Top 10 Use Cases for Conversational AI in Insurance SaaS Conversational AI Platform

chatbot use cases in insurance

When integrated with your business toolkit, a chatbot can facilitate the entire policy management cycle. Your customers can turn to it to apply for a policy, update account details, change a policy type, order an insurance card, etc. In the insurance industry, multi-access customers have been growing the fastest in recent years. You can foun additiona information about ai customer service and artificial intelligence and NLP. This means that more and more customers are interacting with their insurers through multiple channels. To improve its underwriting process, it analyzes the past six years of claims data to pinpoint the exact cause of losses in different claims. Besides, a chatbot can help consumers check for missed payments or report errors.

By engaging visitors to a carrier’s website, social media, and other online touchpoints, chatbots can collect information about their needs and answer their questions. This data can then be used to further the conversation and relationship, or to generate leads for sales teams. This helps to streamline insurance processes for greater efficiency and, in turn, savings. The platform has little to no limitations on what kind of bots you can build. You can build complex automation workflows, send broadcasts, translate messages into multiple languages, run sentiment analysis, and more.

chatbot use cases in insurance

If you build a sophisticated automated workflow, you don’t have to give your employees access to customers’ sensitive data — your chatbot will process it all by itself. Ensuring chatbot data privacy is a must for insurance companies turning to the self-service support technology. Insurance chatbots, rule-based or AI-powered, let you offer 24/7 customer support. No more wait time or missed conversations — customers will be happy to know they can reach out to you anytime and get an immediate response. The bot responds to questions from customers and provides them with the correct answers. Thanks to advances in machine learning, the chatbot can answer not only simple questions but also more complex ones.

Easy claims processing and settlement

Taking into consideration the high volume of tickets that insurance CS departments receive, even a small reduction in AHT will affect the bottom line. AHT (Average Handling Time) is the most common metric that contact centers and CS departments use to measure efficiency, which is why it is such a key metric for insurers. Get your weekly three minute read on making every customer interaction both personable and profitable. Our solution also supports numerous integrations into other contact centre systems and CRMs.

Chatbots also support an omnichannel service experience which enables customers to communicate with the insurer across various channels seamlessly, without having to reintroduce themselves. This also lets the insurer keep track of all customer conversations throughout their journey and improve their services accordingly. Consider this blog a guide to understanding the value of chatbots for insurance and why it is the best choice for improving customer chatbot use cases in insurance experience and operational efficiency. Chatbots simplify this by providing a direct platform for claim filing and tracking, offering a more efficient and user-friendly approach. A chatbot could assist in policy comparisons and claims processes and provide immediate responses to frequently asked questions, significantly reducing response times and operational costs. Chatbots contribute to higher customer engagement by providing prompt responses.

CAI assistants have the capability to automate the claim process, making it a lot faster and more efficient. It can instantly access the customer’s information from the company database. It takes customers through the process of filing and obtaining claims more swiftly and seamlessly compared to waiting for a service representative. It enhances the customer experience while considerably lowering the time required for the entire process. Providing answers to policyholders is a leading insurance chatbot use case.

Simulating the behavior of a human insurance agent, it can engage the customer in a conversation and ask them questions to understand their needs and expectations. Leveraging the power of Natural Language Understanding (NLU), the AI can precisely pinpoint the customer’s intent based on their responses. Based on this, the assistant can then make personalized policy recommendations to the customer. 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.

  • With Millennials projected to dominate 75% of the global market by 2025, the onus falls on forward-thinking insurers to embark on their digital transformation journey.
  • By now, chatbots have become an integral part of numerous brands and services.
  • These features are very essential to understand the performance of a particular campaign as well as to provide personalized assistance to customers.
  • It can also facilitate claim validation, evaluation, and settlement so your agents can focus on the complex tasks where human intelligence is more needed.

It facilitates lead profiling and better conversion rates for the sales teams. It can perform a critical part in scoring leads and ensuring that only qualifying leads are shared with the sales team. However, you’ll find many real-life insurance chatbot examples even today. It shows that firms are already implementing at least some form of chatbot solution in the insurance industry.

Example #5. Personalized marketing and policy management

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. Additionally, they can focus on placing customer trust at the center of everything they do. Imagine a situation where your chatbot lets customers skip policy details.

chatbot use cases in insurance

Introducing Intelligent Virtual Assistants (IVAs) infused with the brilliance of GPT technology. These remarkable insurance chatbots effortlessly bridge the gap between customers and insurers, elevating their experience to new heights. Examples of this include the generative AI chatbot, ChatGPT, that took the world by storm, and enterprise-grade conversational AI platforms like OpenDialog. In fact, most insurers find that they can fully automate up to 80% of cases with chatbots. However, when necessary, the bot can also hand over the conversation to a human agent. Therefore making a chatbot a must-have tool for any insurance customer service department.

Customer Onboarding Assistance

Also, if you integrate your chatbot with your CRM system, it will have more data on your customers than any human agent would be able to find. It means a good AI chatbot can process conversations faster and better than human agents and deliver an excellent customer experience. A chatbot for insurance can help consumers file claims, collect information, and guide them through the process.

