Top 10 Conversational AI Use Cases in Insurance

Unleash the power of AI and no-code to self-serve every micro-engagement™-from acquisition and onboarding to end-to-end customer service journeys. When a customer interacts with an insurance agent, they expect agents to take into consideration their history and profile before suggesting a plan that is best suitable for them. Once your customers have all the necessary information at their disposal, the next ideal step would be to purchase the policies. Everyone will have a different requirement which is why insurance extensively relies on customization.

Leveraging the power of Natural Language Understanding (NLU), the AI can precisely pinpoint the customer’s intent based on Based on this, the assistant can then make personalized policy recommendations to the customer. We believe that chatbots have the potential to transform the insurance industry.

Offer guidance in the insurance process

An insurance company’s services and products no longer suffice to set it apart. The insurance industry is mostly identified with heavy paperwork, complexities, and legacy processes. Today, the offers and products provided by an insurance company are not enough to set it apart. Customer experience is the only brand differentiator that should not be ignored and support centers are the solution to meet the changing customer requirements. However, such customer support centers are expensive as well as obsolete because the customers find it difficult to access the support assistants through calls and messages. In addition, large customer service is required for a large number of customer requests, ensuring 24/7, individual interaction across multiple digital channels and different languages.

Conversational AI can be used to analyze data patterns and flag suspicious activity, helping insurers to detect and prevent fraud. In this blog post, we’ll explore some of the key use cases of conversational AI in insurance, as well as the benefits and challenges of implementing this technology. Upstox, Asia’s largest investment platform, has embraced Haptik’s Intelligent Virtual Assistant, delighting its 10 million customers. With features like trade guidance, IPO applications, and instant customer support on WhatsApp, Upstox witnesses an impressive 50% increase in CSAT.

How to use WhatsApp chatbots for Insurance

These chatbots for insurance agents can instantly deliver information and direct customers to relevant places for more information. When using Chatsonic, you can toggle on the “Include latest Google data” button to add real-time trending information. Such chatbots can be launched on Slack or the company’s own internal communication systems, or even just operate via email exchanges. According to an Accenture study, 74% of individuals would be open to purchasing insurance from non-insurance providers.

Customer support has become quite the competitive edge in the insurance industry. The existing customers that have an account with you will have different questions as compared to a potential customer who’s still learning about the product. This data further helps insurance agents to get a better context as to what the customer is looking for and what products can close sales. The bot can ask questions about the customer’s needs and leverage Natural Language Understanding (NLU) to match insurance products based on customer input. The insurance chatbot has given also valuable information to the insurer regarding frustrating issues for customers.

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