Chatbots In Automated Insurance Industry


Chatbots as of now can get first notice of misfortune messages and take-up photos of the harm. Be that as it may, AI calculations will change chatbots further by empowering them to take the photographs as well as gauge the harm fix cost while performing misrepresentation checks in the meantime and afterward settling the case procedure immediately. Chatbots are getting brilliant enough to offer a separated dimension of involvement by measuring examples of data and analyzing them keenly to make associations all the more dominant, important, and constant. Needs help? Call us today!

Very recently I was informed that there will be a hackathon that is going to be conducted in the company I work and the main theme was insurance, this had me thinking on business opportunities in the insurance sector. Insurance sector is a huge data bank, bringing data science to this field will open ways for more interesting and challenging problems faced in the insurance sector.

The constant evolution of technologies behind chatbots such as AI and Machine Learning has unlocked many new opportunities for insurance companies who are striving to improve customer and agent experience. If you have ever interacted with “Kate,” “Arbie,” or “Maya,” you must have gauged the capability of virtual assistants in performing complex tasks and bringing the speed of service to their customers, without the need of human intervention.

Whether it’s helping a customer select the ideal plan as per the requirements or onboarding new clients or processing insurance claims, these intelligent chatbots offer enormous applications to the insurance industry bringing in unique ability to personalize customer experiences, enhancing the relationship between the company and its policyholders.

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Experts foresees 85% of customer relationships to be automated by 2022. This holds true in the Insurance sector as well. Almost every insurance firm is coming up with its bot, while some handle customer-facing applications, others focus on supporting insurance agents or speeding up administrative tasks. Let’s take up a few examples to understand how chatbots are deployed in this industry

  • GEICO launched its Chatbot “Kate” last year that is a smartphone app with voice and text recognition and can respond to billing and policy related questions.
  • Lemonade, a peer-to-peer digital insurance firm relies on “Maya” (its AI bot) to sell insurance to homeowners and renters and makes the processes simpler and faster.
  • “ABIe,” a bot developed by a large American insurer Allstate, support its agents and help them with the commercial selling process.

There are many examples like these that prove that bots are a blessing for a highly data-intensive industry such as insurance.

Below mentioned are five significant benefits that chatbots bring to the Insurance sphere.

“Human-like” Conversations and Faster Service

Chatbots can have a human-like voice or text conversation with the customers while answering their questions or providing relevant information in an understandable and straightforward language. Moreover, they are available 24/7 and can handle thousands of calls simultaneously without any human intervention.

Personalized Customer Service

Backed up with AI and Machine Learning, chatbots can pull on customer’s demographic and social details and learn crucial information from past interactions to offer personalized experiences. A chatbot can work as an automated insurance agent that recommends appropriate insurance to prospects based on their lifestyle and habits.

Find the Ideal Insurance Product

The intuitive interfaces of chatbots allow them to provide all the educational support that the customers need to find the ideal Insurance product. With their ability to scan through a massive amount of data at astounding speed, chatbots can offer the accurate product tailored to the specific needs of an individual. After helping the customer decide on the best product, chatbots also assist them in clearing the complex purchasing process.

Handling Claims

The ability to work 24/7 enables chatbots to help customers with the claim process regardless of the time of the incident. “Time-to-settle-claim” and “decrease-fraud” metrics play a critical role in improving the efficiency of an insurance business. And thanks to AI, chatbots are successfully taking care of these two “low hanging fruits” and have resulted into faster claim settlement with decreased fraud.

“Jim,” a chatbot developed by Lemonade, made headlines by settling a claim in less than three seconds.

Decreased Cost

Chatbots have the potential to handle numerous customer service tasks, thus offloading the burden of your employees and allowing them to focus on complicated matters. This will empower a business to a) better capitalize on the talent of its staff and b) save money associated with hiring new employees.

Whats Next?

With growing customer preference for self-service, insurance companies have spotted the opportunity to enhance the customer experience by deploying chatbots for more complex tasks than ever. For instance, chatbots currently have the ability to receive first notice of loss messages and uptake photographs of the damage. However, AI algorithms will transform chatbots further by enabling them to not just take the photos but also estimate the damage repair cost while performing fraud checks at the same time and then settling the claim process without any delay.

Chatbots are getting smart enough to offer a differentiated level of experience by gauging patterns of information and dissecting them intelligently to make interactions more powerful, relevant, and real-time.


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