Chatbot Platform for the Insurance Industry

Additionally, the survey found that respondents aged were much more comfortable receiving healthcare-related self-service through automated channels such as chatbots and IVAs. Digital transformation in insurance has been underway for many years and was recently accelerated by the Covid-19 pandemic. When today’s members interact with their health insurance provider, they’re in need of easy access to answers and quick resolutions.

The automation of several processes like broking, low-level claims processing, standardized underwriting is already implemented, and more automation is expected to follow. Chatbots are bound to play a more significant role in the future to come. But let’s explore how they change the customer experience while assisting your agents and looking after the smooth running of your organization. If they can’t solve an issue, they can ask the policyholder if they’d like to be put through to an agent and make the connection directly. The agent can then help the customer using other advanced support solutions, like cobrowsing. A. The insurance chatbot market is projected to reach $4.45 billion by 2032.

The Company

A chatbot can support dozens of languages without the need to hire more support agents. Multi-channel integration is a pivotal aspect of a solid digital strategy. By employing bots to multiple channels, consumers can converse with their provider via a number of means, whether it’s a messaging app like Slack or Skype, email, SMS, or a website. Automate experiences across the most costly consumer channel with LLM-powered voice bots to create more natural and efficient interactions. Not only this, but customers are able to make claims 24/7, without needing to wait for contact center opening times or an agent to become available. Hubtype’s insurance partners are able to resolve claims 5x faster, and reduce contact centers calls by up to 50%.

As machine learning and AI technology evolve, chatbots too will be able to assist customers faster and more accurately, approving valid claims within minutes. With Chatbots to help lead customers to the exact information, they are seeking, or provide solutions instantly, customers no longer need to navigate the website or any other interface, saving precious time. They can simply ask or type what they need, and multi-step actions are compressed into a single command followed by the chatbot.

Future of chatbots for insurance agents

On-premise/cloud-based deployment on any existing messenger platform, bot training, and seamless integration with CRMs & other business systems for consistent customer experience. The latest insurance chatbot use case you can implement is fraud detection. But thanks to measures of fraud detection, insurers can reduce the number of frauds with stringent checking and analysis. The former would have questions about their existing policies, customer feedback, premium deadlines, etc. In this case, your one-for-all support approach will take a backseat while your agents will take extra efforts to access the customer profile to give them answers. On WotNot, it’s easy to branch out the flow, based on different conditions on the bot-builder.

With global insurance spending on AI platforms set to reach $3.4 billion by 2024, now’s the time to take the lead. The insurers who know how to use new technologies — in the right place, at the right time — to do more, faster, for policyholders will be the winners in the race to deliver an unbeatable CX. After the damage assessment and evaluation is complete, the chatbot can inform the policyholder of the reimbursement amount which the insurance company will transfer to the appropriate stakeholders. Based on the insurance type and the insured property/entity, a physical and eligibility verification is required. Gone are the days when you had to dig through piles of papers to find your insurance details. With a chatbot, managing your policy is as easy as chatting with a friend.

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