TRANSFORM THE INSURANCE INDUSTRY USING CONVERSATIONAL AI

Insurance can be termed as an important and serious subject which can get complex at times. Insurance Industry demands numerous investments from the customer’s part, not all transactional but attention and time too. It’s always associated with never-ending legal processes, claim settlement, and hefty paperwork. This industry is seen to be deemed with the least amount of innovative automatic features, and one of the effective ways to change it could be instilling Conversational AI chatbots in Insurance.   

This is where Conversational AI comes in use. 

Simplify the tangled never-ending insurance processes, quicker responses, provide relevant information, improve sales and decrement in cycle times, everything with an omnichannel presence.  

Before discussing how Conversational AI betters up the Insurance Industry, we will address the actual this industry is facing to understand the picture with more clarity.  

THE PROBLEM  

Unlike Ecommerce and Travel, Insurance is not a “prettiest one wins” type of purchase. One cannot win customers by having the prettiest website or only attractive offers. But win them over with top notch personalized customer experience, proper services and communication, budget-friendly premiums and 24*7 query resolving.  

But the problem that the insurance companies face is to achieve these goals all together to increase their ratio of retaining customers. But what puts limitations to achieve this is the lack of technology and awareness of the existing ones. 

You know your company’s a hit when you can cognize claims- anytime and anywhere. But using SMS, Emails and phone calls will not help as their fill-through rates and conversations rates are way too low, almost static.  

So, what can insurance companies do to fight these loopholes or is there a better solution than the existing one?   

THE SOLUTION 

Insurance companies need is a tool that’s- 

  1. Faster  
  1. Inexpensive  
  1. 24*7 Availability  
  1. Personalized  
  1. Easy to Configure  
  1. Intuitive  
  1. User-friendly  

In all, Conversational AI enabled insurance chatbots. 

BENEFITS OF CONVERSATIONAL AI ENABLED INSURANCE CHATBOTS  

Customer Awareness & Education 

Insurance bots can make customers aware of the working of different investment schemes and suggest optimal policies according to the user’s data input and search entries. 

  • Interaction with each visitor 
  • Personalized Suggestions 

Rich Database 

Chatbots are designed to take input from users regarding personal information. This information is then stored, analysed, and later added to the user database for emails, newsletters, social media updates, etc. 

  • Secured storage of data 
  • Analysed for personalized solutions 

Reduced Workload 

Not only for legacy procedures but chatbots also help decrease considerable workload for your sales and marketing teams. 

  • Repetitive queries resolved 
  • Now focus on the conversion of leads into sales 

Fraud Detection and Prevention 

It takes utmost security to safeguard people’s private data and chatbots are ready to contribute the same. Conversational AI empowered insurance chatbots provide a safe and secure environment to communicate and share all sensitive information. Multiple protection layers can be added too to strength the security of Conversational AI bots.  

Read CONVERSATIONAL AI CHATBOTS ARE SMART BUT SAFE TOO?? Article to know more about Conversational AI bots and its security protocols.    

  • AI Generation security 
  • Enhances loyalty by gaining user’s trust 

INSURANCE CHATBOTS: BETTER FUTURE FOR THE INSURANCE INDUSTRY  

To make a task as easy as possible so that people don’t consider it as a burden is what conversational AI bots are known for. And they try to enable the same for the Insurance industry too.  

Your company is leaving out serious money on the table if you’re still doubting the functionalities of these insurance chatbots.  

With no doubt, Kevit can claim that Conversational AI will be a smooth ride for your customers and your firm, making all complex insurance processes simpler and smoother. Kevit is ready with insurance chatbots to help you provide a seamless experience to your customers. Know more about Kevit at www.kevit.io and contact us at coffee@kevit.io

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