Top 10 Insurance Chatbots Applications & Use Cases in 2023

The chatbot is available in English and Hindi and has helped PolicyBazaar improve customer satisfaction by 10%. Chatbots can help insurers save on customer service costs as they require less manpower to operate. Chatbots can access client information quicker than a human sales team. Chatbots can offer customers a quote for their insurance without them having to spend time filling out long, complicated forms.

The company reportedly plans to begin training the new large language model early in 2024, with CEO Mark Zuckerberg evidently pushing for it to once again be free for companies to create AI tools with. Gleen got its start by providing its Discord chatbot to a web3 customer, though now it generates more revenues from non-crypto users. Run by a team of eight employees, Gleen is now serving more than 10 customers who pay by the number of conversations generated for the bot. There’s no shortage of chatbot services trying to earn a place in the myriad channels on Discord and Slack.

AI Chatbots in the Insurance Industry

The privacy concerns related to chatbots include whether it is possible to collect sensitive personal data from users without their knowledge or consent. Using a dedicated AI-based FAQ chatbot on their website has helped AG2R La Mondiale improve customer satisfaction by 30%. French insurance provider AG2R La Mondiale has a chatbot created by Inbenta using conversational AI. Service performance is positively correlated with sticking to or letting go of the provided services[2].

Kate’s ability to provide instant assistance has enhanced GEICO’s customer service and reduced the need for customers to call or email support teams for basic inquiries. Zurich Insurance uses its chatbot, Zara, to assist customers in reporting auto and property claims. Zara can also answer common questions related to insurance policies and provide advice on home maintenance. By automating the initial steps of the claims process, Zara has helped Zurich improve the speed and efficiency of its claims handling, leading to a better overall experience for policyholders. In an ever-evolving digital landscape, the insurance industry finds itself at a crossroads, seeking innovative ways to enhance customer experiences and adapt to changing expectations.

What is an insurance chatbot?

Gleen’s direction is shaped not just by the fast-evolving AI technologies it leverages but also the type of its customers, that is, companies dealing with cutting-edge, changing technologies like itself. The unpredictability nature of these variables presents one of the startup’s biggest challenges. Hyperlinks provided by the chatbot are in text format and not clickable. Multiple users can share the same Bard chat through a single link, allowing each user to ask additional questions. Governments and tech companies however insist that generative AI is technology’s next big chapter and have ramped up spending on new products, research and infrastructure.

This knowledge base also powers your FAQ pages and contact forms so answers stay consistent across your customer communication pages. For example,

Geico

uses its virtual assistant to greet customers and offer to help with insurance or policy questions. The user can then either type their request or select one from a list of options. A

proactive chatbot

can greet your customers https://www.metadialog.com/ and offer to answer any questions they may have about claims, coverage, regulations and more. Likewise, it can ask your customers questions about their lifestyles to help determine the right plan — such as their age, occupation, travel frequency, and any risk factors. Chatbots will also use technological improvements, such as blockchain, for authentication and payments.

Combining Chatbots and Humans

Companies using chatbots for customer service can provide 24/7 access to support, even in the middle of the night. The best AI chatbots can even provide an instant quote and change policy chatbot for insurance protections without the help of a human agent. That said, AI technology and chatbots have already revolutionised the chatbot industry, making life easier for customers and insurers alike.

The chatbot provides answers to insurance-related questions and can direct users to the relevant GEICO mobile app section if necessary. For instance, if a customer is seeking roadside assistance and is unable to find the relevant menu within the app, Kate will guide the user to the appropriate menu. Furthermore, the company claims that the chatbot can enhance the relationship between the agent and the customer through natural language processing.

Of The Best Use Cases Of Educational Chatbots In 2023

An AI chatbot is the first step of interaction between a consumer and your brand. It takes much less time for a person to get all required policy information via chat than to listen to the same during a phone call. A dynamic answer & question mechanic helps keep a customer engaged, solving most trivial queries quickly. Having an intelligent AI-based chatbot is a must for the modern customer experience in the insurance sector.

Zurich, one of the world’s largest and most experienced insurers’, needed a solution to transform their customer care experience and make it as frictionless and easy-to-access as possible. Learn how Haptik’s insurance chatbot seamlessly resolved 70% of Zurich’s inbound customer queries end-to-end. The engaging interactive lead form on a chatbot leads to more conversions as compared to traditional long and static lead forms. Making the right investments in CX improvements can dramatically impact revenue. McKinsey found that auto insurers that provide excellent experiences have seen 2-4X more growth in new business and 30% higher profits than other firms8. In even more proof, 90% of customers who feel appreciated and 69% of those who feel valued will increase their spending with an insurance company9.

