Industry | 5 MIN READ

Time To Change The Way Insurance Sector Treats Its Customers

Published by Hardik Makadia on 30-May-2020

Every day, the insurance industry deals with thousands of customers, each having a multitude of queries about policies, claims processing, account updates, terms, conditions, and more. The humongous amount of queries and long queues to get on call with executives have made the insurance sector synonymous with mismanagement. Resultantly, frustrated prospects and customers usually drop off or switch to competitors. 

Insurers have sought technological advancements to address the growing concerns in the insurance sector. The latest technology that is taking the companies across verticals by storm because of the multitude of benefits it entails is chatbot. Chatbots in the insurance sector can make a world of difference in improving the overall customer experience. Let us see how-

Claims Processing

Claims processing is a process dreaded by insurers and insurance holders alike. Long forms with endless checkboxes and longer calls which result in more frustration on both ends make for a very horrible experience. Such excruciating experiences which people commonly associate with the insurance sector can be easily transformed into positive ones, using intelligent chatbots.

Intelligent chatbots can eliminate excessive human intervention required in the current scenario of claims management. The policyholder can simply report the claim in an AI-powered claims bot. The bot can then verify policy details and pass it through a fraud detection algorithm and generate a confidence score, based on which the insurance company can decide to settle or reject the claim.

Insurance chatbots thus provide immediate assistance to your customers, making the processing of claims a lot easier and hassle-free.

Lead Profiling

Chatbots work round the clock to address general FAQs and other queries. Based on the customer queries and responses, the chatbot can profile leads and provide them the quotes. This data gathered by the bot can then be utilized by the sales team to follow up on the leads and onboard new customers.

With chatbots on your website/app, you can address queries even outside operational hours. If a potential customer discovers your website late at night while surfing(which they usually do), they will still be able to interact with the bot and find answers about different policies, terms, and conditions. Chatbots in insurance can help you scale up your engagement rate, which in turn scales up your lead generation. Based on the conversations, insurance chatbots can be programmed to score leads. This will help your sales team easily convert more qualified leads. 

Personalized Recommendations

Because of their conversational nature, insurance chatbots can easily provide all the educational support that the customers need to find a suitable insurance product. Chatbots in insurance can process customer queries, scan through the policy repository and deliver accurate product recommendations, tailored to suit the needs of the individual.

Besides helping the individual decide on the best-suited product, chatbots also assist them through the purchasing process of insurance policies. Chatbots can be deployed across different channels like websites, apps, WhatsApp, Facebook Messenger, SMS, etc. to reach your customers easily.

Some of the prominent names in the insurance sector have already implemented WotNot insurance chatbots in order to improve customer satisfaction and stand strong in the face of the competition. One of the leading insurers of UK, Smart Sure, deployed WotNot chatbot for insurance and within just 90 days, they were able to reduce response time by a whopping 83%!

Key Benefits of Using Chatbots in Insurance

We have seen the different use cases in the insurance sector where chatbots can prove to be a valuable addition. Elucidated below are some benefits of employing chatbot in your insurance company:

  • Streamlining tedious processes

    Customers dread the enormous number of steps involved while buying or renewing insurance. Chatbots cut down on unnecessary steps and frequent to-and-fro between agents by walking customers through simple steps in a conversational manner. Easy access to information and removal of excessive human intervention makes customer onboarding simpler.

  • Reducing customer confusion

    People usually dread interacting with insurers because of the difficult and confusing jargons associated with the insurance industry. For e.g., trying to navigate the differences between various policies can be overwhelming to a consumer who is not familiar with the insurance space and its jargons. A chatbot can help reduce confusion by simplifying the complex terms into more straightforward language and walking customers through simple steps.

  • Reducing customer wait times

    In the face of growing competition in the insurance sector, insurers are finding it difficult to attract and retain customers due to extended waiting times. Insurance chatbots are easily accessible round the clock and provide instant responses to customer queries. Chatbots replace boring long forms with interactive experiences. This reduces customer wait times, enabling your company to provide smooth conversational customer experience.

  • Scalability

    Your customer support team can handle only so many customer queries at once. But chatbots are automated tools and hence can address thousands of customers at once. Whether you have 5 or 500 people on your website looking for answers, a chatbot is able to answer any number of queries instantly, at the same time. There is no limit to the number of conversations a chatbot can have at the same time.

In today’s age of cutthroat competition, insurance companies cannot afford to take customer service lightly. Implementing chatbots can enable you to retain customers and attract new ones by providing superior customer service. At WotNot, we understand the complexity of the insurance space and deliver a chatbot solution that is tailor-made to suit the use-case of your organization. Our chatbot conversation experts work closely with your team, delivering a superior chatbot that fits in seamlessly with your existing workflow.

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