In this digital era, insurance customers are seeking new ways to digitally interact with their insurers. They want to deal with companies that offer them a better insurance buying experience with multiple touchpoints that go beyond the usual call centers. This is where chatbots come into the picture. A well-designed chatbot can help an insurance company offer a more personalized experience to its customers.
“AI bots will power 85% of all customer service interactions by the year 2020’’—Gartner
Chatbots can efficiently handle millions of one-to-one conversations with their customers by acting as a bridge between insurance companies and consumers. Insurance customers find it irksome to go through lengthy phone prompts while being filtered through call centers. Instead, they prefer a mode of communication that includes live chat or texting.
“AI bots will power 85% of all customer service interactions by the year 2020’’- Gartner
5 key reasons why insurance companies are shifting to chatbots
- Chatbots are more human-like
Chatbots are integrated with capabilities of identifying speech patterns and interpreting non-verbal hints for smoother interactions. These characteristics provide insurance users a feeling as if they are interacting with a real human who is smart enough to handle their insurance-related queries. Moreover, with an increase in the usage of text-based mobile apps that has shifted verbal communication to written communication, customers find chatbots as an ideal customer support available 24 x 7 with user-friendly conversational UI.
- Chatbot are replacing apps
It is quite evident that our smartphones are overloaded with mobile apps. It is said that out of 10 apps, seven are never used and are uninstalled in less than two weeks. This is the prime reason that insurance companies should choose to go for chatbot development as they allow the user to interact with services without the need for downloading or installing an app and having to struggle to learn a new UI.
- Chatbots are easy to deploy
It is quite easy and fast to build a chatbot compared to a mobile application. There is a wide assortment of bot templates, simple tools, as well as ready-made software developed by Facebook, Microsoft and other tech giants you can make use of. However, if you want to customize your chatbot, then integrate it with a messenger platform of your choice and if needed, add some advanced features, and the bot is ready to go live.
A chatbot facilitates communication, enabling insurance firms to organize distribution, claims, and customer support directly into a messaging application that supports millions of regular users and billions of messages every day.
- Chatbots can improve customer engagement
Chatbots enhance customer experience with brands because they provide users an easy way to get the information they need.
It will show the user one response at a time with a quick and personalized approach which may include images, content, links, call-to-action buttons or direct payment options based on user input at a specific point. This means that the user is not overwhelmed with information. Hence, chatbots are considered as an excellent tool for keeping users on a certain platform longer and keeping the content flowing from the start till the end by maintaining the conversation.
- Chatbots can automate claim processes
Chatbots can help a user to register the first notice of loss, schedule the survey appointment for the evaluator, provide loss prevention recommendations, arrange emergency assistance during accidents, and offer pre as well as post disaster assistance. They can help an insurance company in automating repetitive communication functions without increasing the company’s overhead.
A final word
Chatbots have proved very useful to insurance organizations as they help them to achieve effective customer engagement, to explain complex products, to improve sales and distribution, and allow fast and contextual access to information. The main thing is they can accelerate employee productivity by letting them concentrate on core activities that can differentiate your organization in the marketplace.