Chatbots for insurance companies

Chatbots and smart assistants are one of the newest trends in sales and support, but they have to be contextualized for each use case, sector, business objectives, etc. to better understand its current state and possible evolution.

For insurance companies, chatbots can be integrated with backend systems to offer support, handle claims and suggest new products or plans.

Use Cases

Virtual agent: Due to its complex nature, insurance is based on a "question resolution" process, which is why it has been dominated by agents. Now, companies can provide conversations with customers in real time.

Customer affinity: Affinity based businesses with call centers may be switched to chatbots, providing a much better experience for the end user, and greater efficiency.

Sales and Suggestions: To the extent that chatbots improve their service capabilities, there is incredible potential to use insurance as a revenue generator by offering "the right insurance at the right time."

For example, imagine an airline that is using chatbots to send push notifications on a specific day and time, via instant messaging. When the client proactively asks what the boarding gate is, the airline will have an opportunity to promote the relevant travel insurance that the passenger can buy with just one click.

Claims: Thanks to Artificial Intelligence, the insurance sector will be faster and more timely in the moment of receiving requests, processing images, voices and all the information that is necessary to send and even pay claims filed by their clients.

Advantages of using chatbots in the insurance industry

1. Chatbots for insurance can educate potential clients on policies and plans.

Generally, insurance is not on the list of things that people voluntarily want to buy. This is mainly due to the fact that the process of buying insurance involves cumbersome procedures, pages after pages of small print and many steps that include background checks, approvals and more.

Examining the insurance policy documents is a challenge in itself, especially for first-time buyers who are not familiar with the vocabulary and industry practices. This is where insurance chatbots play an important role.

A chatbot can asks the user for basic information such as their age, employment, type of insurance needed, annual income, etc. They can then process this data quickly and offer a short list of insurance policies that adapt to customer requirements and preferences.

The buyer will get a customized plan or standard plan, and will need less time to review and understand the policy. Of course, the insurance chatbot remains available to answer questions about the policy documents and resolve the any questios of the potential client.

2. Chatbots improving insurance purchases

One of the key factors that insurance companies take into account when creating chatbots for their websites, is the umconfort of the general public to legal and policy documentation related to the purchase of insurance plans.

A chatbot can interact with the potential client, inform him or her of the coverage and policies of the available plans and then direct the potential client to a payment platform or create an invoice.

This makes the purchase process simpler and avods cart abandonment by reducing the complexity of the purchase.

3. Insurance chatbots can process claims 24/7

One of the other reasons why chatbots have become so popular for online businesses is the fact that they work 24 hours a day, regardless of the time zone, weekends and holidays. This presents an oportunity for insurance companies to create a chatbot for their websites or messaging apps that can process claims 24/7.

Accidents, property damage, medical emergencies and other situations that require filing a claim, may or may not occur during business hours. If an insurance company has online chatbots on its website, customers can submit their claims at any time of day, by simply asking a chatbot. This guarantee of availability encourages leads to finish the buying process instead of going to competitors.

4. Chatbots can help customer service.

Insurance companies do not usually offer excellent customer service. By developing chatbots, they can change their image. As mentioned in the previous section, chatbots remain active 24/7. This makes it possible for insurance buyers to get assistance when they need it.

For example, a buyer can chat with the insurance chatbot outside working hours to verify when their next premium expires, or if a certain medical procedure is covered by their health insurance policy. Not only can the chatbot answer these simple questions, but it can also open a ticket on behalf of the client if it has a more complex question so they can be answered by a human.

The client can then receive a call from his insurance agent the next business day and resolve his inquiry.

5. Chatbots for insurance can offer new policy suggestions

Chatbots for insurance are powerful lead generators, mainly because they can understand the needs of their customers and suggest policies that best fit their needs.

After interacting with insurance buyers for a reasonable period of time, a chatbots for insurance companies could recommend new policies that adapt to the buyer or add value to his current plan. They may also send limited offers and discounts on premiums based on special circunstances.

To start building your chatbot to handle insurance processes, register to use the platform and make use of our pre-built chatbots with skills and scripts specific for the insurance industry.

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