Insurance related issues? Chat with a Bot!

With technology swiftly replacing manual labour in numerous fields; we now have chatbots with superior intelligence answering your insurance related queries. Insurance companies not only rely on artificial intelligence to analyse risk and validate claims; they also use the technology to directly interact with customers. Many insurance companies are using some form of virtual assistance with to help with their life insurance plans, term insurances and in several other areas.

What exactly is a chatbot?

Chatbots are algorithms that enable intelligent, natural conversations with humans. They answer questions and provide information via text or voice. They assist clients and agents in various ways. This kind of artificial intelligence is extremely efficient as thousands of queries can be handled simultaneously. Chatbots are becoming popular in the insurance industry to support agents and in other applications as well.

What are the advantages of a chatbot?

Customers seem to be quite satisfied with their chatbot experiences. The biggest advantage of this technology is that it is available 24x7. No human intervention is required while the chatbot interacts with thousands of customers at the same time. This greatly enhances communication and delivery of service.

How can chatbots be best used in insurance?

Chatbots are being used to give quotes on policies, provide account and billing information, and even to process simple claims. Large companies have already adopted these chatbots to increase their efficiency. New chatbots like Maya, an artificial intelligence bot, can accept applications, secure a policy in just 90 seconds and process claims in merely three minutes.

A friendly touch

Chatbots are slowly changing the way customers interact with mobile devices. The new chatbots are programmed to communicate in a friendly and natural way, thus putting customers at ease. Chatbots are also able to learn from customers and can improve their performance based on these interactions. According to Sriram Chakravarthy, of Avaamo, conversational bots represent the “last-mile automation” for customer service.

Avaamo currently has over two dozen customers using conversational bots for various use-cases. Bots are being adopted for underwriting assistance, agent advisory services and to on-board assistance for HR teams.

Superbly designed bots - The key to chatbot success

Insurance companies take great care to ascertain that their bot is of a superior design. This helps them to ensure that the bots function at optimal levels and protects brand integrity. 

While artificial intelligence may be gaining popularity, insurers still must put their bots through stringent tests and keep a meticulous eye on customer interactions with bots. They also need to ensure that their chatbots are compliant with regulatory requirements and have a high level of data protection. Bots must be so well designed that their pronunciation, listening skills, comprehension and accuracy should be more than competent to help solve customer challenges.

It is interesting to note that the more competent chatbots are created with a high level of intelligence underneath the natural language layer to field questions and find information.

Keep it simple

Many clients are starting their chatbot journey with simple conversations and then once they have refined the technology, they move on to more complex ones. Customers also prefer short conversations with automated applications and hence the algorithms are designed accordingly. 

As a final word, chatbots are a great optional means of communication in the insurance industry and can be used well in conjunction with mobile apps, websites or human agents. The modern customer has yet another option to help in the buying of a life insurance plan or a term insurance and that is always good news for the customer! Our new AI powered app Khushi will assist you with most of  your insurance related queries with just a click of a button. .  You can know more about your policy features, premium due details, fund value and portfolio details.  Additionally one can also get access to download policy related receipts and statements; even update your personal (address, mobile or email id) and KYC related details through this app.

You can learn more about Term Insurance by browsing the website for the various Term Plans offered by PNB MetLife.