The COVID-19 pandemic accelerated the adoption of AI-driven chatbots as customer preferences moved away from physical conversations. As the digital industries grew, so did the need to incorporate chatbots in every sector. Engati provides a user-friendly platform that is easily accessible and responsive across all devices. Our platform is easy to use, even for those without any technical knowledge. In case they get stuck, we also have our in-house experts to guide your customers through the process. Customers dread having to go through the tedious processes of filling out endless paperwork and going through the complicated claim filing and approval process.

Their adoption is a testament to the shifting paradigms in consumer expectations and business communication. SnatchBot is an intelligence virtual assistance platform supporting process automation. Insurify, an insurance comparison website, was among the first champions of using chatbots in the insurance industry. Sensely is a conversational AI platform that assists patients with insurance plans and healthcare resources. When the conversation is over, the bot asks you whether your issue was resolved and how you would rate the help provided.

This is where an AI insurance chatbot comes into its own, by supporting customer service teams with unlimited availability and responding quickly to customers, cutting waiting times. Using information from back-end systems and contextual data, a chatbot can also reach out proactively to policyholders before they contact the insurance company themselves. For example, after a major natural event, insurers can send customers details on how to file a claim before they start getting thousands of calls on how to do so. Chatbots can leverage previously acquired information to predict and recommend insurance policies a customer is most likely to buy. The chatbot can then create a small window of opportunity through conversation to cross-sell and up-sell more products. Since Chatbots store customer data, it is convenient to use data based on a customer’s intent and previously bought products with a higher probability of sale.

Unlike human agents, chatbots don’t require breaks or sleep, ensuring customers receive immediate assistance anytime, anywhere. This round-the-clock availability enhances customer satisfaction by providing a reliable communication channel, especially for urgent queries outside regular business hours. Since accidents don’t happen during business hours, so can’t their claims.

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. Another benefit of using chatbots in insurance is engaging potential customers proactively.

AI-driven insurance chatbots, by contrast, are designed and trained to handle a huge range of queries, tasks, and interactions. The scope of insurance chatbots goes beyond assisting potential customers. By digitally engaging visitors on your company website or app, insurance chatbots can provide guidance that’s tailored to their needs.

For instance, they’ve seen trends in demands regarding how long documents were available online, and they’ve changed their availability to longer periods. They’re turning to online channels for self-service insurance information and support — instantly, seamlessly, and at any time. According to a 2021 report, 50% of customers rank digital communications as a high priority (but only 17% of insurers use them). Chatbots are a valuable tool for insurance companies that are looking to increase customer acquisition. They can help to speed up the lead generation process and gather more relevant information from prospects. When chatbots can quickly handle customer questions and routine requests, they produce significant operating expense reductions.

Providing 24/7 assistance, bots can save clients time and reduce frustration. While there are some challenges to overcome, such as ensuring data privacy and security and managing the complexity of integrating with legacy systems, the benefits of Generative AI in insurance are clear. Companies that can successfully navigate these challenges and embrace the potential of conversational AI technology will be well-positioned for success in their digital transformation in the years to come. Let’s explore the many ways insurance companies can benefit from AI-powered chatbots – and maybe you’ll find the missing piece to your own communication strategy along the way. CAI assistants can intuitively segment customers into different categories depending on factors such as age, risk, income group, and job stability.

The Future of Using Conversational AI for Insurance

Insurance chatbots will soon be insurance voice assistants using smart speakers and will incorporate advanced technologies like blockchain and IoT(internet of things). Insurance will become even more accessible with smoother customer service and improved options, giving rise to new use cases and insurance products that will truly change how we look at insurance. The long documents on insurance websites and even longer conversations with insurance agents can be endlessly complex. It can get hard to understand what is and is not covered, making it easy to miss out on important pointers. Starting from providing sufficient onboarding information, asking the right questions to collect data and provide better options and answering all frequent questions that customers ask.

chatbot use cases in insurance

We use AI to automate repetitive tasks, thus saving both your time and resources. Our skilled team will design an AI chatbot to meet the specific needs of your customers. They can use bots to collect data on customer preferences, such as their favorite features of products and services. They can also gather information on their pain points and what they would like to see improved. Insurers are exploring new use cases for AI, such as using AI-powered drones for property inspections and using AI algorithms to detect and prevent fraud in the insurance and claims process. As AI models continue to evolve, there are endless opportunities for insurers to innovate and improve their services.

Conversational AI is a type of artificial intelligence (AI) that enables machines to engage in human-like conversations. It combines various fields of AI, such as natural language processing (NLP), and machine learning (ML) to understand and interpret human language. AI-powered chatbots can act as the forefront security for insurance companies by analyzing claims data, verifying policyholder information, and preventing fraudulent submissions. 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.

Automate support, personalize engagement and track delivery with five conversational AI use cases for system integrators and businesses across industries. 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. 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. If you’d like to delve into more detail about how it works and understand its relationship to generative AI, check out our guide to conversational AI.

