Improving Health Insurance Chatbots with Conversational AI

This guide explores how insurance companies can improve outdated customer communication systems and manual processes that are stifling efforts to keep pace with evolving regulations and customer expectations. The use of chatbots is growing exponentially across the economic landscape, particularly in industries like insurance where the customer experience is tied directly to the bottom line. In fact, since 2019, the use of chatbots as a brand communications channel has nearly doubled, so two-thirds of global consumers have encountered at least one in the past year.

If the issue the customer is facingis more complicated, an AI chatbot can ask the policyholder for the necessary details before transferring the case to a human representative. As a result, the customer won’t have to repeat anything, and the agent will be able to work more quickly to remedy the issue. Users will always have highly customized interactions with replies that are based on information supplied by clients as well as information obtained by the chatbot and other analytics tools.

Support for new and existing policyholders

Chatbots can use AI technology to thoroughly review claims, verify policy details and put them through a fraud detection algorithm before processing them with the bank to move forward with the claim settlement. This enables maximum security and assurance and protects insurance companies from all kinds of fraudulent attempts. For processing claims, a chatbot can collect the relevant data, from asking for necessary documents to requesting supporting images or videos that meet requirements. Customers don’t need to be kept on hold, waiting for a human agent to be available.

Generative AI Chatbot can produce different summaries of an answer to a question based on the user it’s interacting with. Helvetia, a Swiss insurance group, has become the first to use Generative AI technology to launch a direct customer contact service. This AI-powered service focuses on responding to customer requests related to insurance and pensions. Unlock time to value and lower costs with our new LLM-powered conversational bot-building interface. Being channel-agnostic allows bots to be where the customers want to be and gives them the choice in how they communicate, regardless of location or device. This type of added value fosters trusting relationships, which retains customers, and is proven to create brand advocates.

Insurance industry realities

With chatbots being integrated in multiple messenger apps (Facebook, Slack, Twitter, etc.) it is easier than ever to contact an insurer. Once their query has been resolved, chatbots make it simpler for policyholders to provide insightful feedback on your insurance offerings and customer service. Additionally, policyholders demand the ability to file grievances online. A chatbot may gather all the necessary background data and escalate the issue to a human agent, who can then assist in satisfactorily resolving the client’s issue.

While some people still prefer calling or emailing with a question, others find that chatbots are less time-consuming and at times more efficient. In general, though, “chatbots are best used in situations where a back-and-forth interaction is required,” according to Forbes. Yet when designed with emotional intelligence, it can transform processes, making you (and your company) wildly successful. For insurance executives, customer care teams and data scientists here are 3 pillars to consider when designing a successful chatbot. Ushur delivers the world’s first AI-powered Customer Experience Automation™ platform that has been purpose-built, from the ground up, to intelligently automate entire customer journeys, end to end.

Why choose Softweb to create insurance bot for your business

They can help in the speedy determination of the best policy and coverage for your needs. Together with automated claims processing, AI chatbots can also automate many fraud-prone processes, flag new policies, and contribute to preventing property insurance fraud. More companies now rely on the artificial intelligence (IA) and machine learning capabilities of chatbots to prevent fraud in the insurance industry. With an advanced bot, it’s virtually effortless to identify customers who file bogus documents and make false claims to squeeze money out of the insurer. Your insurance company can trust the bot to flag potential fraud by asking customers for additional proof of documentation. Rule-based insurance chatbots can start conversations, offer support, and process requests based on pre-defined rules.

• Which then takes us down the path to Spixii performing automated underwriting functions based on dynamic data rather than the rows and columns limitations of today’s actuarial spreadsheets.
• The AI-driven NLP empowers insurance companies to keep up-to-date with the latest data, automate repetitive task, and internal processes, and improve productivity.
• You can always program it in a way where customers can quickly request a live agent in case there’s a complex query that requires human assistance.
• Conversation insurance allows for the automation of personalized notifications for your customers.
• Can you imagine the potential upside to effectively engaging every customer on an individual level in real time?
• Phone calls with insurance agents can take a lot of time which clients don’t have or are not willing to waste.

