A recent Gartner study on the customer experience in the insurance industry reveals that 56% of customers of insurance companies are inclined to use digital tools, in particular, for transactions, such as requests for quotes, purchase of insurance policies, and claim requests.
Thanks to artificial intelligence, the insurance market is moving from a “purchase and renewal” model to a “Usage-based Insurance – UBI”, where product offering is constantly adapted to the individual’s behavioral patterns.
The information collected from the devices provided by the main insurance companies is aggregated into a variety of archives and data flows.
These sources of information allow insurance companies to detect the buyer’s risk profile and specific coverage needs, offering tailor-made policies and rates, especially useful in case of “instant insurance” offers.
what can you get
Sources: Aberdeen Research, AI Multiple
- Average increase in return on investment rates 57% 57%
- Growth in terms of cross-selling and up-selling opportunities 89% 89%
- Average increase in sales thanks to conversational AI 67% 67%
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HOW TO START
WITH CONVERSATIONAL AI for the insurance world
Conversational AI and insurance virtual assistants represent a technology capable of facilitating interactions and exchange through natural language between insurance companies and policyholders.
Likewise, insurance agents can use virtual assistants to address information and requests (such as sending a file or updating data) to optimize work activity and offer a personalized service to customers.
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What can you do with the
conversational AI in insurance
The industry of financial companies is increasingly moving towards a self-service assistance model to meet customer needs and requests and reduce the complexity of processes that impact the organization.
24/7 real-time assistance
Virtual assistants are active 24/7 to answer users’ frequently asked questions, provide personalized assistance, collect feedback on insurance coverage needs, suggest the best policy based on the data collected, and facilitate direct contact with a consultant.
Virtual assistants facilitate the claim acquisition process, collecting the data and documents necessary to report a claim.
They calculate the amount of the compensation, notify the reimbursement and send updates on the status of the case in real-time, through the claim tracking function.
Rewards and Payments
Virtual assistants help customers easily find relevant information and appropriate channels to pay and renew their policies.
Report any missing information and proactively send information about the payment status and policy renewal dates.
The virtual assistants suggest personalized insurance plans and quotes based on the analysis of demographic data, the history of the insurance framework, and the behavioral habits of customers.
Based on this data they can make up-selling and cross-selling proposals.
Notices and Reports
Virtual assistants send real-time notifications about the need for inspection, maintenance, and repairs.
They notify emergencies, adverse weather forecasts, or critical issues, which is particularly useful when traveling or driving a vehicle.
Back Office Automation
With virtual assistants, it is possible to automate back-office operations such as updating customer data, collecting feedback, renewing a contract, and sending documentation.
Conversational Insights for insurance
The analytics dashboard allows you to have a clear view of what is happening in the conversations between customers and virtual assistants.
Conversational insights allow you to understand the most frequent requests, and the suitable insurance offer, as well as, identify critical and improvement areas.
Analyzing conversations with your customers allows you to check the performance of the virtual assistant and anticipate any user needs.
conversational AI insurance
The virtual assistant, integrated on the website of an insurance company, guides the policy renewal process by proactively signaling the policy expiration date, and proposing new up-selling offers based on the behavior of the insured customer, as well as, the risk profile detected. It allows you to check the status of payments and your insurance coverage at any time.
VIRTUAL ASSISTANT FOR INSURANCE AGENCIES
The virtual assistant collects the user’s information and sends the renewal (or first subscription) estimate directly to the agent.
For new clients, the virtual assistant can conduct a survey that allows the client to be assigned to the reference agency.
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NICE TO MEET YOU
Thanks to the analysis of functional words, our virtual assistants are able to retrieve a detailed analysis of the interlocutor’s profile and to adapt the language and tone of response messages.
Within a few turns of conversation, we are able to identify more than 80 psychological traits to tune in and facilitate communication with the user.
JUST LIKE THE HUMAN LANGUAGE
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Our bots can use the API of your systems to access information which can be used in the conversations to better manage communication with users.
Our bots can speak all of the most common languages.
Wherever your customer is from, you will always have an answer for them!
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Analytics are available whenever you need them. You can consult and download the details of the conversations, messages, handovers and leads generated by the bot.
Chatbots made with crafter.ai™ know when they need human support and when humans need theirs: not only do they understand when a user wants to talk to an operator, but they also suggest the best answer that operators should give to the user, based on his profile and active marketing initiatives… all real time!