Insurance Chatbot Examples: 5 Innovative Use Cases

Chatbots in insurance can educate customers on how the process works, compare as well as suggest the optimal policy, from multiple carriers, based on the customer’s profile and inputs. That apart, it can engage and interact with every visitor, either on your website or any other channel, thereby increasing conversions. On the face of it, it may seem that younger insurance buyers will prefer online communication, their middle-aged counterparts will prefer phone calls, and senior citizens would like to talk in person. There’s been a shift in communication preferences across all age groups and nationalities. Conventional channels of customer support are less in demand, and more and more people are turning to instant messaging as their chosen mode of communication.

It will certainly continue to develop for a long time to come and include new use cases in its repertoire. Around 25% of those affected use this service, which allows them to trigger a payout directly and within just 90 seconds. Clara can also actively help in the event of storm damage, which has unfortunately been a frequent occurrence recently. When the phones are ringing off the hook, Clara assists customers with their damage reports at any time and without any waiting time. Chatbot Clara is based on the open source conversational AI software from «Rasa». If you’d like to develop a chatbot for insurance, drop us a note on or just ‘Get In Touch’ with us.

Insurance Chatbots

Because not all technologies on the market make use of these sophisticated integrations, it’s critical to look for chatbot platforms that link with external and internal systems. They can accomplish so by using Robotic Process Automation to integrate with the company’s back-office systems (RPA). Customer insights are most valuable when they can be leveraged to deliver better prices and guidance on quotas and insurance claims. Chatbots can provide tailored recommendations by keeping track of consumer behavior and habits.

Customer care should be more excellent than ever to keep the customer satisfied, loyal, and retained. See what benefits an AI-based chatbot can bring to policyholders and insurers, what challenges are hidden inside, and how to manage them during the implementation. There are a number of factors at play here, one of which is the evolution of different interfaces that allow us to interact and search for information. At ServisBOT, we are seeing the insurance sector embrace chatbot solutions for a range of different use cases and to achieve different business objectives. The main driver has to be the business need and where a chatbot can have a significant business impact.

Insurance chatbot use cases

To put it more simply – our machine-learning technology has listened to thousands of interactions and come to understand the intent behind the queries that members have typed into our virtual assistants. That means that a Verint IVA can be deployed in a health insurance space and be effective on day one thanks to the pre-packaged intents that have been established. At Verint, we have two decades of real-world experience in the health insurance space.

At the same time – as we showed above — health insurance members are increasingly accepting of handling their insurance needs through automated self-service. If your insurance company wants to build a user-friendly, customer-focused insurance chatbot quickly, Gupshup can help. Contact us to know more about our low-cost bot-builder platform and bespoke bot development services.

Kotak Life Insurance (KLI)

Using the smart bot, the company was able to boost lead generation and shorten the sales cycle. Deployed over the web and mobile, it offers highly personalized insurance recommendations and helps customers renew policies and make claims. Smart chatbots with AI and ML technologies make it easy to offer personalized advice to customers based on demographic data and analytics.

It took a few days for people to realize the leap forward it represented over previous large language models (known as “LLMs”). The results people were getting helped many realize they could use this new tech to automate a wide range of tasks. CEO of INZMO, a Berlin-based insurtech for the rental sector & a top 10 European insurtech driving change in digital insurance in 2023. Schedule a demo with our experts and learn how you can pass all the repetitive tasks to DRUID conversational AI assistants and allow your team to focus on work that matters. As the micro-conversions build during a conversation with your bot, the visitor is likely to trust your business. Bots and automated, engaging conversation can significantly improve your user engagement.

In addition, Insurmi team members take care of the coding and deployment of this AI technology and provide 24/7 ongoing technical support to clients. An insurance chatbot is an AI-powered virtual assistant solution designed to cater to the needs of insurance customers at every stage of their journey. Insurance chatbots are revolutionizing the way insurance brands acquire, engage, and serve their customers. An AI-powered chatbot can integrate with an insurance company’s core systems, CRM, and workflow management tools to further improve customer experience and operational efficiency. Chatbots can now handle a wide range of customer interactions, from answering simple questions to processing claims. This is helping insurance companies improve customer satisfaction, reduce costs, and free up agents to focus on more complex issues.

Insurance chatbots, rule-based or AI-powered, let you offer 24/7 customer support. No more wait time or missed conversations — customers will be happy to know they can reach out to you anytime and get an immediate response. With a proper setup, your agents and customers witness a range of benefits with insurance chatbots. For example, a user may ask a chatbot how much they can expect to pay for their car insurance premium based on their driving history. The chatbot can use generative AI to analyze the user’s driving history and provide a personalized quote based on their unique situation.

AI chatbots act as a guide and let customers keep in control of their buyer journey. They can push promotions in a specific timeframe and recommend or upsell insurance plans by making suitable suggestions at exactly the right moment. This facilitates data collection and activity tracking, as nearly 7 out of 10 consumers say they would share their personal data in exchange for lower prices from insurers.

Many insurers are still unaware of the potential benefits that chatbots can offer. This lack of understanding often leads to a lack of investment in chatbot development. In addition, chatbots can handle simple tasks such as providing quotes or making policy changes. This is where AI-powered chatbots come in, as they can provide 24/7 services and engage with clients when they need it most. Chatbots will also use technological improvements, such as blockchain, for authentication and payments.

Not to forget, delivering prompt service and communicating real value. We power close to a billion conversational interactions a month, helping organizations drive engagements that feel Curiously Human™, not cold and robotic. Our conversational interactions offer a personalized service at scale, all through the power of AI built with intent-discovery.

Global rise of chatbot popularity

Unlike large finance or technology-heavy organisations, insurance firms have not had the need to transform their IT infrastructure in recent times. In general, they have adopted a mindset of “if it ain’t broke, don’t fix it”. To be able to adopt more modern computing-intensive applications like virtual assistants, they will need to change this mindset. There is still room for improvement for insurance firms in terms of the speed of adoption in technologies, especiallywhen it comes to conversational AI solutions. Some forward thinking insurance firms like AIA are already thinking of ways to help their agent workforce be more productive by enabling them with mobile apps and omnichannel experiences. Insurance products may be subject to revisions and redefinitions from time to time.

The role of agents in the future will therefore morph into that of product educators, process facilitators and relationship builders. 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. We developed a front- and backend for a chatbot that supports a structured process for gathering data. Its features include integrations with third-party services that enable customers to validate their identity through the chatbot, view different legal documents, and sign those documents all in the same location.

• Trained and powered by Google Search to converse with users based on current events.
• However, within the insurance business specifics and current technological limitations, it would be better to combine bots with humans.
• The use cases for an insurance chatbot are beneficial for both insurance companies and their customers alike.
• Getting clarity and the support needed along the customer journey is often difficult.
• Insurance companies are seeing the ground-breaking potential of ‘the humble chatbot’.

The chatbot can also learn from the user’s interaction history and adapt its responses accordingly, providing more detailed and relevant information over time. Additionally, AI chatbots can use predictive analytics to forecast future customer buying behaviour. Integrating chatbots with learning models and recommendation systems enables them to make informed predictions about the product a customer is likely to purchase during cross comparison.

Your insurance company can trust the bot to flag potential fraud by asking customers for additional proof of documentation. Chatbots have literally transformed the way businesses look at their customer engagement and lead generation effort. They help provide quick replies to customer queries, ask questions about insurance needs and collect details through the conversations. In fact, there are specific chatbots for insurance companies that help acquire visitors on the website with smart prompts and remove all customer doubts effectively.

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