6 Practical Conversational AI Use Cases in Insurance

Chat bots are not received well by angry customers, where more time and a thorough explanation may be needed. Software house Ignite Insurance Systems has launched a super-advanced artificial intelligence bot to answer customer insurance chatbots queries. At the same time, given data breaches and privacy concerns, customers often reluctantly share personal online. This means businesses need to look for new ways to build trust and engage with customers online.

Chatbots are adept at building engagement with customers, be it online or in your restaurant. They can do recommendations, take orders, offer special deals, and answer any questions or concerns through a fun, conversational interface. insurance chatbots Co-operative Insurance has launched the first pricing estimate chatbot in the UK car insurance industry, via Facebook Messenger. Since we started in 1997, we’ve seen businesses of all shapes and sizes with every risk imaginable.

Making technology more human

Created to be flexible and adaptable, our modules can be introduced in a way that works for your business. Now, Belfius Insurance chatbots extend across 10 life and non-life product areas and the number of questions they cover grows weekly by around 25%. They assist with completing forms, flagging top trending questions, news bulletins, and many other back-office tasks.

This saves time both for users and insurance agents that would have to answer these questions if the bot was not available. If you are completing a purchase on the web and want some more information on the product who do you ask? Similarly, if you are a customer interested in purchasing insurance online and want to raise a query about the policy what do you do? Traditionally you would seek to contact customer service and be presented with either an email address with no known timescale for the reply or a phone number. But who likes to be put in an hour-long queue for a customer service representative, despite your phone call being “important to them?

What does the onboarding and handover process look like?

Start using iovox Insights today to record and transcribe calls and gain valuable insights regarding potential clients and existing policyholders. In this article, we’ll take a quick look at what conversational AI is and discuss how conversational AI is improving the insurance industry. For many customers, the idea of long hold times and bouncing between different departments can deter them from engaging with your insurance company. The underlying knowledge base contains an additional 888 answers, and every ticket serves as a learning case. Identifying gaps that need to be plugged, or opportunities to proactively address customer questions upfront, for example via web pages or outbound communications.

Chatbots have a chance to deliver a truly connected customer experience and help insurers scale and grow if approached correctly. It’s a win-win situation with customer satisfaction rising (think about CSAT and NPS scores) and increased agent productivity. Over recent years, the insurance industry has seen the application of new technology such as automation, artificial intelligence, Blockchain, big data and chatbots. These offer benefits including reduced costs, improved customer experiences and greater accuracy in pricing, reserving and fraud identification.

We’re doing a bit of coding ourselves and trying out ChatGPT (Matthew Grant reveals his renewed interest in that dark art here). It’s true that at times ChatGPT makes mistakes but these usually occur if the question (known in GenAI terms as the “prompt”) is too complicated, too vague or lacking in context. ChatGPT’s errors are usually small and can be quickly fixed by copying the error message back into ChatGPT and asking for help.

Using both a menu-based approach and Natural Language Processing (NLP), the Insurance Chatbot offers visitors the option of typing or voicing their enquiry, providing them with answers within seconds. Our intelligent ‘auto-review’ feature means that the Chatbot always utilises the most up-to-date information and links on your website. This approach, which is designed to keep operating costs and expense ratios low, aims to put customers in control and empowers them to ask unlimited questions without fear of being cut short. The majority of the feedback from insurers on the opportunities and risks around chatbot usage tend to refer to AI in a broader context than simply OpenAI’s ChatGPT. Haris Khan, manager of the insurance consulting practice at professional services firm Deloitte, has anecdotally heard of some underwriters using ChatGPT as one tool to help augment the underwriting process.

Seven tips for designing a highly effective virtual agent

In this context, the use of watermarks can be an effective solution for managing the use of chatbots. To simplify, watermarks are digital markers that are embedded in an image or document to identify the owner or author of the work. In this case, watermarks can be used to identify answers or solutions generated by chatbots. The situation has been referred https://www.metadialog.com/ to as the ‘chatbot war’ in Silicon Valley as the increasing proliferation of artificial intelligence (AI) tools specifically designed to generate human-like texts has left many perplexed. Finally, insurers could leverage their access to a large database of consumer conversations to develop better insights into what customers need and want.

On the part of clients, there is an element of care and consideration which comes with talking to a real person. Live agents are more dynamic, able to make decisions on what’s best for clients in the moment. Cultural sensitivity may also need to be considered, as chat bots often cannot discern between sarcasm, jokes or bluntness. Ignite CEO Toby MacLachlan believes that, within a few years, the bot will answer more than 90% of customer calls. Customer service calls are the most obvious use for AI systems, able to quickly and vastly direct multiple customers to business departments all at once. Give your web visitors 24 hour customer service, allowing them to request quotes, submit claims and get general information all within one simple platform (and with no agent assistance).

The ‘determining factor’ that will make consumers ‘stay or quit’ an insurer

ChatGPT is an example of just one of the recent AI tools we are using (we are part of ChatGPT’s beta program and use the latest model API to enable data to be extracted from email text). For the wider insurance market, like all new technologies that have gone before, understanding and take up will no doubt differ because of the nature of the market and the prevailing need for human interaction. Whilst ChatGPT isn’t perfect, neither are humans, both will err, but those who ignore it will struggle for divine forgiveness. And, crucially for a regulated insurer like AXA, the chatbot asked the questions in the right area, ensuring that statutory statements were given and users remained engaged.

Hence, it would be prudent for healthcare providers to start adopting Conversational AI to improve patient conversations and engagement. As regulated businesses, the opportunities offered by chatbots to control costs while improving the customer experience makes them invaluable to the utilities sector. From dealing with spikes in service enquiries triggered by extreme weather to continuing to provide services throughout the pandemic, utilities customers have been some of the most eager adopters of AI technology. From simple queries about opening times or office locations, through to rent queries, reporting anti-social behaviour, fly-tipping or making complaints; chatbots are transforming how housing associations deliver services to their residents.

A striking HK$9.6 billion (2686.4% increase), representing 20.5% of individual businesses. The main amendments relate to the treatment of “politically exposed persons” (“PEPs”) and beneficial owners in relation to trusts and  the use of digital identification systems for customer due diligence. The question now is, will this “fairer” approach to insurance translate to a money spinner?