12 Use Cases of WhatsApp Chatbot for Insurance

This means they’ll be able to identify personalized services to best suit each policyholder and recommend them directly, helping generate leads or upsell opportunities. The number of claim filings that your organization can handle increases, too, because humans don’t need to scramble to service every single customer directly. That’s especially useful in times when claims are so numerous  that they make it difficult for policyholders to get through to your call center (e.g. in cases of natural disasters).

Companies that use a feature-rich chatbot for insurance can provide instant replies on a 24×7 basis and add huge value to their customer engagement efforts. An insurance chatbot is an AI-powered virtual assistant solution designed to help ease communication between insurance companies and their customers. It uses artificial intelligence (AI) and machine learning (ML) technologies to automate a variety of processes and steps that customer support people often do in the industry. Chatbots are providing a new avenue of innovation for the insurance industry. The use cases for an insurance chatbot are beneficial for both insurance companies and their customers alike.

Updating policyholders

To create your account, Google will share your name, email address, and profile picture with Botpress.See Botpress’ privacy policy and terms of service. 60% of insurers expect nontraditional products to generate revenue on par with traditional products. Your prospects will always be greeted with a dedicated 24/7, mobile-optimized, personal assistant taking care of their insurance-related needs through clear communication. Quick qualification of leads allows sales reps to attain highly actionable insights, which results in faster conversion. You can access it through the mobile app on both iOS and Android devices, which offers 24/7 assistance. His day-to-day activities primarily involve making sure that the Tars tech team doesn’t burn the office to the ground.

Once the virtual assistant has received the information and searches for the relevant policy, it will automatically file a claim on a customer’s behalf. Everyone who’s ever filed claims knows firsthand how complicated claim processing can be. In fact, it can even take months, not to mention the number of people that the process can involve. With chatbots, however, the entire file management has been made simpler. While it may not seem like it, answering questions in the traditional way takes a lot of time and effort. Even routine customer inquiries that insurance companies respond to every day can turn into long conservations, slowing down the workflow of the whole team.

Top Features of REVE Chatbot for Insurance Sector

By analyzing data and flagging suspicious claims, AI chatbots can help prevent fraudulent claims and improve the accuracy of risk assessments. AI chatbots can also assist customers with policy information, premiums, and coverage options. By providing customers with 24/7 access to information, AI chatbots can help reduce the workload of customer service representatives and improve overall customer satisfaction. AI-powered chatbots can be used to assist underwriters with risk assessment and policy pricing. Chatbots can gather and analyze data from various sources, such as social media, credit reports, and public records, to identify potential risks and calculate policy premiums.

While great strides have been made in this space to become digital-first, there’s more work to be done. A good architecture and platform can also support multiple digital workers across an organization working collaboratively in ways that bring a consistent and seamless customer and brand experience. Customer onboarding is critical as it represents a revenue opportunity if you can enroll and get new customers up and running with their policies as quickly and efficiently as possible. Many companies gather these multiple documents via email or even regular letter mail which is not only tedious and labor-intensive but is also costly. What’s remarkable is that the use of such transformative technology does not demand complex programming skills or huge manual efforts. With the right approach and tools, understanding how to use AI bots for insurance gets simpler than ever.

Insurance companies looking to streamline processes and improve customer interactions are adopting chatbots now more than ever. We will cover the various aspects of insurance processing and how chatbots can help. 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.

By providing 24/7 customer service, chatbots can help insurance companies to meet the needs of today’s customers. The process of receiving and processing claims can take a lot of time in insurance which ends up frustrating the customers. They have to wait to get in touch with a representative to fill out a form and send documents. Considering the time and effort that goes into claiming, this should be one of the first activities you should consider automating to improve customer service in the insurance sector. Health insurance provider DKV uses the Inbenta chatbot across its main online channels to improve its CX.

In the UK alone, more than 27,000 fraudulent property claims were filed in 2019. 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. In addition to collecting valuable customer feedback, chatbots can also analyze their own interactions with customers to determine what’s working well and what could be improved. Chatbot analytics can offer useful insights to optimize your customers’ chatbot experience, revealing service problems and suggesting solutions. AI-powered chatbots can be used to detect and prevent insurance fraud by monitoring claims and identifying patterns of suspicious activity. Chatbots can flag potentially fraudulent claims and alert investigators for further review.

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. And that’s what your typical insurance salesperson does for nurturing leads. Even if the policyholders don’t end up buying your product, it eases them to the idea through a two-way conversation between an agent and the prospect. Conventionally, claims processing requires agents to manually gather and transfer information from multiple documents. With this system, it’s difficult to scale and bring speed to the process.

Beyond just lead conversion, chatbots can assist in delivering faster and more efficient claims management and underwriting process via automation. By analyzing past claims, these chatbots can provide tailored recommendations, helping customers make informed decisions about their insurance policies. An AI system can help speed up activities like claims processing, underwriting by enabling real-time data collection and processing. Insurers can do a quick analysis of driver behavior and vehicle conditions before delivering personalized services to customers. Using a chatbot system for the automobile insurance sector can help improve user experience and service affordability. More companies now rely on the artificial intelligence (IA) and machine learning capabilities of chatbots to prevent fraud in the insurance industry.

In addition, AI will be the area that insurers will decide to increase the amount of investment the most, with 74% of executives considering investing more in 2022 (see Figure 3). Therefore, we expect to see more implementation opportunities of chatbots in the insurance industry which are AI driven tools. Insurance companies can also use intelligent automation tools, which combines RPA with AI technologies such as OCR and chatbots for end-to-end process automation. Request a demo from Haptik to learn more about the potential of chatbots in the insurance sector. Chatbots can provide policyholders with 24/7, instant information about what their policy covers, countries or states of coverage, deductibles, and premiums. Chatbots in insurance employ advanced security protocols to ensure the protection of sensitive data.

By analyzing a customer’s data and understanding their specific requirements, AI chatbots can provide personalized policy recommendations. This means your customers can find the perfect policy that is tailored to their needs. Going the extra mile for your customers is a great way to increase their trust and engagement with your company. The future of insurance chatbots also holds a promise of improved fraud detection. Did you know you can automate about 80% of these interactions by deploying conversational AI solutions? Intelligent bots can handle repetitive and simple queries, leaving room for insurance agents to manage high-priority cases with more personalised follow-ups.

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