LAQO and Infobip ‘s partnership is digitalizing customer communication in insurance and taking customer experience to newer heights. Automate support, personalize engagement and track delivery with five conversational AI use cases for system integrators and businesses across industries. However, the choice between AI and keyword chatbots ultimately depends on your business needs and objectives. To discover more about claims processing automation, see our article on the Top 3 Insurance Claims Processing Automation Technologies.

Not only the chatbot answers FAQs but also handles policy changes without redirecting users to a different page. Customers can change franchises, update an address, order an insurance card, include an accident cover, and register a new family member right within the chat window. Insurance chatbots powered by generative AI can monitor and flag suspicious activity, helping insurers mitigate risk and minimize financial losses.

AXA Chat asks the user what they need help with, offers explanations of difficult topics and links relevant pages. A chatbot can also help customers close their accounts and make sure all charges are paid in full. If you haven’t done it yet, we also highly recommend using our post “4-step formula for calculating your chatbot ROI”. You can foun additiona information about ai customer service and artificial intelligence and NLP. to determine how much you can save and earn by using a chatbot.

A chatbot can collect the data through a conversation with the policyholder and ask them for the required documents in order to facilitate the filing process of a claim. In the event of a more complex issue, an AI chatbot can gather pertinent information from the policyholder before handing the case over to a human agent. This will then help the agent to work faster and resolve the problem in a shorter time — without the customer having to repeat anything.

Often, it makes sense to add the “Talk to a live agent” option after or when introducing your bot. Let AI help you create a perfect bot scenario on any topic — booking an appointment, signing up for a webinar, creating an online Chat PG course in a messaging app, etc. Make sure to test this feature and develop new chatbot flows quicker and easier. Users can either select the topic they’re interested in from a button menu or type their request directly.

GEICO’s virtual assistant, Kate, is designed to help customers with various insurance-related tasks. Some examples include accessing policy information, getting answers to frequently asked questions, and changing their coverage. Kate’s ability to provide instant assistance has enhanced GEICO’s customer service and reduced the need for customers to call or email support teams for basic inquiries. Zurich Insurance uses its chatbot, Zara, to assist customers in reporting auto and property claims. Zara can also answer common questions related to insurance policies and provide advice on home maintenance. By automating the initial steps of the claims process, Zara has helped Zurich improve the speed and efficiency of its claims handling, leading to a better overall experience for policyholders.

A.ware – Senseforth’s proprietary chatbot building platform is dedicated to solving the challenges faced by both users and providers in the insurance industry. A.ware comes with pre-built industry models to help accelerate the process of training the chatbot. Bots built by the company are being used by the Max Life Insurance Company, ICICI Lombard https://chat.openai.com/ and Future Generali, to name a few. The platform offers a comprehensive toolkit for automating insurance processes and customer interactions. Chatbots are often used by marketing teams to support promotional campaigns and lead generation. You can use your insurance chatbot to inform users about discounts, promote whitepapers, and/or capture leads.

In addition to our

AI chatbot,

we offer a Smart FAQ and Contact Form Suggestions that attempts to answer a customer’s question as they type, saving them and your agents time. AXA has an extensive website, so using a chatbot to help users find exactly what they’re looking for is a clever, sales and customer-focused way of offering assistance. Emma provides more personal services, such as a symptom checker, to app users. AXA links their chatbot on their Private Customers page and it opens in a new window. Zurich Insurance uses a Claims Bot on their car and home insurance claims guidance pages.

The bot can send them useful links or draw from standard answers it’s been trained with. With global insurance spending on AI platforms set to reach $3.4 billion by 2024, now’s the time to take the lead. The insurers who know how to use new technologies — in the right place, at the right time — to do more, faster, for policyholders will be the winners in the race to deliver an unbeatable CX. Using AI and machine learning, Nauta is trained to respond to queries, offer useful links for further information, and help users to contact a human agent when necessary. It is available 24/7 and can deal with thousands of queries at once, which saves time and reduces costs for DKV. Let’s take a look at 5 insurance chatbot use cases based on the key stages of a typical customer journey in the insurance industry.

This enables you to answer your customers’ most common questions in a natural and fluid way, which feels like a conversation. Being able to solve their queries quickly and frictionlessly through self-service, is what keeps customers satisfied and loyal. This insurance chatbot example sets a high standard — it features a concise FAQ section along with the approximate wait time and a search bar. Thanks to that, anyone unfamiliar with the concept of nomad health insurance can find answers to their questions in minutes without ever contacting an agent. Nevertheless, there’s also an option to connect with an actual company representative.

Once your customers have all the necessary information at their disposal, the next ideal step would be to purchase the policies. Everyone will have a different requirement which is why insurance extensively relies on customization. With changing buying patterns and the need for transparency, consumers are opting for digital means to buy policies, read reviews, compare products, and whatnot. There’s no need to connect to a third party chatbot provider — everything you need is already available.

