Chatbots are a feature that allows policyholders to ask questions, discuss, and even make claims via an online chat service. By integrating chatbot services, insurers will be able to speed up customer service processes, which usually take a long time and resources. Several insurance companies have already integrated chatbots as part of their system to improve customer support.
The technologies behind chatbots have grown in power in recent years, unlocking many new opportunities for chatbot use. Today, insurance chatbots are deployed by traditional insurers and insurtech firms for internal and external uses across many different platforms. A virtual assistant is a chatbot with the ability to help users make transactions.
Neatly packaged, this type of chatbot is happily stationed on a website, in an app, on Facebook, and even installed into customer service portals. Once customers start interacting with the FAQ virtual chatbot and providing data, feed this into the next stage of chatbots. Phase two is typically a deployment of a chatbot especially tailored to take care of time consuming or complex tasks.
One of the best features of a chatbot for small businesses is that they collect valuable data about your customers. You can use all of this new data to improve your chatbot, customer service and marketing efforts. Many chatbots for businesses today are built on top of already existing messaging platforms such as Facebook Messenger or WhatsApp.
As you will not have to spend capital on sourcing customer service executives. Sales professional complaint a lot about lack of ways to monitor the profitability of lead translating into a successful lead. Thus, a sales bot can easily track, store, and simplify this data. Insurers are very curious to adopt Chatbot and AI technology in the coming years.
For example, if a customer is a frequent traveler, then an intelligent chatbot should suggest the most suited travel insurance plan to them. In 2017, PwC published a report which highlighted that the industry as a whole, has not entirely accepted bots. However, the impact that insurance chatbots can have on the customer experience especially in providing immediate help around insurance claims or approvals is quite high. However, at the same time, you need to be wary of the thin line between customer experience and sales.
Also the fact that these chatbots live inside the very interfaces where many consumers are now spending more and more time make the transition from traditional human agent to intelligent chatbot powered customer service even more inevitable. The vast majority of inbound calls whether they are related to personal lines or commercial lines of a smaller scale are to either make very basic changes to a policy or to ask a question which for the most part would be easy to answer so long as the agent or system has access to contextual data surrounding the caller. Examples of this would be policy endorsements like adding or removing a vehicle, requesting a basic certificate of insurance or asking a question related to current coverage.
Two major data points that customers consider when buying insurance is the premium and the cover. In the example below, a customer is interested in car insurance and the bot is guiding them through the process. It asks questions, collects the necessary information and offers them a list of insurance providers and the quotes. As we know, the premium amount is always proportional to the cover amount.
The end product of an insurance policy is for the client to demand compensation for the loss undergone by them. The client can easily pass on this information to the company via the WhatsApp Chatbot for Insurance. To gather more information about the loss undergone by the client, the company can ask a series of questions. Also, to know if the compensation will be more than the set limit.
The FlockSend team has developed an excellent Chatbot which takes care of first level communication with both potential customers, brokers, and employees. In the latter two cases, you enter a password to access important information. Potential customers can receive an opening menu of general information, each with a number that the user send to select that information. Insurance brokers and employees can use the information in the app to be kept up to date and even enable automated notifications to ensure that they receive all company news.
Or even the premium contribution the person is willing to pay, etc. Using a WhatsApp Chatbot, you can automate this process and have the answers sent to your agents. Better qualified leads mean that your sales reps have more actionable information.
Consumer adoption of insurance chatbots is key to their success and this will happen organically as insurance companies move their chatbots to where conversations are already being had. Messaging platforms like WhatsApp and Messenger ( both owned by Facebook ) are going to be major facilitators for these kinds of commercial opportunities as they open up to third party chatbots. One major factor that will push conversational commerce forward for Facebook Messenger commercial partners is the ability to carry out financial transactions. Additionally, Head of Facebook Messenger David Marcus announced last year that the company is working with big league payments players including including Stripe, PayPal, MasterCard, Visa, American Express and Braintree.
Note: Contacting people that have not given you consent to do so, is against the terms and conditions of this platform; even though, it is technically allowed. It is mandatory to obtain active opt-in consent from your users before sending them any form of messaging. We strongly advise against sending users unsolicited messages and spam. Doing so violates our terms and conditions.