Insurance Chatbot: 9 Best Use Cases in 2022

This sudden hike in demand can overload and subsequently exhaust your team. At such times, you can automate one of the most time-consuming activities in insurance, i.e, processing claims. With this, you get the time and effort to handle the influx and process claims for a large number of customers. The bot can ask questions about the customer’s needs and leverage Natural Language Understanding (NLU) to match insurance products based on customer input.

The ease of filing a claim via text message right after an incident boosts customer satisfaction and is a great selling point. Investigate Conversational Commerce options to connect with consumers in the channels they prefer, walk them through your policies, answer questions, and even send payment reminders to existing policyholders. Digital transformation in insurance has been underway for many years and was recently accelerated by the Covid-19 pandemic. health insurance chatbot When today’s members interact with their health insurance provider, they’re in need of easy access to answers and quick resolutions. To learn more about how natural language processing (NLP) is useful for insurers you can read our NLP insurance article. After the damage assessment and evaluation is complete, the chatbot can inform the policyholder of the reimbursement amount which the insurance company will transfer to the appropriate stakeholders.

Top 8 Use Cases of Insurance Chatbots

Once your customers have all the necessary information at their disposal, the next ideal step would be to purchase the policies. Everyone will have a different requirement which is why insurance extensively relies on customization. With changing buying patterns and the need for transparency, consumers are opting for digital means to buy https://www.metadialog.com/ policies, read reviews, compare products, and whatnot. Chatbots collect patient information, name, birthday, contact information, current doctor, last visit to the clinic, and prescription information. The chatbot submits a request to the patient’s doctor for a final decision and contacts the patient when a refill is available and due.

Identifying the context of your audience also helps to build the persona of your chatbot. A chatbot persona embodies the character and visual representation of a chatbot. Woebot is a chatbot designed by researchers at Stanford University to provide mental health assistance using cognitive behavioral therapy (CBT) techniques. People who suffer from depression, anxiety disorders, health insurance chatbot or mood disorders can converse with this chatbot, which, in turn, helps people treat themselves by reshaping their behavior and thought patterns. The higher intelligence of a chatbot, the more personal responses one can expect. Furthermore, hospitals and private clinics use medical chatbots to triage and clerk patients even before they come into the consulting room.

A Brief History of Insurance as a Service

Just as effective human-to-human conversations largely depend on context, a productive conversation with a chatbot also heavily depends on the user’s context. Healthcare chatbot development can be a real challenge for someone with no experience in the field. Chatbots for banking are becoming more efficient in providing businesses with high customer engagement. Many insurance firms lack the internal skills required to develop and implement chatbots.

Purchasing a policy can incorporate many different factors; and filling a claim involves a complex ecosystem of providers, adjusters, agents and inspectors. Getting clarity and the support needed along the customer journey is often difficult. As chatbots evolve with each day, the insurance industry will keep getting new use cases. As AI and Machine Learning become mainstream, the insurance industry will witness numerous functions and activities it can automate via advanced chatbot technology. Once a customer raises a ticket, it automatically gets added to your system where your agent can get quick notification of a customer problem and get on to solving the issue. Moreover, you want to know how your insurance chatbot performed and whether it fulfilled its objective.

Request a demo from Haptik to learn more about the potential of chatbots in the insurance sector. Haptik, for instance, developed an intelligent virtual assistant to answer inquiries from customers for Zurich Insurance Company (see Figure 2). Thanks to Haptik, Zurich Insurance’s platform currently handles about 85% of client inquiries automatically, with 70% of all inquiries being totally automated without human help. Detailed information like tech stack about insurance chatbot case studies go to our portfolio. Insurance chatbots can tackle a wide range of use cases across two key business functions – Customer Care and Commerce.

It’s essential for companies to take an educational-first approach to get prospects on board with the idea of paying premiums and buying insurance products. Insurance and Finance Chatbots can considerably change the outlook of receiving and processing claims. Whenever a customer wants to file a claim, they can evaluate it instantly and calculate the reimbursement amount. Conventionally, claims processing requires agents to manually gather and transfer information from multiple documents. With this system, it’s difficult to scale and bring speed to the process. But, even with this high demand, chatbot use cases in insurance are significantly unexplored.

Find out what your ROI will be if you build an AI chatbot. Try our free chatbot ROI calculator today.

As already established, Insurance is a boring and complex topic that becomes hard to understand. Using an AI virtual assistant, the insurer can educate the customers by uploading documents with necessary information on products, policies and frequently asked questions (FAQs). Since AI Chatbots use natural language processing (NLP) to understand customers and hold proper conversations, they can register customer queries and give effective solutions in a personalised and seamless manner. For questions that are too complex and require human assistance, the chatbot can always suggest the option to connect with a live agent for better service.

AI can help agents respond to customers faster with tailored responses by curating data from back-end systems on agents’ behalf and even drafting personalized responses. If a policyholder reaches out with questions related to coverage and specifics of their policy, a chatbot can provide updates in seconds. A chatbot can also answer general questions related to a provider’s products and services. At key points along the customer journey, a chatbot can also preemptively reach out with key information based on patterns of when questions arise based on products used and profile attributes. For centuries, the industry was able to rest on its laurels because information was inaccessible.