5 Insurance Chatbot Use Cases Along the Customer Journey

It’s possible to settle insurance claims fast with an AI-powered chatbot. That’s why claims settlement is no longer a lengthy and long-drawn process. Thanks to insurance chatbots, you can do damage assessment and evaluation in a super quick time and then calculate the reimbursement amount instantly. You can easily trust an insurance claims chatbot to redefine the way you go about the settlement process. 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.

Understanding customer pressure points and user friction is the first step in making your customer experience as smooth and painless as possible. There are plenty of old-fashioned ways of gathering that data, but chatbots offer a two-in-one solution. They’re designed to improve the customer experience in the first place. But at the same time that they’re helping your customers, they’re also collecting data on each interaction. Along with other strategies to improve customer experience in insurance, especially digital ones like live chat, insurance chatbots can be a big help.

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It can send payment reminders and thus facilitate the payment process through your preferred channel. A chatbot can “suggest” where to find the most convenient payment method. At DICEUS, we are aware of such specifics firsthand, which is why we take an active part in making the technology more mature and available. In this article, you will learn about the use cases of chatbot deployment for insurance businesses, the benefits of chatbots, and how to develop a chatbot for your company. According to some estimates, this year, chatbots should save various industries about $8 billion in expenses. No wonder because a chatbot is no longer just an interesting messaging interface but a “smart” tool for analyzing and offering products to the target audience.

The utility of chatbots is growing, and it’s about time insurance companies harness this technology to its full potential. Since accidents don’t happen during business hours, so can’t their claims. Having an insurance chatbot ensures that every question and claim gets a response in real time. A conversational AI can hold conversations, determine the customer’s intent, offer product recommendations, initiate quote and even answer follow-up questions. This makes sure no customer is left unanswered and allows the customer to connect to a live agent if required, keeping customers satisfied at all times.

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Chatbots helped businesses to cut $8 billion in costs in 2022 by saving time agents would have spent interacting with customers. Below you’ll find everything you need to set up an insurance chatbot and take your first steps into digital transformation. We power close to a billion conversational interactions a month, helping organizations drive engagements that feel Curiously Human™, not cold and robotic.

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. Insurance companies looking to streamline processes and improve customer interactions are adopting chatbots now more than ever.

New Customer Quotes

According to research, the claims process is the least digitally supported function for home and car insurers (although the trend of implementing tech for this has been increasing). This chatbot initiates the application process for an endowment insurance plan. If you are a financial institution and want to generate lead on potential customers who are seeking consolidated insurance coverage plans, this bot makes that possible for you with just a few clicks. They tend to search for all possible options before making the final decision. This insurance chatbot template not only captures your lead data but also provides information to your customers for making better decisions. Chatbots will also use technological improvements, such as blockchain, for authentication and payments.

With pricing, policies and coverage so similar, a key way for insurance providers to differentiate is on customer experience. Increasingly, insurance providers are investing in modern conversational artificial intelligence (AI) to scale personalized, effortless and proactive customer experiences. 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.

Insurers, in their turn, receive helpful information on how their products and services can be improved. Typbot is an intelligent chatbot marketing platform to build advanced chatbot solutions on messaging apps. The platform has unique chatbot management tools for easy development and integration. Moreover, follow each step of your customer journey with the chatbot funnel and keyword analytics tool.

Thanks to automated request processing, the client spends less time, and the business can standardize the process and store customer information conveniently. Chatbots can educate clients by showing “how it works” (policy purchase, making an appointment, filing a claim, etc.) and make suggestions based on customer behavior. AI bots also allow insurance customers to switch between different communication channels without having to “re-introduce themselves” (as it really annoys many buyer personas, according to DICEUS studies).

Integrate your chatbot with fraud detection software, and AI will detect fraudulent activity before you spend too many resources on processing and investigating the claim. Feed customer data to your chatbot so it can display the most relevant offers to users based on their current plan, demographics, or claims history. But the marketing capabilities of insurance chatbots aren’t limited to new customer acquisition. The ease of filing a claim via text message right after an incident boosts customer satisfaction and is a great selling point.

As insurance and customer support leaders strive to navigate this transformation, AI-powered chatbots and support automation platforms emerge as a beacon of progress, heralding a new era of customer service. Not only can insurance chatbots make processes simple, quick, and easier for customers, but these AI-enabled chatbots also enable workflow automation and therefore improve agent productivity. That’s why 87% of insurance brands invest over $5 million in AI-related technologies annually. Let’s dive in to see why investing in AI technologies and chatbots have now become a necessity for insurance firms. AI chatbots can analyze large amounts of data collected from different sources. Insurance chatbots have a range of use cases, from lead generation to customer service.

Enhanced customer engagement

KLI, a leading insurance provider, wanted to make customer care more self-serve and asynchronous, improve customer engagement, and give a boost to their lead generation efforts. Learn how Haptik’s insurance chatbot helped enhance KLI’s customer engagement by 500%. SWICA, a health insurance company, has built a very sophisticated chatbot for customer service. 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.

Analytics will provide insights that your customer service team can glean from intuition. They cannot replace the customer service team, but they will take the load off that team and make their workflow more manageable. A chatbot can help in choosing the optimal policy, as well as offer an overview of available insurance solutions that meet the client’s preferences.

• Chatbots enable insurers to scale complex use cases, automate claims, and provide frictionless customer experiences.
• Chatbots are revolutionizing the way insurance brands acquire, engage, and serve their customers.
• Chatbots use natural language processing to understand customer queries, even if they are phrased in a casual way.
• The nature of machine learning means it can never successfully predict 100% of situations.
• You just need to know the leading platforms available online and the basic features that must be added to your chatbot.

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