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3 Amazing Ways Chatbots Can Transform The Insurance Industry

Some tremendous use-cases for chatbots in claims management

Chatbots are becoming all the rage in businesses across the world. More and more companies are implementing chatbots in their daily interactions with users. You might’ve noticed a small chat icon on the lower right-hand corner that pops up on websites these days. Yep, that’s probably a chatbot at your service! According to a recent study, by the end of 2020, around 80% of businesses would have chatbot automation for different purposes. This technology not only helps boost business processes but saves operational costs by being more efficient.

In a customer-centric world, all businesses are looking at technologies and processes that help them retain customers while delivering top-notch services. Customer experience is a key area where there is a lot of scope for innovation and improvement. Today, the insurance industry is not alien to a lot of challenges on the operational front. With a digital transformation that runs across all industries, insurance, as a service is not too far behind in adopting digital tools to uplift their offerings.

Chatbots in insurance can be implemented across different operations pertaining to customer experience and today we are going to look at 3 of the most innovative chatbot solutions for claims management.

Claim submission through chatbots:

Policyholders right now file claims by speaking to a representative from the insurance company. This process, which is called FNOL (First Notice of Loss) can sometimes prove to be time-taking. With the help of conversational AI through chatbots, policyholders can file their claims much faster and the data derived from the conversations between multiple users and the chatbot can be used to derive actionable insights to understand which type of approaches make the process more efficient.

Not only does implementing chatbots in claim submissions help speed up the process but also makes it more accurate when it comes to understanding the various kinds of claims that an insurance company is receiving.

Lead generation and conversion

Lead generation is a primary concern for insurance carriers and everyone is looking for cost-effective solutions when it comes to converting prospects into customers. A chatbot can prove to be a highly effective solution for optimizing this process. They are not solely devised for answering queries but are also equipped with the ability to analyze the intent of prospects with whom they engage in conversations and respond accordingly. Chatbots can thus profile leads into ‘hot’ or ‘cold’ and pursue only those which show a high possibility of conversion. This can help save massive amounts of resources and time.

Customer feedback and response

Each and every business thrives on its ability to retain and delight its customers and the insurance industry knows this fact better than most. While there is tough competition between carriers when it comes to policies and coverages, customer experience is a primary area where it gets fiercer. Implementing chatbots to help solve customer queries and providing responses to customer feedbacks can give a massive advantage to carriers in terms of high-quality customer service.

Chatbots can analyze large amounts of data to understand all the different kinds of queries and problems that can arise and provide effective solutions to policyholders in real-time. This helps speed up the CX process and leaves a lasting impression on policyholders.

Implementing chatbots in the claims management process can significantly boost operational quality and speed for insurance carriers. While adopting conversational AI technology is not cheap, the ROI it provides certainly helps scale up business value for carriers across different verticals.