Improving Health Insurance Chatbots with Conversational AI

The lack of post-sales service and support happens to be one of the major reasons why agents decide to end their relationship with the insurance provider. Beyond providing them with education about the products, they also need to be supported on aspects pertaining to commissions, payment terms and policies. For example, they can explore the various products available, compare prices and premiums, identify the best fit based on their profile and continue to purchase, all by asking questions of the bot.

As per recent studies, 42 percent of B2C websites and close to 58 percent of B2B enterprises employ chatbots. A further 35% of customers have the opinion that more businesses should use chatbots. Additionally, a whopping 136 percent more service organizations—53 percent—say they will utilize chatbots in the next 18 months. As soon as there is a change in the status of a claim, chatbots can proactively reach out to policyholders to keep them informed throughout the process. This reduces the time that a customer has to contact a customer first, and makes a dramatic impact on the overall customer experience. Most insurance companies now let their clients pay for their plans online.

Collect data

They can push promotions in a specific timeframe and recommend or upsell insurance plans by making suitable suggestions at exactly the right moment. This facilitates data collection and activity tracking, as nearly 7 out of 10 consumers say they would share their personal data in exchange for lower prices from insurers. Another chatbot use case in insurance is that it can address all the challenges potential customers face with the lack of information.

Robotic Process Automation, which connects them to the business’ back-office systems, can help them achieve this (RPA). We want actions to be taken, quotas to be delivered, claims to be signed, and accounts to be opened when we an insurance advisor. Users must inevitably reach a website or call center to finish their operations, where lengthy wait times, time constraints, and language barriers can frequently be a major pain.

Tell us how we can be of service

They are moving further away from phone calls and toward mobile applications and texting because they no longer like using web forms. Frankie, a virtual health insurance consultant, interacts with customers by responding to routine queries, helping live agents focus on more complex issues and improving overall customer experience. Making the right investments in CX improvements can dramatically impact revenue. McKinsey found that auto insurers that provide excellent experiences have seen 2-4X more growth in new business and 30% higher profits than other firms8. In even more proof, 90% of customers who feel appreciated and 69% of those who feel valued will increase their spending with an insurance company9. Zurich Insurance now has chatbot on their insurance claims guidance pages.

At the same time, lead qualification also tells you about the level of interest a prospect has in buying your product. Regulations like the GDPR (General Data Protection Regulation) must be complied with by technologies, allowing conversations to be examined, retrieved, made anonymous, encrypted, or deleted as needed. Staff can concentrate on improving their abilities or handling more complicated back-office processes by leveraging automation to speed up repetitive chores.

For these types of simpler products, insurance firms are finding it more beneficial to enable the end user with self-service options rather than owning a relationship through agents and brokers. The specific application of AI in virtual assistants and conversational agents finds multiple use cases in insurance. These products are also less homogenous in that there is a relative lack of historical claims data that insurers can use to predict future losses.

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