Chatbots in Insurance Benefits & Use Cases

For smaller companies not quite ready to ramp up their operations, a chatbot can save the time and cost of having to hire and train employees. Unleash the power of AI and no-code to self-serve every micro-engagement™-from acquisition and onboarding to end-to-end customer service journeys. Stats have shown that such activities cause Insurance companies losses worth 80 billion dollars annually in the U.S alone.

Chatbots can help insurers save on customer service costs as they require less manpower to operate. Phone calls with insurance agents can take a lot of time which clients don’t have or are not willing to waste. Companies can simplify the process by allowing clients to get a quote via a chatbot. This reduces the number of customers who abandon their purchase due to frustration. Here you can see an example of an insurance conversational app in action. In this demo the customer responds to a promotional notification from the app which is upselling an additional policy type for said customer.

Reducing Costs

Furthermore, insurance companies are majorly focusing on delivering their core skills, with minimal emphasis dedicated to addressing client queries and guiding them to the relevant items online. By providing an additional mode of contact, the chatbot aids the company in serving consumers. Furthermore, customers can also seek help from virtual assistants on any topic relevant to a certain organization. Thus, boost in demand for better customer alignment propels the expansion of the industry. When customers call insurance companies with questions, they don’t want to be placed on hold or be forced to repeat themselves every time their call is transferred. Watsonx Assistant’s advanced AI chatbots use natural language processing (NLP) to streamline fast, accurate answers that optimize customer experiences, brought to you by the global leader in conversational AI.

On the path of ‘how to use AI bots for insurance,’ it’s a journey towards a comprehensive digital transformation beyond basic automation, offering impeccable customer engagement and operational excellence. One of the most formidable challenges that insurers face today is fraudulent claims, which result in huge losses for insurance companies and higher premiums for honest customers. They can also help customers make informed decisions by providing useful information and answering their queries in the simplest manner possible. By extending support to employees, chatbots can significantly enhance productivity, efficiency, and job satisfaction, ultimately resulting in superior customer service and smoother operations.

Benefits of insurance chatbots for customers

Many times, it so happens that people are lured and trapped by sales agents, which ultimately leads to fraud. Chatbots are enabled by artificial intelligence that eliminates most probabilities of fraud. The necessity for physical and eligibility verification varies depending on the type of insurance and the insured property or entity. A chatbot can assist in this process by asking the policyholder to provide pictures or videos of any damage (such as from a car accident). The bot can either send the information to a human agent for inspection or utilize AI/ML image recognition technology to assess the damage. Next, the chatbot will determine responsibilities based on the situation.

• In simple terms, an insurance chatbot is an AI-powered virtual assistant designed to cater to the needs of insurance customers at every stage of their investment journey.
• Gone are the days when you had to dig through piles of papers to find your insurance details.
• Health insurance is the number one sector benefiting from this technology.

Provide agents with an omnichannel solution that uses real-time data analysis to identify products closest to customers’ needs. When a customer does require human intervention, watsonx Assistant uses intelligent human agent handoff capabilities to ensure customers are accurately routed to the right person. With watsonx Assistant, the customers arrive at that human interaction with the relevant customer data necessary to facilitate rapid resolution. That means customers get what they need faster and more effectively, without the frustration of long hold times and incorrect call routing. According to G2 Crowd, IDC, and Gartner, IBM’s watsonx Assistant is one of the best chatbot builders in the space with leading natural language processing (NLP) and integration capabilities.

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