Insurance Industry

Insurance Industry

Insurance industry is one of the least innovative areas for customer experience, meaning that customers typically come away from their interactions disappointed and dissatisfied. Customers expect to be able to interact with companies through modern technology; a recent survey found that 74% of consumers say they would be happy to get computer-generated insurance advice. Consumers expect to be able to engage with an enterprise on the channel of their choosing, much like they would with any individual.

Chatbots provide a conversational platform to both the existing and the potential customers. Customers can send a text and can get quotes, compare policies, get insurance advice and buy a policy, all with the help of text or voice messages. Not only this, customers can even file claims with these Chatbots instead of calling customer care or visiting the office. For Insurance Providers, it is a great way to save costs and increase operational efficiency. For customers, the whole process becomes convenient and quick and adds to customer satisfaction.

Bots could potentially scan a customer’s social profile to gather information and find trends and patterns. AI can analyze data better than humans to more accurately predict each customer’s risk, thereby providing customers with the right amount of insurance and companies with protection from risky customers.

AI can be applied to improve the claims process, which currently has to be touched by multiple employees. However, a new process of “Touchless” claims that uses artificial intelligence and other technology to report the claim, capture damage, audit the system, and communicate with the customer removes human intervention and thus, makes the process efficient as well as a major source for cost reductions. This mechanism can be attached to Chatbots.

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