The insurance industry has always been a difficult customer. And when it comes to insurance and technology, penetration is pretty slow.

Why?

It is because unlike the banking sector, transactions in the insurance industry are not anonymous. These are trust-based transactions and are always done in person. So unless they build a robot that can perfectly replicate the personality of a human sales executive, insurance will remain a paper-and-pencil industry.

And that is why chatbot technology came to life.

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

Access existing databases

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

Make the 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 conversations run smoothly and user requests don’t get lost in translation. Studies reveal that people text 5 times more than they call, so it fits your requirements perfectly.

Remove static checkboxes

Everyone hates long forms with checkboxes, right? They are long, tortuous and ambiguous. Insurance bots make these static checkboxes a breeze for users by extracting all answers as verbatim questions. Checkboxes are often seen as roadblocks, and employing insurance chatbots can efficiently close multiple sales deals.

Are claim procedures becoming an obstacle? Let’s automate them

One of the biggest problems facing 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.

Drive customer engagement

Companies no longer have to deploy large numbers of customer service representatives. An insurance bot can ease the burden by providing answers to customer queries. All the customer needs to do is send a text message and the bot lives in the database to provide the corresponding answers in no time.

Insurance chatbots are not just a blip on the InsureTech radar. They are here to transform the entire radar system! Businesses have already enjoyed the benefits of insurance bots, and both employees and customers have seen the benefits. Now, it’s time to expand your potential and see where it takes you. The future is here, live it with insurance chatbots.