How Do Chatbots Help In Innovating The Insurance Sector?

Image for post
Image for post

Insurers are under increasing pressure to deliver a frictionless and simple customer service experience. Conversational technology like chatbots is becoming attractive supplemental channels for insurers as a result. That is why Inmediate will tackle a bit about this modern technology and how it can be able to develop and help the insurance industry, especially when it comes to providing assistance to consumers and policy holders.

Chatbots offer a low-touch, 24/7 channel that frees up existing resources for more high-value work while increasing policyholder and agent satisfaction. By providing an additional channel of engagement, chatbots help reach agents and policyholders via their preferred mode of interaction. Insurers should not approach chatbots as simply a low-cost alternative to human contact, instead, the goal should be to broaden access and service options for everyone.

Yet chatbots are not without their limitations and implementing them is something of a balancing act. A successful approach to chatbots will need to be a hybrid blend of human and automated capabilities. Determining when people want to be in touch with a human and when they expect rapid, automated service is integral to implementation strategy.

Current use cases reflect this hybridized approach; claims FNOL, inquiries, support, and policy applications are common areas of application. Many solutions also incorporate AI and natural language processing (NLP) to understand incoming requests.

As chatbot technology continues to mature, both tech giants and startups are trying to gain a foothold in the space, and only time will tell on where will it lead and how good is it going to be in redefining the insurance space towards the future.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store