In the pre-sale stage
Earn people’s trust
Insurance companies have a fairly low degree of confidence in most of the market.
A global survey indicates that consumers around the world trust insurance companies
For less than they trust in banks, and hardly more than in pharmaceutical companies.
This is in line with how reluctant people are to buy insurance and the size of the market, especially in the region
This indicates that the market is looking for better collateral.
More often than not, insurance companies gain that reputation due to a lack of awareness and lack of transparency in explaining their insurance policy models to clients in a simple way, creating this gap between companies and customers.
Some people are afraid of the presence of some words or conditions that may lose their right or condemn them when entering into an insurance policy, or bear the cost of seeking a lawyer and incur additional costs.
Which means that closing this information gap is all that an insurance company has to do in order to start generating more interest among potential buyers.
This is what chatbots do in the insurance business.
Insurance companies are now listing chatbots on their websites because these AI robots offer a fast and reliable way to increase visitor engagement and build trust.
Instead of creating POS, these bots answer questions and remove doubts in simple language that is free of legal complications and gives customers the confidence that nothing the company wants to hide.
Raise customer awareness and create new clients
There is a great lack of knowledge about insurance and its benefits, especially among today’s millennials.
Companies have found chatbots to be the tool that can change this scenario.
Within a typical insurance policy there is a complex web of technical terms, rates, and other information that the average person would face with much suspicion.
But insurance companies that create chatbot allow potential customers to understand these terms and conditions in a language they are familiar with, by providing them with the information they need through interactive conversations.
For example, a person looking for auto insurance could take
Chatbot asks: “Does universal coverage include everything (physical injury, accidents, etc.)?”
The chatbot can help them obtain information such as “Does the comprehensive coverage include damages due to causes other than accidents?
It includes theft, vandalism, natural disasters and fire? “.
The insurance bot can also explain the benefits of different types of insurance policies in simple points, and show them to visitors who want to understand the company’s services.
So anyone can ask the question they want to know the answer to.
For example, a client wants to know, “How is [Health Insurance Plan A] different from [Health Insurance Plan B]?” The chatbot can explain to them that “compared to [Plan B], [Plan A] includes two additional options for the sum insured, coverage for two dependents, counseling for patients in selected hospitals, and directing the customer to selected pieces of content that end with the CTA.
During the sale
Facilitate issuance and renewal processes
The process of issuing a new policy or renewing an old one is long and complicated. But while there are many steps during these processes, they can be facilitated by having a chatbot shorten these steps.
This add-on provided by the bot, directs the customer to a fewer sequence of steps, avoiding the sales process potential failure due to the customer’s distress from traditional complications.
Chatbots will assist clients with the process of filling out forms, submitting claims, and browsing new offers and programs.
The conversation between the Chatbot and the buyer makes it easy to obtain information about the customer that is processed to direct them as appropriate.
It also frees the buyer from the hassle of reading many pages.
Just start the process with a simple, interactive conversation
“I am looking for health insurance.” The conversation could go on as follows:
Chatbot: “I’ll be happy to help. Please help me understand your requirements with more details. how old are you?”
Potential buyer: “30”
Chatbot: “Do you have any dependents?”
Potential Buyer: “No”
Chatbot: “Do you have a record of any of the following cases (specify the appropriate conditions)?”
Potential buyers correspond to one of the common listed cases.
Chatbot: “How much are you looking to pay in installments (select the domain)?”
A potential buyer corresponds to one of the common listed cases.
Chatbot: “Thanks for the info! We are ready with a list of plans that are right for you. Can you share your email address so I can send it to you? ‘
Once a potential buyer has decided on one of the plans, the online chatbot buying process can also be simplified as follows:
Chatbot: “Allow me to bring you the application form.
You can reach him at the link below, pre-populated with your basic contact information. We have filled it out for you, you can access and complete the form as per your convenience.
Your login details have been emailed to you.
Do not hesitate to inquire at any time. Thank you!”
Installment payments management
The bot can handle the process of sending payment messages for insurance premiums, and communicate with customers in this regard, as according to the study, companies cost $ 6 per traditional call.
With a client in this regard.
This is what a chatbot can do while saving about 40% on after-sales follow-up costs.
After sales stage
Automated compensation management
Using AI, the chatbot can archive your claim for compensation, and first damage assessment (FNOL).
In addition, it examines policy clauses, compensation cases, and verifies fraud that the company may be exposed to.
That is, the chatbot can settle the request completely, with high efficiency, without errors calculated on the company, and without human intervention, i.e. double benefit for the company and the customer.
This trend has become known as Smart Claim Settlement.
By using artificial intelligence (AI) to analyze text within chatbots and other applications, it can help employees to classify risks and customers in terms of behavior and record damages and thus display a premium payment model that reduces the size of losses that companies may suffer.