For the last many years, data corruption has been a persistent problem for the insurance industry. For a data-intensive industry like the insurance industry, an AI-enabled chatbot can be a boon.
Using chatbots, insurance services can enhance their efficiency throughout the insurance industry verticals in healthcare, property, vehicle, underwriting, accident, and casualty.
First, let’s have a short introduction on AI-driven chatbots. To know more about AI-driven chatbots, click here.
AI-driven chatbots
AI-driven chatbots detect similar patterns in conversations and replies queries based on detected patterns. One can opt for either text chatbots or voicebots using virtual voice assistants like Amazon Alexa etc.
Human representatives can intervene and take up conversations on the basis of signals like confidence scores.
Benefits of AI-enabled chatbots in insurance
1: Insurance agents
According to a study conducted in the year 2017, around 7% of all insurers in Germany are using chatbots to complement their services. Around 44% have voted in favor of AI-driven chatbots.
Right from explaining policies, chatbots can lead consumers to online forms, guide them on how to fill up the forms etc. and reduce the chances of data corruption to a large extent.
2: Use as a conversational advisory
Surveys have proved that about 72% of customers are unable to properly understand the jargons used by insurance agencies. People who’re unaware of insurance industry can hardly understand differences between term-life and whole-life insurance plans.
Ambitious insurers can help reduce confusion by using chatbots which can interact with consumers in a simple language.
3: Generate proactive alerts/ notifications
Consumers often forget about due dates of payment of premiums. AI-driven chatbots can guide consumers to sync Google calendars accordingly and get proactive alerts/ notifications on time.
4: Claim advisory
Members of health insurances and employer-initiated insurance plans get overwhelmed by the sheer range of claim requirements and coverage exceptions.
Insurance policyholders can quickly check their existing coverages, how to file for claims and track claims status with the aid of chatbots. In addition, physicians and doctors can use chatbots to simplify pre-authorization and billing inquiries.
5: Manage claims proceedings
No redundant paperwork. No meaningless steps to follow in the matters of insurance claims processing. Insurance services can reduce the number of disgruntled customers by speeding up claims proceedings. Chatbots like ZOE can help settle insurance claims in minutes.
However, the overall process duration varies with the nature of the claims, but, chatbots can certainly cut down insurance wait times.
6: Insurance shopping assistants
Insurance chatbots help consumers select from top policies on the basis of their coverage needs and risk profiles. Chatbots not only explain policies but also display quotes and help consumers choose the best.
7: Get 24/7 assistants
Misfortune can strike at any hour. Consumers might need to consult with insurance advisors at any point in time. Chatbots are available 24/7. Consumers can interact with them at any time.
It’s high time that insurers mold their business models on the lines of the advancing digital world. Survey results are predicting that by 2020, around 85% of customer relationships will be automated. The insurance sector cannot afford to ignore the changing times.
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