AI can reduce the turnaround time for claims by taking away the manual work from the processes. Insurers will be able to design a health insurance plan for an individual based on current health conditions and historical data. A chatbot for health insurance can ensure speedier underwriting and fraud detection by analyzing large data quickly. Insurance companies can use chatbots to quickly process and verify claims that earlier used to take a lot of time. In fact, the use of AI-powered bots can help approve the majority of claims almost immediately.

The formatting also plays a big role — in this example, numbered points, quotes, links, and highlights enrich the text and make it easier to read. In short, your virtual assistant represents your company and is responsible for the first impression your brand creates with the newcomers. Because of that, you must ensure that it always acts according to your newest policies, sounds just like your real agents, and provides your clientele with the most relevant information.

As a result, you can offload from your call center, resulting in more workforce efficiency and lower costs for your business. Along with other strategies to improve customer experience in insurance, especially digital ones like live chat, insurance chatbots can be a big help. So digital transformation is no longer an option for insurance firms, but a necessity. And chatbots that harness artificial intelligence (AI) and natural language processing (NLP) present a huge opportunity. In fact, using AI to help humans provide effective support is the most appealing option according to insurance consumers.

Planning to develop a custom insurance application with the latest technologies on board? With a transparent pricing model, Snatchbot seems to be a very cost-efficient solution for insurers. Find out how Infobip helped Covéa Group reach an 11% conversion rate on a conversational marketing campaign with RCS. He led technology strategy and procurement of a telco while reporting to the CEO.

The data on user preferences can be instrumental for the sales team to get a clear picture of potential customer needs. With a chatbot, the leads that lie at the bottom of the purchase funnel can be assigned to the sales representatives for better targeting. Chatbots have gained momentum in terms of application and use cases in recent years. They have practically touched every industry liberating humans of redundant, repetitive, or low-skill tasks. With Artificial Intelligence, chatbots tend to go beyond that and co-work with humans to yield fast outcomes, higher efficiency, and compelling user experience.

Using a chatbot system for the automobile insurance sector can help improve user experience and service affordability. Another benefit of using chatbots in insurance is engaging potential customers proactively. Your chatbot can answer pre-sale questions such as explaining coverage options, providing quotes, and connecting customers with an agent best fit to assist them further. Connecting your insurance chatbot to the right platform enables it to funnel prospects into your lead pipeline once they collect enough information. They can free your customer service agents of repetitive tasks such as answering FAQs, guiding them through online forms, and processing simple claims.

With SendPulse’s chatbot builder, you can build AI-powered bots for websites, Instagram, WhatsApp, Facebook, and other platforms. This insurance chatbot is well-equipped to answer all sorts of general questions and route customers to the right agents in case of a complex issue. It is straightforward and fairly easy to navigate because of the buttons and personalized message suggestions. Allianz is a multinational financial services company offering, among others, diverse health insurance solutions. Visitors are likely comparing your insurance to other companies’, so you have to get their attention. This is where live chat and chatbots prosper; you can proactively approach more potential customers directly on your website to create leads.

Must-have insurance chatbot features

Despite that, customers, in general, are hesitant about insurance products due to the complex terms, hidden clauses, and hefty paperwork. Insurers thus need to gain consumer confidence by educating and empowering through easy access to all the helpful information. With an AI chatbot for insurance, it’s possible to make support available 24×7, offer personalized policy recommendations, and help customers every step of the way. Despite all the benefits human-like virtual assistance can bring, there are specific issues in integrating conversational AI chatbots for insurance companies. Despite leading the global market in the number of chatbots, Europe lags in terms of technology advancement.

• Insurance chatbots can be used on different channels, such as your website, WhatsApp, Facebook Messenger SMS and more.
• Chatbots provide a convenient, intuitive, and interactive way for customers to engage with insurance companies.
• Since they can analyze large volumes of data faster than humans, they can detect well-hidden threats, breach risks, phishing and smishing attempts, and more.

Conventionally, claims processing requires agents to manually gather and transfer information from multiple documents. Naturally, they would go looking for answers from agents who can guide them through different policies and products and suggest what would be ideal for them. But, even with this high demand, chatbot use cases in insurance are significantly unexplored. Companies are still understanding the tech, assessing the chatbot pricing, and figuring out how to apply chatbot features to the insurance industry. At Hubtype, we understand the unique challenges and opportunities that insurance companies face. That’s how we have helped some of the world’s leading insurance companies meet their customers on messaging channels.

It can respond to policy inquiries, make policy changes and offer assistance. AI Jim chatbot from Lemonade creates a truly seamless, automated, and personalized experience for insurance clients. It greatly reduces wait time for customers and provides information and initiates documentation that helps speed up the process. The bot ensures quick replies to all insurance-related queries and can help buyers enroll for insurance and get claims processed in less than 90 seconds. Tokio is a great example of how to use a chatbot in providing proactive support and shortening the sales cycles. The chatbot currently handles up to two-thirds of the company’s inbound insurance queries over Web, WhatsApp, and Messenger.