They can instantly collect necessary information, guide customers through the submission steps, and provide real-time updates on claim status. This efficiency not only enhances customer satisfaction but also reduces administrative burdens on the insurance company. An insurance chatbot is a specialized virtual assistant designed to streamline the interaction between insurance providers Chat PG and their customers. These digital assistants are transforming the insurance services landscape by offering efficient, personalized, and 24/7 communication solutions. Conversational AI can also lead to increased sales for insurance companies. AI-powered chatbots can handle customer queries and provide personalized product recommendations based on their specific needs and preferences.

Users can turn to the bot to apply for policies, make payments, file claims, and receive status updates without making a single call. Sensely’s services are built upon using a chatbot to increase patient engagement, assess health risks, monitor chronic conditions, check symptoms, etc. Every time a customer needs help, they turn to Sensely’s virtual assistant. This is one of the best examples of an insurance chatbot powered by artificial intelligence. With quality chatbot software, you don’t need to worry that your customer data will leak.

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. To discover more about claims processing automation, see our article on the Top 3 Insurance Claims Processing Automation Technologies. There are a lot of benefits to Insurance chatbots, but the real question is how to use Chatbots for insurance. This keeps the business going everywhere and allows customers to engage with insurers as and when they grab their interest.

This is especially important for smaller companies that may not be able to afford to hire and train a large number of employees. An insurance chatbot can track customer preferences and feedback, providing the company with insights for future product development and marketing strategies. Let’s explore seven key use cases that demonstrate the versatility and impact of insurance chatbots. As we approach 2024, the integration of chatbots into business models is becoming less of an option and more of a necessity.

The bot then searches the insurer’s knowledge base for an answer and returns with a response. Each of these chatbots, with its specific goal, helps customers and employees through conversation – collecting internal and external data that allow it to make decisions and respond appropriately. Conversational customer experience encompasses much more than providing quick answers to common questions. Customers want personalized service if they plan on being loyal to your brand. It also reduces response times when customers ask about your policies, file a claim, report changes, or schedule appointments.

How AI in Insurance is Poised to Transform the Industry? – Appinventiv

How AI in Insurance is Poised to Transform the Industry?.

Posted: Mon, 28 Aug 2023 07:00:00 GMT [source]

Natural language processing technology that powers AI virtual assistants is revolutionizing the interactions between insurers and customers. Conversational AI platforms enabled them to be available 24/7, offering prompt responses to inquiries and personalizing support to policyholders. Companies embracing this new technology can offer innovative solutions to improve customer experience, streamline operations, and mitigate risks. They gather valuable data from customer interactions, which can be analyzed to gain insight into customer behavior, preferences, and pain points. This data-driven approach helps insurance companies refine their products and services to meet customer needs better and stay ahead of the competition.

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. This is increasingly important today, as most insurers now compete primarily on the basis of customer experience. Customers are looking for providers that simplify their claims processes, keeping them satisfied, loyal, and willing to recommend to others. From there, the bot can answer countless questions about your business, products, and services – using relevant data from your knowledge base plus generative AI.

By leveraging chatbots, insurance companies can improve their digital CX while optimising performance and efficiency – ultimately leading to a more competitive and customer-centric business model. An insurance chatbot is a virtual assistant designed to serve insurance companies and their customers. Following such an event, the sudden peak in demand might leave your teams exhausted and unable to handle the workload.

Experience the future of claims filing, where resolution is just a conversation away. It possesses an uncanny ability to decipher complex insurance jargon, helping customers navigate the intricacies of policies with ease. From understanding coverage details to clarifying premium structures, these insurance chatbots have all the answers at their digital fingertips.

Upgrading existing customers or offering complementary products to them are the two most effective strategies to increase business profits with no extra investment. Whether you choose to use a simple NPS (Net Promoter Score) survey or a detailed customer experience questionnaire, a chatbot helps you attract user attention and drive more answers than any other method. 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. Chatbots helped businesses to cut $8 billion in costs in 2022 by saving time agents would have spent interacting with customers.

These sophisticated digital assistants, particularly those developed by platforms like, are redefining insurance operations. The platform offers a comprehensive toolkit for automating insurance processes and customer interactions. Acquire is a customer service platform that streamlines AI chatbots, live chat, and video calling. Forty-four percent of customers are happy to use chatbots to make insurance claims. Chatbots make it easier to report incidents and keep track of the claim settlement status.

In fact, our Salesforce integration is one of the most in-depth on the market. Integrating your bot with an AI knowledge base can significantly enhance its capabilities and scope. Gone are the days of waiting on hold to make an insurance payment over the phone.

Insurance chatbots powered by generative AI can monitor and flag suspicious activity, helping insurers mitigate risk and minimize financial losses. 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. CAI can make relevant product suggestions which are extremely important for efficient cross-selling in insurance. Integrated with learning models and recommendation systems that logically guess product categories, CAI becomes a must-have tool to promote sales growth.

Third parties, such as repair contractors or legal professionals, can use chatbots to expedite the insurance claims process by submitting documentation and receiving real-time updates. AI chatbots can be fed with information on insurers’ policies and products, as well as common insurance issues, and integrated with various sources (such as an insurance knowledge base). They instantly, reliably, and accurately reply to frequently asked questions, and can proactively reach out at key points.