Enhancing Customer Experience with Insurance Agency via chatbot

Imagine you enter an insurance agency and it is empty, there is no one to greet or talk to you or someone you can ask queries. There is one register where you can enter your name, phone number, email and your query. You will receive response in next few days or maybe month. Will you like that kind of customer experience? Most of the insurance agencies are providing similar customer experience on their website. When customer come to their website and have some query ,only option available to them is to fill a Contact  Us form. Chatbot can act as virtual agent for your agency where it help client 24/7. It will welcome customers, navigate them to various ways you can help them and answer any query client may have.

A customer looking to buy insurance for his new house or car, wants to compare insurance policy coverage and premium payable for different insurance carriers. Most likely he/she will prefer to browse online rather than making personal visits or phone calls to different insurance companies. Well, he may have made the right decision as he is just a few steps away from his queries getting resolved and making the final decision on his insurance needs.

When shopping online for an insurance requirement, customers often face an issue navigating through the insurance site. Often they need help sifting through all that information available online. Most customers are confused with the vast amount of policy choices. However, with insurance agencies and companies adopting innovation in their deliveries, customers are now being offered enhanced experience during their insurance shopping.

So what are insurance agencies and carriers doing?

They are focusing on chatbot integration within their websites, moving beyond the traditional “contact us” page and “customer care email”. With a chatbot, immediate queries of the customer or even the casual browser is answered. He is directed to additional information about the policy, with the premium calculated in a few seconds.  So very likely the customer comes away having decided just what policy to take. The more intuitive the chatbot, the more capable it is to reduce customer churn and increase sales. The NLP functionality intuitively learns about the customer requirements to suggest the best policy offering. All from the comfort of his laptop at home or office, and at his convenience!

The chatbot acts as a virtual 24×7 assistant by answering questions and guiding the insurance purchase to the right product. It walks the customer through the process of answering FAQs, suggesting various policies available, the best-fit coverage and the premium payable. It is interacting with customers during weekends / after hours and acting as virtual team .

Still not convinced about how the insurance chatbot enhances customer experience? Then read on.

Customer Service chatbot examples for insurance

Suggests the best-fit insurance policy

When a chatbot talks to a customer, his geographic and historical data from any previous interactions is used to suggest tailored recommendations. Coverage of specific items and events that are associated with the customer’s location or previous insurance claims is automatically suggested by the chatbot. Also known as on-demand insurance.

Best Chatbot for insurance Agency

Provides assistance in claim filing

One of the most transformative uses of chatbots in insurance is in claims processing. The long and often tedious process of filing insurance claims is taken care of by the automated interface provided by the chatbot. Assistance is provided to the claimant for registration of the incidence of loss, schedule appointment for evaluation, arrange emergency support during accidents, and offer customised post-disaster assistance wherever applicable, like fire and burglary. This is one the most redeeming features of the chatbot as the claimant is able to navigate the process without the delays involved with manual filing. The automated process not only ensures the speedy settlement of claims, it also enables the customer to track the settlement process at any point of time.

For the insurance company, it saves workforce overheads, while simultaneously minimizing the likelihood of fraud.

Acts as an automated always-available insurance agent

Chatbots are highly automated and efficient; able to tackle any customer requirement with an instant response. Using NLP and AI-driven intuition, the chatbot is able to figure out the customer needs. Moreover, any historical customer data of the customer is instantly available to the chatbot for efficient customer support. Information such as whether the customer has other policy with the insurance company, any claim history or disputes; are drawn upon for suggesting best policies within a short time.  This remarkable ability of chatbots is reason why customers prefer to book their insurance virtually.

Supports automated underwriting

Chatbots offer a conversational interface instead of tedious static web forms. This simplified process simultaneously gathers information to perform automated underwriting functions based on the dynamic data.  Imagine automating the rows and columns of actuarial spreadsheets using a ML capability, for underwriting insurance in a matter of seconds!

This benefits the customer, as he gets a seamless and near-instant recommendation for his insurance needs.

Leverages the IoT network to provide a seamless customer experience

As the insurance industry leverages IoT-related technology for better solutions, it is the customer who gains. For instance, in motor insurance, IoT telematics or usage based insurance is used to offer additional coverage based on the customer behaviour. In healthcare, wearables and health trackers enable to determine costs associated with an insured’s health.

With more and more customers opting to buy their insurance on their smartphones, chatbots are able to help speedup the on-boarding process by activating new accounts after asking the necessary questions. As the chatbots record chats across browsers and devices, customer data is leveraged to provide the insurer with an optimal customer experience.

In an IoT network, chatbots also help speed-up settlement of claims, with faster verification of risk management information, in place on costly assessments and audits.

Bottom line

Chatbots are proving to be critical in the delivery of intelligent customer services in insurance. With a minimal setup they are able to improve the customer support process. Insurance chatbots are thus proving to the most effective and fraud-free method of serving customers get the most of their insurance spend.

Hopefully this article was useful to you and helped in learning something new. Please share it with anyone who may benefit from it.

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