How Chatbots Are Making Insurance Agencies Customer-Friendly and More Approachable to Do Business

How Chatbots Are Making Insurance Agencies Customer-Friendly and More Approachable to Do Business

Virtual Assistants (VA) or chatbots are no longer uncommon. They have moved into the mainstream in a quick manner. No longer do they cause consumers to stumble awkwardly when coming encountered. The same is true for insurers. Chatbots are more than a novelty and are entering deeply into the insurance industry. While it is true that insurers are yet scratching the surface of AI customer service, still there is no doubt that chatbots are becoming hugely popular across various industries including insurance agencies.

Intelligent Query Solver

AI-based chatbots will bring about new efficiencies which can be achieved by assisting various queries simultaneously. Also, being a recent technology, bots are intelligent and in the coming years, will be bound to improve their insurance industry specific Natural Language Processing models. Now even though chatbot development services provide multiple benefits, still it is important that insurance agencies need to make sure that they are supported with the right and trustworthy intelligence.

Adding Great Value To Insurance Companies

You might come across various kinds of chatbots that are used for various kinds of tasks. So, finding one which simply fits your industry is quite tricky. The following are some of the major was in which chatbots can assist an insurance agency in their operation:

Policy Questions

Is it possible for a customer to remember everything that is written on the insurance policy provided by you? You might be surprised to know that most customers won’t remember even the minute details of their policies. Also, they will even find it difficult to go through the policy document to get the required answers.

For example, an insured individual would want to know whether their spouse is covered under the insurance scheme or which hospital accepts the cashless scheme. Rather than going through the document, the easiest method would be to contact the customer care and get the details.

But nowadays, people are so tech-savvy that they would really try sending queries to a bot rather than calling. So, in such a case, a bot can be an easy method for customers to get the answers for their queries.

Filing Claims

Using bots, customers can easily lodge claims. All that a customer would need to do is use his or her smartphone and record the claim. They can also use their phone to learn about the status of the claim. Most importantly for the insurer’s costs, customers won’t have to call the insurance firm to file the claim.

Instead, they can use the bot for filing claims. The younger generation are mobile followers, so they prefer to send a message on their favourite channel (e.g. Facebook Messenger or WeChat) rather than go to the office, meet the customer representative and talk. In addition, AI-based chatbots are available 24/7, so it means that customers can use them whenever they want, rather than within the restrains of the typical workday.

In all the above cases, the bot will simply ask basic questions to understand the situation. Based on this, it will provide the required feedback to the customer’s claim. No doubt, this is the fastest and most efficient method of assisting customers.

Customer Service

One of the best parts of using chatbots is that they can resolve customer service issues through the creation of incidents and even assist in tracking issues that are created. Besides that, bots can assign such incidents to human employees only if the task is too complex for them to handle.

Suggesting New Policy

Understanding the customer’s need is one of the major advantages of using AI-Based chatbots. Not only that, they would provide suggestions regarding the appropriate policies that suit each of the customer’s needs especially when they want. No doubt, a bot when properly designed and implemented will act as a sales individual and this will add to your company’s bottom line.

Examples Of Chatbots Used In the Insurance Sector

1) Nienke – This is a virtual host of the Nationale-Nederlanden, which is one of the major insurers in Holland. It was first deployed in 2011, and it answers user questions as well as links to the answers of the commonly asked question based on the original query.

2) Magda – This is a chatbot which was used by the Link4, a polish insurer in 2012.

3) Marc – Launched in 2007, this chatbot answers questions regarding the French financial services firm Credit Agricole’s health insurance services. Also, this advanced bot can easily analyze the customer’s needs and even modify it to meet their requirements.

4) Mia – This is used by the employees of Co-operative Banking Group in the UK to provide insurance and banking information and advice. The Mia chatbot lives on the intranet of the firm. Not only that employees can easily interact with her using natural language.

Guidelines To Follow Before Implementing Chatbot App Development Services

Now one of the major guidelines you need to follow is to make sure that the chatbot answers simple questions. A company’s reputation can get really hurt or damaged if the bot doesn’t provide the correct answers to the customers’ questions.

Another important thing you need to do is to test the bot thoroughly internally just before it is deployed to the customer. Frankly, you really need to make sure to track the activities of the bot and get customer insights about the performance of the bot. Most importantly, you even have to incorporate feedback loops with customers. It is best to retrain the NLP model regularly as well as have an end of conversation question to ask whether or not the customer is happy. This will really assist you in tracking the performance of the bot.


Gopika M

Gopika M is an enthusiastic blogger who follows the latest SEO and digital marketing trends. Her passion lies in being active on all social media platforms to analyze business trends and provide the best marketing solutions for businesses. She currently works as an SEO expert in an international web and mobile app development company.

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