12 Use Cases of WhatsApp Chatbot for Insurance

But to upsell and cross-sell, you can also build your chatbot flow for each product and suggest other policies based on previous purchases and product interests. Another chatbot use case in insurance is that it can address all the challenges potential customers face with the lack of information. According to a 2019 Statista poll, 44% of clients are comfortable using chatbots insurance claims, while 43% are happy to purchase insurance coverage. As a result, practically every firm has embraced or is using chatbots to take advantage of the numerous benefits that come with them. Chatbots will also use technological improvements, such as blockchain, for authentication and payments. They also interface with IoT sensors to better understand consumers’ coverage needs.

Chatbots automate the insurance process and make it easier for customers and insurance agents. According to a survey, 53% of consumers are more likely to end up purchasing online if they can message the business directly. Based on initial conversations, the leads that lie further down the purchase funnel can be assigned higher intent scores, before being passed on to the sales representatives as qualified inbound leads. Along with other strategies to improve customer experience in insurance, especially digital ones like live chat, insurance chatbots can be a big help. Tidio is a live chat provider that offers AI insurance chatbots for easy customer service.

Automate insurance policy processes with chatbots

With an advanced bot, it’s virtually effortless to identify customers who file bogus documents and make false claims to squeeze money out of the insurer. Your insurance company can trust the bot to flag potential fraud by asking customers for additional proof of documentation. 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. The Verint® Intelligent Virtual Assistant™ for health insurance understands more than 92 percent of user intents when it comes to health insurance, and can then deliver the responses your customers need. Capacity is an AI-powered support automation platform designed to streamline customer support and business processes for various industries, including insurance.

A virtual assistant answers prospects’ and customers’ questions, triggers troubleshooting scenarios, and collects data for human agents to resolve complex issues. Anound is a powerful chatbot that engages customers over their preferred channels and automates query resolution 24/7 without human intervention. 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. In a market where policies, coverage, and pricing are increasingly similar, AI chatbots give insurers a tool to offer great customer experience (CX) and differentiate themselves from their competitors. They can respond to policyholders’ needs while delivering a wealth of extra business benefits.

Best Insurance chatbot examples

They can even have intelligent conversations thanks to technologies such as natural language processing (NLP). This chatbot is the perfect tool to generate leads if you’re an insurance broker. It explains the various benefits and procedures involved in the services provided. Based on the basic details provided by the customer, this bot helps to provide insurance quotes for agents. Artificial intelligence (AI) powered chatbot technologies are adding a new dimension to different aspects of insurance business. However, for the successful adoption of chatbots, you must identify a fine balance between human understanding and machine intelligence.

The bot can also carry out customer onboarding, billing, and policy renewals. Botsify allows creating AI insurance chatbots for websites, SMS, WhatsApp and Facebook. Chatfuel is a no-code ai insurance chatbot development platform for Facebook, Instagram and Messenger for increasing sales, reducing cost and automating support.

The capacity to respond to consumer queries has become a vital component to the success of the company. Thus, businesses see chatbots as a strong conversational interface for engaging consumers and offer a dynamic and rich user experience. Furthermore, several companies have incorporated virtual assistants that employ AI and predictive analytics to allow consumers to converse via voice and text.

Opening up its Messenger platform for anyone to develop and deploy Chatbots also opens the door for the automated insurance agent. Whereas the banking focus of Fintech was all about “disruption”, the digital innovation focus of InsurTech is about “rapid evolution”. A great example of this is the Chatbot, which is short hand for an automated insurance agent in our market.

Insurance customers are demanding more control and greater value, and insurers need to increase revenue and improve efficiency while keeping costs down. AI chatbots can respond to policyholders’ needs and, at the same time, deliver a wealth of significant business benefits. Following such an event, the sudden peak in demand might leave your teams exhausted and unable to handle the workload. This is where an AI insurance chatbot comes into its own, by supporting customer service teams with unlimited availability and responding quickly to customers, cutting waiting times. 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.

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