Diverse ways of using AI-powered insurance chatbots

As the world is becoming more digital focused, legacy systems in the insurance industry are gradually evolving. To a great extent, digitalization has demystified insurance processes for customers. They can now shop for policies online, read reviews, get questions answered through online AI chatbot, and compare offerings of various providers, in order to invest in the desired insurance coverage.

The competition in the insurance industry is on the rise. Customers today have a huge number of options to choose from. Hence, if you fail to meet their expectations, they can shift to a competitor without a second thought. These customers expect personalized, seamless, and on-demand services and experiences. These expectations cannot be met with the old, convoluted processes. To bridge this gap and improve customers, insurance companies are investing in AI-powered insurance chatbots.

Streamline customer inquiry handling 

The first interaction between a customer and an insurance company is through inquiry. They may inquire about the policy options, their premiums, eligibility, and more. Customer service executives typically spend a lot of time in answering these questions. The use of Chatbot AI solutions can help in handling these inquiries easily and promptly, without any human intervention. As the bots answer the basic, initial queries, customer service executives can focus on more complex concerns.

Simplify claim settlement tracking 

Insurance settlement claims can be quite a tedious process, which may take several days and involve multiple parties. Customers have to constantly follow up with an agent or customer service executive to check the status of the claim. Chatbots can make checking up on claims a lot easier for the customers. The bot would simply as the customers a few pertinent details, pull up their policy from the CRM of the company, and immediately provide accurate status of the settlement.

Opportunity for cross-selling and up-selling

As a customer tries to buy a certain product or service, there would be a tiny window of opportunity for up-selling and cross-selling. Making relevant product suggestions here is extremely crucial. Conversational AI enabled chatbots can logically guess which product the customer is most likely to buy, based on their past purchases and other insights, and subsequently makes smart suggestions.  

Provide guidance for online payments 

Most insurance companies enable their customers to make their premium payments through multiple channels. Chatbots can guide the customer through the process of making the payment, based on the channel or method of their choice.

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