Use-Cases

7 New Ways Chatbots Can Transform Insurance

A chatbot for insurance. Really?

To answer questions on complex policies, handle claims, premium reminders, payments and to make sales, service and support much more effective in insurance? How about even downloading insurance policy documents or querying riders? Indeed, there are chatbots that we are developing to do this and a lot more.

Currently, a wide variety of chatbots exists across industries, functions and domains. A bot simplifies complex and time-consuming tasks, without the intervention of humans. There are a lot of generic bots that have a great design but their bot design is still evolving. However, domain specific bots or good industry bots are few and far between.

A 24×7 intelligent chatbot

A very exciting prospect in providing a new age sales, service and customer support channel for you. The leverage of NLP technologies provides for new interaction channels that are not possible in traditional web or mobile apps. Additionally, chatbots help shorten the bridge from thought to action by providing a conversational and a pinpoint way to cater to customer requests and inquiries.

  1. Drive Higher Sales

    Chatbots optimise the response to user queries and reduces time to action, thereby reducing drop-offs. The click and point nature of mobile apps and web reduce down to users asking a pinpoint questions of their needs thereby increasing the efficiency of information retrieval and quicker decisions.

  2. Product Selection

    Bots can also suggest policies and products based on a query based path because it’s important to capture customer needs.

  3. Lead Generation

    A lot of insurers lose the leads that visit their websites and social media sites. Bots have the capability of capturing surrogate identifying information. For instance, name, emails and points of interest from prospects that can act as lead generators.

  4. Answering Queries

    Any complex policy or product can be explained to the end users, by the most natural way to seek and absorb information, that by asking someone questions. It’s like having a consistent, intelligent call centre because there’s someone always there to assist you.

  5. Claims Processing

    Bots are capable of receiving queries and responding to claim processing and status reporting. Moreover, chatbots can help customers upload pictures and documents supporting the claim to make claims processing seamless.

  6. Premium Payments

    Customers can be sent alerts on renewals; policy lapses; notifications on due dates, and a lot more status information in an insurance sale or support cycle.

  7. Policy Riders and Inquiry

    Customers don’t have to read lengthy policy documents anymore. So, they can enquire about their specific policy type and riders by asking questions.

At Engati we work with some of the largest insurers on the planet to create an exciting channel for their customers. Therefore, a number of them trust us with their business because we help them create a great customer experience. Moreover, it’s the best way to go about it.

Hence, there is a lot to know and discover about chatbots.

For more about chatbots, feel free to schedule a demo with our experts for free!

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