How Chatbots Are Bringing The Disruption Needed For The Insurance Industry

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Artificial Intelligence, Automation, and Blockchain are creating technology disruption in the insurance industry. They are making the insurance shopping experience much appealing for consumers.

Meanwhile also improving service for policyholders who need help with renewals, claims, and add-on products and services. This is great news for just about everyone, while some insurance agents are getting worried. Fear of losing their job because of technology is a valid fear. But the good thing is that great insurance agents are not going anywhere. Even though AI chatbots are selling insurance and assisting policyholders, they will always come back by a great insurance agent.

Why Chatbots for Insurance?

Technically insurance chatbots have already been around for some time.

Here are a few more reasons chatbots are being developed and used:

  • Next-gen chatbots are becoming more and more utilitarian. The term “utility” in this context means something we find so useful that we turn to it daily without hesitation. The focus would be on improving the competence of the chatbot to execute specific tasks flawlessly, rather than try to be a catch-all conversationalist and source continued engagement.
  • Chatbots are personalizing customer experiences. Successful chatbots will work to understand using machine learning over time to learn and understand the nuances of the user’s requests and improve the first-contact resolution. The more ability to personalize responses will make the customer experience even greater.
  • Chatbots are now specialized. Users need to know exactly what the chatbot
  • does and be confident that it will do these tasks well. This means customers can get help anytime through the bot instead of trying to connect with an insurance agent.

So, now you can see why chatbots are more than just a fad.

They are useful to consumers, policyholders, and insurance companies.

Saving everyone time, improving the experience for everyone, leading to better relationships and better business. Resulting in serious disruption in the insurance industry.

How this New Technology Works

Although many of these new tech companies are not about to give out their secret recipes, here are some things we learned about the new technologies while demo-ing products.

  • Chatbots can blend with a wide variety of existing insurance marketing and CRM systems. Even those legacy systems being used by old insurance companies can be integrated with chatbots.
  • Chatbots can be customized for your agency. Just about every aspect can be personalized so that your chatbot is fully branded and even represents the messaging your agents would use in a conversation.
  • They don’t sleep. Your website will be monitored from day till night to assist your existing policyholders while also quoting new prospects.
  • They’re clever. You can customize them to do and say just about anything. Want to collect people’s emails before starting a convo? No problem. Want to wait till the end and then also politely ask for a phone number? That can be done. You can even have the bot take the user to different pages on your website and continue the conversation helping them through forms and other activities performed on your website.

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