How Can Insurance Companies Use AI Chatbot To Solve Their Problems

Insurance service providers can leverage conversational solutions to improve CX

Ruchika Drabla

Jul 05 • 4 min read

Chatbots in insurance Industries

Either you already have your insurance done, or you are looking for one. Post-pandemic, there is no in-between, and millions of people felt the importance of having insurance. It can be the answer to maintaining health and life, placing insurance companies at a crucial place to face their customers. The insurance service providers have to put a lot of effort in terms of time and energy.

And so AI comes as a boon for these peeps. The motive of keeping everyone insured needs to be a little relaxing. Chatbots, powered by AI, are becoming a craze for every industry. Now, what we need to understand is, are bots fit for insurance companies too?

Let us dive into it!

Bots are known for their flexibility and customization, helping you to modify them to meet your needs. Bots have it all. Every other step in a business has some objectives and for successfully achieving them you can use an AI-powered virtual assistant for your business. Creating or choosing a bot is a tough nut to crack. It needs to be perfect according to your goals. A generic one won't work. Before picking a conversational bot for your insurance business, you need to set your objectives and choose one that helps you overcome existing challenges.

Below are the challenges faced by insurance companies.

The primary motive of artificial intelligence is not to provide a comfort zone but to remove hurdles. So the objective must be to solve the issues faced by insurance companies, making the bot a perfect fit for the industry.

Time taking process

Insurance companies lose most of their potential customers due to tedious processes. Entering the information of every small detail is time-consuming. A bot can cut out mundane tasks to make the process shorter. With technology, you can feed the information available in the internal database automatically. This way, the agent need not assist in the whole process and instead allow the user to go through the initial process in just a few taps. 

Customer relinquishment

In today's customer-oriented economy, no industry can work without customer satisfaction. Every user is informative and has multiple options. If you want to sustain, you have to give services to a great extent. Round the clock assistance, timely services and personal approach can be a difficult task for human agents. Chatbots can make it smooth by solving repetitive issues and common concerns.

Generating leads

Generating real-time leads is one of the biggest tasks for insurance providers. To increase the returns and settlement ratio, the company needs more customers. Traditional techniques of lead generation sometimes fail, leading to market loss despite sizable resources. In the current market, this is the most common challenge faced by insurance companies. An AI-powered bot can generate leads in real-time, saving up a lot of time and energy for human agents.

These common challenges often put a break to sales and customer satisfaction.

How chatbots help insurance industries to solve these challenges

The first impression always lasts, and a chatbot represents the organization perfectly. Potential leads come with marketing that attracts the customer. The final goal is to convert potential leads into clients. Chatbots are trained with meaningful conversation, gathering the data required and suggesting the appropriate insurance plan to customers. It opens up-selling opportunities and makes a long term impression on the client.

The journey doesn't end there as after-services is vital for insurance companies. Customer retention is dependent on customer experience and satisfaction. Hence, businesses can use an AI chatbot to resolve tickets containing repetitive queries. It can prioritize and solve most of the issues, reducing the time taken.

A chatbot ready platform!

After understanding how chatbots are making life simple for insurance companies, we must know how AI gives it a completely new edge. Being a conversational intelligence platform, we offer exciting benefits. Let's look into some of the key features.

Chatbots in Insurance Industries

Easy automation

Bringing new technology to any industry can not be an easy task as drastic transformation is crucial, bringing changes to infrastructure and policies. Well, not in this case. You can integrate AI-powered chatbots easily with your existing tech stack.

Brings engagement

There are various benefits of using chatbots for your business. It is available 24X7 and tends to bring more leads. It can coordinate with the company's various departments. The data so gathered can be used to attract potential leads, turning them into your clients. The flexibility and availability can bring convertible leads and existing clients' retention.

Technological advancement 

The service sector in the industry needs to work on databases. Existing clients provide data for one time, and the company needs to maintain it for years. With comprehensive data analysis, chatbots can work according to customer's information and behavioural changes, ultimately leading to leveraged marketing.

Customers don't want any delay or waiting periods for claim settlements and getting their own money. Conversational solution shortens the claim processing time and reduces the tedious process of documentation. It is programmed to do work in seconds which a human agent might take hours, allowing the human workforce to put on complex issues. 

AI can take care of repetitive tasks like renewals, purchases, changes in the policy. It can also suggest plans according to the data provided by the customer, grabbing the attention of customers and giving insurance providers convertible leads.

Getting your insurance chatbot

Now that we understand the importance of chatbots for insurance, from bringing potential leads to providing after-sale services, choosing the right conversational intelligence platform helps you leverage the optimum potential. Save your human agents to focus on business growth while keeping the tedious work for bots.

Get in touch with us to bring your insurance business to new heights.

Written by

Ruchika Drabla

Growth & Marketing Head at GenieTalk.ai

Marketing growth professional with 9+ years of experience in all verticals of Performance Marketing, I'm an AI enthusiast and loving my role as Growth leader in Conversational AI startup GenieTalk.ai

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