According to a Deloitte article, “conversational AIs currently represent the top use of AI in enterprises, and their adoption rates are expected to almost double over the next two to five years.”

This is because AI-powered virtual assistants can not only answer FAQ queries but also handle complex requests with a personal touch that mirrors that of a human agent.

Moreover, they can promptly perform tasks such as giving personalized recommendations, providing specific information, assisting in payment processing, and much more.

Let’s look at the advanced functions offered by conversational AI in insurance.

How Conversational AI is Revolutionizing Customer Journeys in Insurance

1. Providing Insurance Intelligence to Customers

Insurance contracts are complicated to understand, thanks to the number of details involved (liability, claim terms, quotations, procedures, etc.) Conversational AIs act as digital assistants for insurance seekers, providing information and clarity on all their policy-related queries.

Moreover, conversational AI in insurance can ask customers for their specific needs and suggest personalized policies, much like an insurance agent would.

2. Enhancing Customer Support

Apart from offering 24×7 services and instant responses, AI-powered insurance voice bots can also give claim updates and send timely payment reminders to customers. They are also programmed to understand a customer’s emotions during an interaction, which enables them to reply in an empathetic manner and deliver a human-like interaction experience.

All in all, AI-powered digital assistants can instantly resolve basic customer queries and significantly reduce the resolution time for complex issues. Multi-lingual voice bots provide customer support in the language preferred by the customer. Therefore, the customer can experience convenient customer support and also get their query solved quickly.

3. Streamlining Tedious Processes through Automation

Voice bots can significantly reduce the paperwork involved in insurance processes and remove time-consuming steps through insurance customer support automation. Almost every touchpoint in an insurance customer journey like policy recommendation, payment reminder, policy update notifications, etc., can be automated through conversational AI.

Thus, the wait time during policy procurement, sales quote generation, or claims filing can be significantly reduced.

4. Generating Faster Sales Quotes

If a customer reaches out for a policy or premium amount, conversational AIs can gather key information (vehicle, health, property) and instantly generate personalized quotes for the customer, without needing to involve an insurance representative. This way, the purchase process can also be automated to large extent.

Noteworthy Trends in Conversational AI for Insurance Customer Service

1. Voice assistants or voice bots are in demand, as millennials are increasingly leaning towards ‘hands-free’ technology. With the rapid advancement in speech recognition technology, more and more businesses are expected to include voice bots in their customer service operations.

2. Voice bots can also be integrated with existing business systems like CRM or RPA (robotics process automation) via APIs, allowing for end-to-end automation of processes. For example, a voice bot can gather all the personal information of a client while they are buying an insurance policy, and pass this information on to the CRM database, eliminating the need for form filling.

3. The pandemic has made every business realize the importance of swift adaptation. In order to fastrack virtual agent deployment, conversational AIs are being built with self-learning AI technology which reduces the development time of AI voice bots.

According to a Gartner survey, by 2022, 70% of white-collar workers will interact with conversational platforms on a daily basis. The Conversational AI market is experiencing a significant boom, and the insurance industry is realizing the value virtual assistants can bring to the customer experiences they offer.

If you’re an insurance company looking for a conversational AI solution, our conversational AI bots for the insurance sector are specifically built to handle requests that are typically put up by insurance customers. Request a demo to know more.

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