What Is an Insurance Chatbot? +Use Cases, Examples

How AI Chatbots Can Impact The Insurance Industry

Singaporean insurance company FWD Insurance has a chatbot called “FWD Bot”. It helps users find the right insurance product, make a claim, and understand their policy. A chatbot can help customers get a quote for an insurance policy or purchase a policy directly.

• Engati offers rich analytics for tracking the performance and also provides a variety of support channels, like live chat.
• Health insurance companies and the entire insurance sector are focused on growing their digital transformation.
• Insurers can automatically process these files via document automation solutions and proactively inform brokers about any issues in the submitted data via chatbots.
• Whatfix facilitates carriers in improving operational excellence and creating superior customer experience on your insurance applications.
• Over that time, we’ve built out a robust natural language understanding model.

Fraudulent activities have a substantial impact on an insurance company’s financial situation which cost over 80 billion dollars annually in the U.S. alone. AI-enabled chatbots can review claims, verify policy details and pass it through a fraud detection algorithm before sending payment instructions to the bank to proceed with the claim settlement. Salesforce is the CRM market leader and Salesforce Contact Genie health insurance chatbot enables multi-channel live chat supported by AI-driven assistants. Chatbots drive cost savings in healthcare delivery, with experts estimating that cost savings by healthcare chatbots will reach $3.6 billion globally by 2022. Indian insurance marketplace PolicyBazaar has a chatbot called “Paisa Vasool”. It helps users with tasks such as finding the right insurance product and comparing different policies.

Health Insurance Chatbot

Customer feedback on chatbots can help you monitor the bot performance and gives you an idea of where to make improvements and minor tweaks. The former would have questions about their existing policies, customer feedback, premium deadlines, etc. In this case, your one-for-all support approach will take a backseat while your agents will take extra efforts to access the customer profile to give them answers. Over the years, we’ve witnessed numerous channels to make and receive payments online and chatbots are one of them. And customers are slowly embracing the idea of chatbots as a payment medium.

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. 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. With quality chatbot software, you don’t need to worry that your customer data will leak. 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.

What is a chatbot for insurance?

That said, AI technology and chatbots have already revolutionised the chatbot industry, making life easier for customers and insurers alike. Chatbots are available 24/7 and allow companies to upload relevant documents and FAQ https://www.metadialog.com/ questions that are used to answer customer questions and engage them in real-time conversations. Chatbots also identify customers’ intent, give recommendations and quotes, help customers compare plans and initiate claims.

• SWICA, a health insurance company, has built a very sophisticated chatbot for customer service.
• They can rely on chatbots to resolve those in a timely manner and help reduce their workload.
• You can use this feedback to improve the client experience and make changes to products and services.
• Chatbots can improve client satisfaction by providing quick and efficient customer service.