11 Insurance Chatbot Use Cases Why Providers Need AI Now

It deployed a WotNot chatbot that addressed the sales queries and also covered broader aspects of its customer support. As a result, Smart sure was able to generate 248 SQL and reduce the response time by 83%. 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. This intuitive platform helps get you up and running in minutes with an easy-to-use drag and drop interface and minimal operational costs.

Another simple yet effective use case for an insurance chatbot is feedback collection. You just need to add a contact form for users to fill before talking to the bot. A chatbot can support dozens of languages without the need to hire more support agents. Below you’ll find everything you need to set up an insurance chatbot and take your first steps into digital transformation. The

Smart FAQ

is a responsive self-service portal that helps customers resolve their issues quickly.

Use case #5. Enhancing application collection and customer qualification

They simplify complex processes, provide quick and accurate responses, and significantly improve the overall customer service experience in the insurance sector. And with generative AI in the picture now, these conversations are incredibly human-like. Suppose you have a virtual assistant available 24/7, answering policy-related questions, assisting with claims, and even providing personalized sales proposals.

Chatbots can offer personalized recommendations and promotions by analyzing customer data, ensuring that customers receive relevant and timely information. Enhancing customer satisfaction is not the only benefit, as insurance companies can more effectively cross-sell and upsell their offerings, further contributing to their business growth. The

AI chatbot

learns from its conversations over time, which improves the quality of its answers and grows your insurance knowledge base.

Boosting agent productivity: Focus on what matters

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. If you insurance app (you do, right?), you can use a bot to remind policyholders of upcoming payments. A bot can also handle payment collection by providing customers with a simple form, auto-filling customer data, and processing the payment through an integration with a third-party payment system. 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.

• By incorporating contact forms and engaging in informative conversations, chatbots can effectively capture leads and initiate the customer journey.
• Customers can submit the first notice of loss (FNOL) by following chatbot instructions.
• In this article, we will consider the most common use cases, benefits of chatbots in insurance, and check out some real chatbot examples in the car, life, and health insurance.
• If you’re looking for a way to improve the productivity of your employees, implementing a chatbot should be your first step.

Deployed on the company’s website as a virtual host, the bot also provides a list of FAQs to match the customer’s interests next to the answer. It makes for one of the fine chatbot insurance examples in terms of helping customers with every query. 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. 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.

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. Even before settling the claim, the chatbot can send proactive information to policyholders about payment accounts, date and account updates.

The chatbot also assists in processing claims quickly, ensuring a smooth and hassle-free experience for customers. Lemonade’s chatbot has significantly reduced the time it takes for customers to get insured and receive claim payouts. Most of the communication of new policies between the broker and the insurance company takes place via structured data (e.g. XML) interchanges. However, some brokers have not embraced this change and still communicate their new policies via image files. Insurers can automatically process these files via document automation solutions and proactively inform brokers about any issues in the submitted data via chatbots.

Answer Policyholder Queries and Generate Leads

But you don’t have to wait for 2030 to start using insurance chatbots for fraud prevention. 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. Insurance chatbots helps improve customer engagement by providing assistance to customers any time without having to wait for hours on the phone. With a proper setup, your agents and customers witness a range of benefits with insurance chatbots. Chatbots can leverage recommendation systems which leverage machine learning to predict which insurance policies the customer is more likely to buy.

Read more about Chatbot For Insurance here.