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The Key Areas Where Chatbots Fit in the Insurance Industry

Written by Caitlin Soard | Nov 3, 2017 5:20:47 PM

Chatbots are capable on providing one-on-one consultancy to website visitors, customers, as well as internal employees. In the insurance industry, this is vital, as it is a large, complex industry that customers and employees alike may have questions about. Where do chatbots fit in within the insurance industry? One of our chatbot experts has crafted a list of key areas for chatbots in the insurance industry.

How Bots Add Value to Insurance Companies

There are several different types of chatbots, all used for a different sort of task. Finding one that is the right fit for your industry can be tricky, but we’ve laid out some of the basic tasks bots can help you with here:

Policy Questions

Does a customer remember everything your company’s policy offers them? Most customers don’t remember every little detail of their policies and can often find it difficult to navigate through the policy documents to find answers. For example, a customer might want to know whether or not their spouse is covered under the current insurance policy, or want to know which hospitals are covered under cashless scheme. In these instances, customers will often call customer service to find out details. However, considering that most people are tech savvy these days, many people often prefer to just send their queries to a bot rather than go through the effort of calling someone. A bot can easily help customers find answers for their questions, instantly.

Want to learn more? Check out our free Chatbots 101 Guide here.

Filing a Claim

Bots can help customers lodging a claim. They allow customers to record a claim right from their smartphone, and know the status of their claim. Customers won’t need to call the company in order to file a claim, instead they can do it through the bot. Younger customers tend to prefer to text, rather than wait to talk to a customer service representative. Bots are available 24/7, meaning they can help customers whenever they need them, rather than within the restraints of a typical work day. In these cases, the bots ask simple questions to get a grasp on the situation and can provide feedback about the customer’s claim. This is a fast and efficient way of helping a customer.

Customer Service

Bots can help resolve customer service issues by creating incidents and helping to track issues they created. In addition, bots can assign these incidents to human employees if the task becomes too complex for the bot to handle.

New Policy Suggestions

A bot can understand the current customer need, and can suggest appropriate policies that suit each customer’s needs, right when they need it. A bot, when designed and implemented properly, can act as a sales person and thus add to your company’s bottom line.

Guidelines Before Bot Implementation

  1. Make sure the bot answers simple questions to start with. A poorly designed bot that offers incorrect answers to the customer’s questions can actually damage your company’s reputation.

  2. Test your bot thoroughly internally before deploying to real customers.

  3. Make sure to track your bot’s activity and gain customer insights on the bot’s performance.

  4. Incorporate feedback loops with the customer: Occasionally during the conversation, ask whether or not a customer is happy with their cat. This will help you track bot performance.

More Information on Chatbots for the Insurance Industry

Want to learn more about chatbots? These blogs may help you in finding the right chatbot to fit your insurance industry needs. You can also check out our free Chatbots 101 Guide for more info: