What Is an Insurance Chatbot? +Use Cases, Examples

Our solutions go beyond the usual customer service – they are designed to become an integral part of your business. Are you tired of generic chatbots that just don’t get your insurance business? Do you wish you had the world’s smartest employee that can instantly answer any question about your company?

In the event of a more complex issue, an AI chatbot can gather pertinent information from the policyholder before handing the case over to a human agent. This will then help the agent to work faster and resolve the problem in a shorter time — without the customer having to repeat anything. Let’s take a look at 5 insurance chatbot use cases based on the key stages of a typical customer journey in the insurance industry.

Collect more applications and qualify customers

Whatfix is a data-driven digital adoption platform (DAP) that enables organizations and users to maximize the benefits of software. Whatfix acts as an interactive overlay on top of any application to guide users with real-time guidance, self-help support, and user feedback. A Digital Adoption Platform (DAP) is an in-application interactive solution that can provide contextual training, help, and on-screen guidance for employees or end-users. DAP acts as a layer of content over your software application to empower end-users to learn and become more productive in your application. Whatfix enables you to create and deliver contextual and customized content in the form of Flows, help tips, videos, links, and text, all as an in-app experience. According to a 2019 Statista poll, 44% of clients are comfortable using chatbots insurance claims, while 43% are happy to purchase insurance coverage.

The insurance sales and support bot helped us in reducing processing time by almost 60%. WotNot delivered a high-quality chatbot solution covering all important aspects of our business. Despite these challenges, chatbots can be valuable to an insurance company’s client service arsenal. In addition, chatbots can proactively reach out to insurance customers to offer assistance. Good customer service implies high customer satisfaction[1] and high customer retention rates. This is where AI-powered chatbots come in, as they can provide 24/7 services and engage with clients when they need it most.

User responsive platform

Your insurance company can rely on the bot to highlight possible fraud instances, prompting customers to provide supplementary documentation as evidence. Insurance firms can employ chatbots for swift processing and validation of claims, a task that was previously time-consuming. Chatbots can accelerate claim approvals, providing proactive updates on payment details and account changes to policyholders even before final settlement.

These chatbots are trained to comprehend the nuances of human conversation, including context, intent, and even sentiment. Chatbots, once a novelty in customer service, are now pivotal players in the insurance industry. They’re breaking down complex jargon and offering tailor-made solutions, all through a simple chat interface. As soon as there is a change in the status of a claim, chatbots can proactively reach out to policyholders to keep them informed throughout the process.

Rich Analytics and support channels

GEICO states that customers can communicate with Kate through the GEICO mobile app using either text or voice. The next part of the process is the settlement where, the policyholder receives payment from the insurance company. The chatbot can keep the client informed of account updates, payment amounts, and payment dates proactively. For instance, Metromile, an American car insurance provider, utilized a chatbot named AVA chatbot for processing and verifying claims. Conventionally insurance agents used to make house calls or even reach out digitally to explain the policy features. Customers can submit the first notice of loss (FNOL) by following chatbot instructions.

In more complex cases, an AI chatbot can act as the first line of defense to gather information from a policyholder before passing it off to an agent. Want to hear an honest conversation about how customer service can differentiate your insurance company? Insurance firms can put their support on auto-pilot by responding to common FAQs questions of customers. It’s easy to train your bot with frequently asked questions and make conversations fast.

Ready to build one of the best insurance chatbots?

Before spending their money, they need to have a holistic view of the policy options, terms and conditions, and claims processes. A leading insurer faced the challenge of maintaining customer outreach during the pandemic. Implementing Yellow.ai’s multilingual voice bot, they revolutionized customer service by offering policy verification, payment management, and personalized reminders in multiple languages. Insurance chatbots excel in breaking down these complexities into simple, understandable language.

Singaporean insurance company FWD Insurance has a chatbot called “FWD Bot”. It helps users find the right insurance product, make a claim, and understand their policy. Chatbots provide non-stop assistance and can upsell and cross-sell insurance products to clients. Let’s say a client asks an insurance chatbot about their car insurance policy. The chatbot should be able to understand the question and provide the client with the relevant information. Insurance chatbots can also provide all the supporting details a new customer needs to sign up and proceed with the client onboarding process or help existing policyholders upgrade their plans.

Improved compliance and risk management

Read more about Chatbot For Insurance here.

• The use cases for an insurance chatbot are beneficial for both insurance companies and their customers alike.
• By resolving your customers’ queries, you can earn their trust and bring in loyal customers.
• Apart from giving tons of information on social insurance, the bot also helps users navigate through the products and offers.
• Its intuitive no-code interface and drag & drop functionality, puts coding out of the equation, making bot building effortless and accessible for all.
• The chatbot learns and improves its responses with each interaction, becoming even more adept at understanding and empathizing with customers.