7 New Ways Chatbots Can Change 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? Yes, there are chatbots being developed to do this and a lot more.

A wide variety of Chatbots currently exists across industries, functions and domains. A finance management bot, news bot, scheduling bot, customer service bot and many others, are developed primarily to simplify complex and time-consuming tasks, without the intervention of humans. There are a lot of well designed generic bots but bot design is still evolving. Domain specific bots or good industry bots are however few and far between.

A 24×7 intelligent chatbot makes it 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 optimize the response to user queries and reduces time to action, thereby reducing drop-offs. The click and point nature of mobile apps and web are reduced 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 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 like name and emails and points of interest from prospects reaching out to inquire about products and services and 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’ss like having a consistent, intelligent call center without the headaches.
  5.  Claims Processing: Bots are capable of receiving queries and responding to claim processing and status reporting. Chatbots can also 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 can also query for their specific policy type and riders to get an easy way to retrieve useful information via asking questions rather than reading lengthy policy documents
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