Rise of the chatbots in the insurance industry

As consumers look for more personalized experiences, insurance companies are turning to chatbots.  These computer programs use artificial intelligence and machine learning to simulate human conversation.  Chatbots are easier to deploy than mobile apps which often go unused.  A variety of bot templates are available making them easy to customized and integrate.  Insurance companies can use the bots to replace live customer service agents, saving money and improving their efficiency.

Apple’s Siri is one of the most widely recognized bots in use today.  Using similar technology, insurance companies can successfully engage with customers to answer questions, explain products, and improve sales. Not only can bots provide information, but they can also gather details to facilitate the claims process.  Many customer calls today are about claims, so streamlining the process by taking advantage of bot capabilities can improve the process.

Today, sales are driven by analytics and progressive companies are leveraging AI to beat their competition.  Machine learning can also facilitate the underwriting process by parsing through social media information to develop metrics for more accurate risk assessment. As the amount of data in our lives increases, the combination of AI and machine learning prove to be invaluable tools for insurance companies who want to make quicker, more informed decisions.

We used to think human intelligence could not be replaced by technology, but today, an effective bot can help an insurance company grow their business, reduce costs, and improve the overall customer experience.