Top 10 Insurance Chatbots Applications & Use Cases in 2023

insurance chatbot examples

It is well known that insurance products can be quite complex to understand. The different types of insurance products available, the right channels to go for purchasing them, quotes, premiums and riders can all be confusing for the customer. Very often, customers admit well after purchase that they are still unsure of the details of what they bought. Most large insurance providers today are exploring their digital transformation journeys. One of the big initiatives we find among insurance firms is the drive towards modernising their customer experience journey.

Is WhatsApp a chatbot?

A WhatsApp chatbot is a computer program that can automatically reply to messages on WhatsApp. WhatsApp bots work 24/7 and can have multiple conversations with different persons, at the same time. They are often used to automatically answer questions and provide information about a company or products and services.

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. Due to unanticipated surges in client demand or requests made outside of regular business hours, the AA was missing a lot of live conversations. 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. A chatbot can help customers get a quote for an insurance policy or purchase a policy directly. This makes the process of buying insurance much easier and more convenient for clients.

Provide Rapid response

While  banks have already sought to deploy automated chatbots in this area because it frees up customer service teams to concentrate on higher-level queries, these can get pretty complex in insurance. Overall, OpenAI’s language models such as DALL-E and Whisper could provide insurers with additional tools to enhance their operations and customer experience. By leveraging these models in conjunction with ChatGPT and other solutions, insurers can gain a more comprehensive understanding of their data and improve their decision-making processes. ChatGPT can be integrated with insurers’ claims processing systems to help policyholders file and track claims, and to provide updates on the status of their claim.

LivePerson can help you automate many of these interactions with an insurance chatbot that works across the most popular messaging channels without hiring an army of agents. The ease of filing a claim via text message right after an incident boosts customer satisfaction and is a great selling point. Investigate Conversational Commerce options to connect with consumers in the channels they prefer, walk them through your policies, answer questions, and even send payment reminders to existing policyholders. Yet when designed with emotional intelligence, it can transform processes, making you (and your company) wildly successful. For insurance executives, customer care teams and data scientists here are 3 pillars to consider when designing a successful chatbot. Early bots operated based on programmed algorithms and preset response templates without understanding the specific context.

Revolutionizing the Insurance Industry: The Importance of Data Modernization

Every customer service team has three or four questions they get asked more than any other. Following the popular 80/20 rule, many insurers will be surprised to find how much time even a simple rules-based bot can save. Rules-based chatbots are quick for insurance companies to implement but less flexible than their AI-enabled counterparts. AI chatbots have a clear advantage in their ability to learn through each interaction and provide helpful responses to a broader set of inquiries. However, their reliance on big data and various machine learning and NLP techniques make AI chatbots a heavy lift for some carriers facing constraints in other areas of their business.

insurance chatbot examples

The customer might think they’d been fully understood, which means they may have been misled into buying an ill-suited product. Bring an automated, natural-like experience to your customers with an AI-powered chatbot. Choose the best approach for your specific needs with the KeyUA experts. Before planning your chatbot development, see how the insurance companies already use this innovative tool to engage their consumers. For now, NLP hasn’t matured enough to let a single bot act like a human in multiple languages. As a result, it can be a problem when developing a chatbot for multilingual countries with numerous dialects like India.

Improved compliance and risk management

Interested in the best usability practices to improve the customer experience? Review our 11 TOP insurance website design examples for more insights. Use these commonly asked questions as a starting point to evaluate vendors and chatbots for insurance. In more complex cases, an AI chatbot can act as the first line of defense to gather information from a policyholder before passing it off to an agent.

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Unburdening employees from the minutiae frees them to focus limited agent time on higher-touch, personal interactions with their clients; also addressing more complex queries in a timely manner. People can perceive the insurance sector as being challenging to understand when they are reading through lengthy quotes and policy documents striving to understand what is and is not covered. For instance, after a big storm, a property insurer can preemptively reach out with steps on filing a claim and all necessary information and documents. AI-powered recommendation engines can identify the right services and products for agents to cross or up-sell, and the exact moment during a conversation or the customer journey that a policyholder is likely to purchase. 88% of insurance customers demand more personalization from providers7.

Rise of automated insurance bots over the years

Conversational AI is everywhere nowadays, from your bank’s chatbot, Siri, or Google Assistant on your phone, to stores or even utility companies. Everyone is trying to maximize their service capacity and speed by beginning and managing as many conversations as possible using AI. Insurance companies have the same opportunity as providers of products and services in that building a great customer experience increasingly influences retention.

At this stage, the insurance company pays the insurance amount to the policyholder. The chatbot can send the client proactive information about account updates, and payment amounts and dates. After the damage assessment and evaluation is complete, the chatbot can inform the policyholder of the reimbursement amount which the insurance company will transfer to the appropriate stakeholders. Based on the insurance type and the insured property/entity, a physical and eligibility verification is required. Claim filing or First Notice of Loss (FNOL) requires the policyholder to fill a form and attach documents.

About this WhatsApp Chatbot template

Which means that my premium is going to reflect specifically what I need to be covered for. I have no gaps and the policy is less likely to be  over or under-covered. I sat down for coffee with two of the three Amigos behind Spixii; Renaud “who loves insurance” and Alberto “who eats data”. Missing, was the third Amigo, also named Alberto, “the man who talks to machines”.

insurance chatbot examples

What are examples of chatbots?

  • Slush – Answer FAQs in real time.
  • Vainu – Enrich customer conversations without form fill ups.
  • Dominos – Deliver a smooth customer experience via Facebook messenger.
  • HDFC Bank – Help your customers with instant answers.

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