What’s more, our AI is more accurate than competitors with the ability to self-learn and self-heal. Currently, their chatbots are handling around 550 different sessions a day, which leads to roughly 16,500 sessions a month. Whether it’s the middle of the night or during a natural disaster, Watson metadialog.com answers the call in any language, no humans required. You can train your bot to get smarter, more logical by the day so that it can deliver better responses gradually. It’s simple to import all the general FAQs and answers to train your AI chatbot and make it familiar with the support.

How can I be sure Watson Assistant will meet my customers’ needs?

Although numerous insurance companies have mobile apps to help their clients, these are fairly limited. However, because staff cannot be contacted to answer calls, these are not only expensive but have also nearly wholly become obsolete. For example, if a consumer wants to complete a claim form, but has trouble, they can ask the chatbot for help. The bot can send them useful links or draw from standard answers it’s been trained with. Insurance is a perfect candidate for implementing chatbots that produce answers to common questions.

• Rule-based chatbots can be used for resolving simple issues, but they don’t provide you with all the opportunities AI chatbots do.
• An experienced and reputable solution provider will partner with you to set key performance indicators (KPIs) to assess chatbot efficacy.
• They are also more likely to recommend your service to others, as Conversational Insurance is proven to increase NPS by 2X.
• You can always trust the bot insurance analytics to measure the accuracy of responses and revise your strategy.
• A conversational chatbot uses natural language processing (NLP) to handle the nuances of conversation and understand what a person is trying to say.
• Operator’s center is also able to reduce cost by using chatbots as well as strengthening sales capability in insurance through the establishment of knowledge systems.

If, for example, a customer wants to buy an insurance product, the bot can ask them a series of questions and create a plan and quote premiums that match the policyholders needs. The number of claim filings that your organization can handle increases, too, because humans don’t need to scramble to service every single customer directly. That’s especially useful in times when claims are so numerous  that they make it difficult for policyholders to get through to your call center (e.g. in cases of natural disasters). In addition, according to the Verint Contact Center Experience Index report (2019), health insurance providers experience a higher rate of savings for converting members to self-service than other industries. Projected savings for health insurance providers who shift one quarter of member digital interactions to self-service is $1.147M per million calls vs. $1.035M for property and casualty insurers.

AI Chatbot market trends and forecasts

Hubtype’s insurance partners are able to resolve claims 5x faster, and reduce contact centers calls by up to 50%. After an accident, loss, or theft, it’s understandable for customers to be anxious or distressed. That’s why, as an insurer, you want to deal with each claim as quickly and seamlessly as possible. Chatbots can help you achieve this and in turn, alleviate customer anxiety.

• If Natural Language Processing makes a mistake and reads this as a large family, the chatbot will switch to a workflow for selling life insurance for a larger family.
• Another chatbot use case in insurance is that it can address all the challenges potential customers face with the lack of information.
• Insurance firms can put their support on auto-pilot by responding to common FAQs questions of customers.
• Conversational AI is everywhere nowadays, from your bank’s chatbot, Siri, or Google Assistant on your phone, to stores or even utility companies.
• 60% of consumers think humans are able to understand their needs better than chatbots.
• Whether it’s the middle of the night or during a natural disaster, Watson answers the call in any language, no humans required.

The AI technology that is best suited to realizing that objective is Conversational AI – in the form of a chatbot or Intelligent Virtual Assistant. Chatbots may handle inbound conversational requests from policyholders, but what if it were possible to answer questions before they’re asked? What if it were possible to proactively distribute information to every policyholder and simultaneously open lines of communication, so customers have the flexibility to choose their preferred channel to respond?

Significant Role of Chatbots in the Insurance Industry

Request a demo from Haptik to learn more about the potential of chatbots in the insurance sector. Here you can see an example of an insurance conversational app in action. In this demo the customer responds to a promotional notification from the app which is upselling an additional policy type for said customer. Then, using the information provided, the bot is able to generate a quote for them instantaneously. The customer can then find their nearest store and get connected with an agent to discuss the new policy, all within a matter of seconds.