Four Reasons Insurance Companies Should be Using Conversational AI

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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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