Virtual agents for insurance – Insurance companies recognize the potential of artificial intelligence solutions in terms of customer experience. As IBM reports, 95% of insurance executives are planning to invest in AI, while insurance companies that have already invested in AI have a competitive advantage in customer care, communication and business.

The demand of a real-time and instant response service, available around the clock is not only generated by customers’ expectations.

The increasing volume of inbound contact requests generated by Covid-19 sanitary emergency made insurance companies react by reinforcing online channels and contact centers, producing FAQs and outbound e-mail communication.

But this isn’t enough to face the increasing demand of a 24/7 available service, integrated in multiple digital channels, that todays customers are asking for.

Automation and artificial intelligence solutions, like chatbots can make the difference, providing real-time instant answers and insights for decision making.

virtual agents for Insurance: features

A performing digital assistant should handle independently over 98% of conversations, understanding context and users’ demands’ intents, while learning from interactions with customers.  

A conversational AI solution has to be omni-channel and multi-language and based on machine learning and natural language processing, as chatbots can analyze the relationship between words and engage conversations with customers using natural language.

On the other hand, insurance companies can manage customers’ requests quickly and efficiently, and dispose of a listening channel that lets them understand real customers’ needs and provide personalized answers, thus increasing companies’ brand reputation and loyalty.

virtual agents Use Cases in insurance

automatic claims processing

Insurance claim processes are fundamental in the insurance field. Speed and efficiency of the process may make the difference, in terms of customer satisfaction and brand reputation. Virtual assistants provide real-time answers and facilitate back office procedures.  

Lead generation and conversion 

Virtual agents interact with customers around the clock using SMS, web widget, or Messenger. Customer segmentation and sentiment analysis can improve customer experience and offer personalized services.

Onboarding and FAQs

Conversational AI agents can act like tutors for customers, providing “how to“ tutorials on specific operations, suggesting the best policy on the basis of customers’ profile and inputs.  

Feedback and loyalty

Instant messaging platforms like  Facebook Messenger or WhatsApp are direct contact channels. Integrating a virtual assistant on these channels may provide customers with useful information and collect feedback on products and services. 
Also virtual assistants can keep track of customers’ sentiment and behaviours and facilitate customer’s fidelization.

promotion and Advertising

Conversational AI agents can send promo messages about new offers, fares and policies. Compared to traditional e-mail marketing,  chatbots have an open rate between 85% and 98% and are also more convenient than pay-per-click ads campaigns.

Customer support 

Virtual agents can notify insurance claims, find the closest medical service,  or call a towing service.

In medical care, for example, chatbots can provide information about doctors and forward the sanitary insurance claim documentation on behalf of the customer.

Virtual assistants are not limited to FAQ response activity but may suggest best offers to customers, review policies, notify pending payments, provide personalized information.

fraude prevention

Insurance companies must take care of privacy and data safety. Also, fraud detection is a key element of AI in insurance. Virtual assistants can efficiently monitor possible fraudes by alerting both customers and insurances.

Text analysis through Natural Language Processing allows to detect ambiguities and irregularities  and provide risk assessment. For example, a virtual agent may detect suspicious claims by comparing new requests to existing data, or analyze vehicle damages reported in images using visual analytics and determine if a claim is legitimate.

internal operations automation

Automation speeds up recurring requests management and allows employees to save time to focus on qualitative or critical issues.

According to Juniper, conversational AI in insurance will save up costs for 1,3 billions dollars by  2023, in particular in auto, life, real estate and health insurance.

In conclusion

Each customer’s request is not only a question to provide an answer to, but an opportunity to get to know customers better and personalize future interactions. 

In this scenario, virtual assistants not only contribute to automation and operational efficiency, but are the best solution for a value-added user experience and customer journey.


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