Tour & travel firms can use AI systems to effectively deal with the changing post-pandemic insurance needs and scenarios. They can use AI risk-modeling to assess risk in real-time and adjust policy offerings accordingly. Insurers can use AI solutions to get help with data-driven tasks such as customer segmentation, opportunity targeting, and qualification of prospects. Chatbots can ease this process by collecting the data through a conversation. Bots can engage with customers and ask them for the required documents to facilitate the claim filing in a hassle-free manner. An insurance chatbot not only bridges the gap between potential customers and your brand but also segments the customer base contextually.

Thus, customer expectations are apparently in favor of chatbots for insurance customers. Agents may utilize insurance chatbots as another creative tool to satisfy consumer expectations and provide the service they have grown to expect. Chatbots will also use technological improvements, such as blockchain, for authentication and payments.

• Your customers can turn to it to apply for a policy, update account details, change a policy type, order an insurance card, etc.
• Using a chatbot system for the automobile insurance sector can help improve user experience and service affordability.
• Bots can be fed with the information on companies’ insurance policies as common issues and integrate the same with an insurance knowledge base.
• Based on the collected data and insights about the customer, the chatbot can create cross-selling opportunities through the conversation and offer customer’s relevant solutions.

Chatbots enable 24/7 customer service, facilitate ordinary and repetitive tasks, as well as offer multiple messaging platforms for communication. The insurance chatbot has given also valuable information to the insurer regarding frustrating issues for customers. For instance, they’ve seen trends in demands regarding how long documents were available online, and they’ve changed their availability to longer periods. Leading French insurance group AG2R La Mondiale harnesses Inbenta’s conversational AI chatbot to respond to users’ queries on several of their websites. A chatbot can collect all the background information needed and escalate the issue to a human agent, who can then help to resolve the customer’s problem to their satisfaction.

They instantly, reliably, and accurately reply to frequently asked questions, and can proactively reach out at key points. According to a 2019 Statista poll, 44% of clients are comfortable using chatbots insurance claims, while 43% are happy to purchase insurance coverage. As a result, practically every firm has embraced or is using chatbots to take advantage of the numerous benefits that come with them. Progress has developed software named Native Chat, which the company asserts can reduce customer service expenses. The system leverages natural language processing and has likely been trained on numerous customer service questions. Such questions are related to basic insurance topics such as billing and modifying account information.

The chatbot provides answers to insurance-related questions and can direct users to the relevant GEICO mobile app section if necessary. For instance, if a customer is seeking roadside assistance and is unable to find the relevant menu within the app, Kate will guide the user to the appropriate menu. Insurance companies looking to streamline processes and improve customer interactions are adopting chatbots now more than ever.

The Insurance industry is one of the new entrants to harness the benefits of this revolutionary technology. SWICA, a health insurance company, has built a very sophisticated chatbot for customer service. GEICO, an auto insurance company, has built a user-friendly virtual assistant that helps the company’s prospects and customers with insurance and policy questions. Insurance chatbots helps improve customer engagement by providing assistance to customers any time without having to wait for hours on the phone. Sixty-four percent of agents using AI chatbots and digital assistants are able to spend most of their time solving complex problems.

The time of renewal is also the perfect opportunity to cross-sell and upsell to clients. Conversational insurance makes doing this easier, which means an increase in revenue per policyholder. Insurance chatbots are useful for assisting customers in filing insurance claims and providing guidance on required documentation and next steps. Thanks to the bot’s immediate feedback, insurance providers can make the claim-filing process less one-sided and intimidating. The use of AI systems can help with risk analysis & underwriting by quickly analyzing tons of data and ensuring an accurate assessment of potential risks with properties.

Great customer experience starts way before the claim process, by providing customers with the relevant information and education. Conversational insurance helps eliminate the frustration and confusion that leads to customer service calls, or worse, customer churn. The better the level of support and guidance you are able to provide to your customers, the more satisfied and loyal they are going to be. They are also more likely to recommend your service to others, as Conversational Insurance is proven to increase NPS by 2X. One of the many time-savers of an insurance chatbot, is being able to automate FAQs.

After interacting with the two chatbots, Lemonade customers are happy with their conversational experience, with a satisfaction score of 4.53 out of 5 stars. Aetna’s chatbot, Ann, lives on its website and offers 24-hour support for new members and existing customers trying to log in. Powered by natural language processing, Ann mimics the look and voice of a human to give customers a friendly response. As a result, Aetna’s website experience has improved, and phone calls to its call center have declined by 29%. Insurance claims are one of the most tedious processes for brokers and customers. Using chatbots in insurance can streamline the claims process by guiding customers through the necessary steps and documentation.

As brokers, customers, carriers, and suppliers focus on higher productivity. They also focus on lower costs, and improved customer experience, the rate of change will only accelerate. Chatbots can offer policyholders 24/7 access to instant information about their coverage, including the areas and countries covered, deductibles, and premiums. While insurance is something that customers need to buy, it isn’t necessarily something they want to buy. It’s essential for companies to take an educational-first approach to get prospects on board with the idea of paying premiums and buying insurance products.