Four Reasons Insurance Companies Should be Using Conversational AI

Across the world, insurance companies are actively investing in Conversational AI to automate customer interactions and personalize customer experiences at scale through website chatbots, messaging apps, social media, and interactive voice response systems. Natural language processing and machine learning technology can create consistent brand experiences, and offer proactive and reactive service across all digital and voice channels, working together to provide customers with timely and consistent information regardless of how they interact with your company. 

 

Download the Guide to Conversational AI for Insurance Providers 

 

Below, we discuss some benefits of implementing conversational AI for insurance companies. Please note, the examples given are not exhaustive lists.


1. 24/7 instantaneous customer experience

Where customers would previously engage with live agents through the phone, a live agent online chat, or an in-person meeting, conversational AI streamlines this process. It also allows for the opportunity to implement multi-channel consistency This allows live agents to be available for complex issues, important conversations, or escalations. Additionally, minimizing the amount of time agents spend answering FAQ’s reduces costs– and agent frustration. Conversational AI as applied to customer service can also allow for 24/7 access to customer service, which previously would be cost inefficient, and challenging to maintain. Below are some examples of how conversational AI can be applied to customer experience: 

  • Answering policy questions: 24/7 customer service through conversational AI allows customers to access information about their policies at any time.
  • Facilitating transactional activities: Customers will be able to complete transactional activities such as purchasing a product, filing a claim and renewing or changing a policy, all on their own schedule. 
  • Answering questions on billing or pre-authorized payment options: Through 24/7 customer service, customers will be able to quickly access the information they need about billing, or pre-authorized payments.

2. Increased opportunity to offer additional services 

Leveraging conversational AI allows insurance companies to offer new and exciting services to their customers which previously would not have been feasible, or cost effective. Below are some potential services that could be offered using conversational AI:

  • Alerts: With conversational AI, customers could opt to receive alerts on the status of their claim
  • Reminders: Customers could begin to receive helpful reminders about nearing policy deadlines or payments
  • Assisting with payments, refunds and claims processing: Allowing customers to use conversational AI to handle payments, refunds and claims processing would streamline the customer experience, and free up time for live agents to handle more complex inquiries.

3. Guided customer journeys

Utilizing conversational AI allows insurance companies to set up guided customer journeys for onboarding and application forms. This would allow for the standardization of the process, as well as guidance for customers. Below are some ways that conversational AI would allow for guided customer journeys:

  • Submitting documents, issuing policy, underwriting: Leveraging conversational AI would enhance the onboarding process by allowing for efficient document submission, issuing policy, and automating underwriting. 
  • Providing advice on products and new policy suggestions: Using conversational AI to provide customers with advice would help them to make informed decisions and increase satisfaction.
  • Assisting customers with onboarding: Guided onboarding using conversational AI increases customer convenience and allows live agents to be available for more complex cases. 
  • Providing quote comparisons: Allowing customers to compare quotes using conversational AI allows them to make informed decisions and increases customer satisfaction. 

4. Backend assistance

While customer experience is undoubtedly improved by the use of conversational AI, backend assistance is another benefit. Below are a few examples of how conversational AI improves operations for insurance companies. 

  • Managing fraud: conversational AI can allow companies to more easily track and detect fraud
  • Answering career questions and assisting applicants with completion of appropriate forms: prospective employees can more easily find and correctly complete the forms necessary to apply for open positions. Additionally, conversational AI improves the experience by answering questions along the way. 
  • Internal chatbots supporting employee knowledge

If you are looking for more information on how Conversational AI can benefit the Utilities industry, feel free to download our Guide to Conversational AI for Insurance Companies.

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Artiom Kreimer

VP, Product & Analytics

Artiom has spent 10 years in software and mobile engineering, specializing in quality assurance and customer service. He has worked in testing and QA at both startups and in enterprises such as Clickfree, TELUS, and Freescale Semiconductor.

Michel Benitah

VP, Optimization & Delivery

Michel has 20 years of experience in leading the successful delivery of Conversational AI and Natural Language Customer Care solutions to some of the largest financial, telco, healthcare, utilities, and retail enterprises throughout North America. 

 

Prior to joining Wysdom, Michel spent 20 years at Nuance Communications, holding senior management and leadership positions within the enterprise division, most recently as director of the Toronto office and professional services team.

Frederic Lam

SVP, Sales

Fred brings in 25 years of international experience in sales and business development across North America, the Caribbean, Asia-Pacific, Europe, and the Middle-East.

 

Prior to Wysdom.AI, he held sales leadership positions at Oracle, Redknee, and Movius/Glenayre, successfully growing revenues in both large and small organizations. Fred has also been involved in the start-up community in the earlier stages of his career as an Investment Manager with SP Capital and was an alternate director on a few investee companies.

Karen Chan

Chief Engineering Officer, Co-Founder

With 20 years of experience in software and mobile, Karen has held senior technical roles at 5 startups, including Wysdom.AI, Clickfree, Mobile Diagnostix (HP), Teamatic, and Virtualthere.

Karthik Balakrishnan

Chief Technology Officer

Karthik has over a decade of hands-on, proven global expertise in emerging technologies and implementing intricate platforms and solutions for telecommunications and enterprise during his time at Amdocs, with senior positions in their India, Cyprus, America, and Canada offices.

Nitin Singhal

Chief Operating Officer

Nitin has over 20 years of success in global executions of business technology, driving operational efficiency and digital scalability for some of the world’s largest enterprise clients. 

 

Nitin spent 16 years at Redknee holding executive positions in Research and Development, Customer Operations, Partner Alliances, and most recently as COO.

Jeff Brunet​

President, Co-Founder

Jeff has more than 20 years of experience in the startup world, founding and growing 4 software companies: AracNet, Mobile Diagnostix (HP), ClickFree, and Wysdom.AI. 

 

His in-depth understanding of software development and the challenges in making new technologies successful in the startup world prove invaluable as he serves on the boards of XMG, SurfEasy (Opera), Locationary (Apple), Groupie, and as an advisor to Pushlife (Google), LogMeIn (IPO) and HP. 

 

Jeff holds 23 issued patents in the wireless and consumer electronics spaces and is the lead inventor on 30+ pending patents.

Ian Collins​

CEO, Co-Founder

Ian has founded and grown 6 technology companies over the past 20 years, primarily in the enterprise software space including Wyrex, Mobile Diagnostix (HP), Clickfree, and most recently Wysdom.AI. 

 

Ian invests, mentors, and sits on the boards of several startups in the Toronto area.