Possible solutions to challenges

This technology is used in chatbots to interpret the customer’s needs and provide them with the information they are looking for. To learn more about how natural language processing (NLP) is useful for insurers you can read our NLP insurance article. 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. Request a demo from Haptik to learn more about the potential of chatbots in the insurance sector. When the conversation is over, the bot asks you whether your issue was resolved and how you would rate the help provided.

Not only that, considering the nature of the insurance industry, one that’s filled with clauses, questions, and arguments, no one else but a bot is built to answer these questions. The long documents on insurance websites and even longer conversations with insurance agents can be endlessly complex. It can get hard to understand what is and is not covered, making it easy to miss out on important pointers. Starting from providing sufficient onboarding information, asking the right questions to collect data and provide better options and answering all frequent questions that customers ask. The need to automate customer experience in insurance is no longer a question. AI-based insurance chatbots are one of the most demanded technological upgrades among insurers.

AXA links their chatbot on their Private Customers page and it opens in a new window. A chatbot can also help customers inquire about missing insurance payments or to report any errors. A chatbot can either then offer to forward the customer’s request or immediately connect them to an agent if it’s unable to resolve the issue itself.

• This also lets the insurer keep track of all customer conversations throughout their journey and improve their services accordingly.
• On WotNot, it’s easy to branch out the flow, based on different conditions on the bot-builder.
• By leveraging AI-powered image recognition technology, chatbots can also ask for new pictures or files if a file does not meet requirements.
• Insurers can use AI solutions to get help with data-driven tasks such as customer segmentation, opportunity targeting, and qualification of prospects.
• When it comes to securing the life, health, and finances of themselves and their loved ones, insurance customers would not want to leave anything to chance.
• Chatbots can take away all the hassles that customers often face with insurance.

You just need to add a contact form for users to fill before talking to the bot. In conclusion, the choice between ChatGPT Plus and Claude Pro is largely a matter of personal preference and specific needs. Both provide high-quality conversational AI experiences, with unique features and strengths. It usually involves providers, adjusters, inspectors, agents and a lot of following up. LLMs can have a significant impact on the future of work, according to an OpenAI paper. The paper categorizes tasks based on their exposure to automation through LLMs, ranging from no exposure (E0) to high exposure (E3).

AXA has an extensive website, so using a chatbot to help users find exactly what they’re looking for is a clever, sales and customer-focused way of offering assistance. Zurich Insurance uses a Claims Bot on their car and home insurance claims guidance pages. The Claims Bot asks the user a series of questions before either guiding the user to the appropriate pages or connecting them with an available agent. Plus it’s important to know how your chatbot is doing so you can monitor its performance and make any necessary improvements. With Userlike, our chatbot shows a five-star rating system at the end of every chatbot conversation. Customers can also leave written feedback, and agents can use the chatbot’s transcripts to see how the conversation went.

This releases the resources that can be allocated towards other areas, such as product improvement or attracting new customers. Staff that was once working on tedious, repetitive work can now focus on more strategic tasks that take human-level thinking. Chatbots can offer personalized recommendations and promotions by analyzing customer data, ensuring that customers receive relevant and timely information. Enhancing customer satisfaction is not the only benefit, as insurance chatbot for insurance companies can more effectively cross-sell and upsell their offerings, further contributing to their business growth. To compete in today’s insurance market, carriers must first and foremost focus on their clients’ changing expectations–expectations that are frequently influenced by factors outside of the insurance industry. Agents may utilize insurance chatbots as another creative tool to satisfy consumer expectations and provide the service they have grown to expect.

It’s essential for companies to take an educational-first approach to get prospects on board with the idea of paying premiums and buying insurance products. But, even with this high demand, chatbot use cases in insurance are significantly unexplored. Companies are still understanding the tech, assessing the chatbot pricing, and figuring out how to apply chatbot features to the insurance industry. Bots help you analyze all the conversation data efficiently to understand the tastes and preferences of the audience. You can always trust the bot insurance analytics to measure the accuracy of responses and revise your strategy. By offering AI-driven support, workflow automation, and an easy-to-use knowledge base, Capacity provides insurance and customer support leaders with the tools needed to thrive in this competitive landscape.