The insurance industry has always been a tricky customer. And, when it comes down to insurance & technology, the penetration is rather slow.


It’s because unlike the banking sector, transactions in the insurance industry are not faceless. These are transactions built on trust and are always done in person. So, unless they build a robot that can perfectly replicate a human sales executive’s persona, insurance is going to remain a pen & paper industry.

And that’s why chatbots technology came to life.

A chatbot can hold a conversation with you. A chatbot can understand your requirements. And, a chatbot can provide you smart & rational solutions. So, why can’t it sell insurance? Apparently, now they can. Consumers are constantly looking out for better ways to digitally interact with insurance companies, and insurance chatbots offer them exactly that. With personalized experiences & so much more. Here’s why they are the future of insurance.

Access existing databases

Is there any digital services based database that covers the entire population of the world? Try smartphone. By 2020, 6.1 billion people will have access to smartphones. For insurance chatbots that mean an effortless switch from traditional methods to automated digital process without any heavy investment.

Make conversation as human as possible

What makes bots so good at conversations? Two words: Artificial Intelligence. AI-powered insurance chatbots are capable of identifying patterns and analyzing user sentiment from chats. This ensures that the conversations are smooth, and the user’s requests are not lost in translation. Studies reveal that people text 5 times more than they call, so it fits their requirement perfectly.

Do away with Static Check boxes

Everyone hate long checkbox forms, right? They are long, winding, & ambiguous. Insurance bots make these static checkboxes a breeze for users by extracting all the responses in the form of textual questions. Checkboxes are often seen as hurdles, and employing insurance chatbots can close multiple sales deals efficiently.

Are claim procedures becoming a roadblock? Let’s automate them

One of the biggest problem faced by the insurance consumer is the claims process. You don’t need analytics to know that! Insurance companies offer something unprecedented by integrating claims procedures with AI bots. These smart bots can schedule appointments, provide loss-saving recommendations, and reduce any company’s manpower for mundane tasks.

Boost customer engagement

Companies no longer have to deploy customer-care representatives in large numbers. An insurance bot can ease the load by providing answers to customer’s queries. All the customer needs to do is drop a text, and the bot dwells into the database to provide corresponding responses within no time.

Insurance chatbots are not just a blip on the InsureTech’s radar. They are here to transform the entire radar system! Companies have already enjoyed the benefits of insurance bots, and both employees & customers have seen its advantages. Now, it’s time to stretch their potential and see where it takes them. The future is here, experience it with insurance chatbots.

Source by Ankeet Sarngin Kanungo