Conversational AI for Insurance Industry

Sep 29, 2022

Conversational AI for Insurance Businesses - Chatbots and Voicebots Transforming CX

Conversational AI, automating conversations through AI-Powered Voicebots and Chatbots, has become one of the most-sought technologies of recent times - mainly because it acts as a bridge between automation and the need for human touch. 

According to a survey by Statista, 44% of customers are comfortable using Chatbot to file an insurance claim, and 43% of them are comfortable buying an insurance policy through a Chatbot

How Does Conversational AI in Insurance Work?

The insurance industry is one of the early adopters of Conversational AI Voicebots and Chatbots as the bots address key use cases of the insurance businesses. 

Automate Claims FNOL

Suppose a pine tree fell on your fence, and you had to file Claims FNOL for this. How would you proceed? A typical process is like this - 

  • Contact insurers through email or call or the website portal 
  • Fill out a form to share personal details and policy number 
  • Fill out a form again to answer questions asked by the insurer 
  • Submit required documents 

The process seems tedious and time-consuming, even if you have all the required documents and details ready. A series of to-and-fro emails/calls doesn't seem pleasant. This is where Conversational AI Voicebots and Chatbots come to the rescue with an innovative approach. 

Checkout how you can automate claims FNOL with FloatGPT powered Voicebot

Through AI-Powered Voicebots and Chatbots, the customer can file Claims FNOL seamlessly and instantly, without the intervention of human reps from the insurer, unless required. 

Deployment of AI-Powered Voicebots and Chatbots can result in 3X faster Claims FNOL filing.

The bot asks relevant questions and collects required documents according to the customer's convenience. Not only does it accelerate Claims FNOL filing, but it also results in happy customers and low operational costs. 

Increase Digital Sales

Customers might have some questions before buying your products and services. They might need to go through website pages, FAQs, and product brochures or reach your sales/customer reps. However, the process can result in a longer sales cycle, and you can even lose some customers.  

AI-Powered Voicebots and Chatbots can increase digital sales and renewal of insurance policies by 150%

On the other hand, you can deploy AI-enabled Voicebots and Chatbots as 'Robo-Advisors' - which interact with customers, provide them with the appropriate information, and point them in the right direction to make quick decisions.

Automate Customer Support

In today's digital-first world, customer expectations are rising exponentially. Customers expect immediate responses, personalized experience, and 24X7 support. Deploying more human agents to address these expectations doesn't seem economically feasible.  

Having ConversationalAI for insurance businesses is like having an unlimited supply of human agents. They assist customers 24X7, which means no wait time before talking to an agent. 

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Equip Human Agents with AI Agent Assist

Ideally, you would want your human agents to assist customers as much as possible. However, typically, agents have to find relevant information in a knowledge base or documents, which causes delays and lower customer satisfaction.  

AI Agent Assist suggests real-time answers to your human agent when they're on the call with customers. The bot typically has cognitive QnA capabilities, which means it can find answers from unstructured documents, including website pages, scripts, PDFs, Word, etc. 

To Sum Up

Conversational AI Voicebots and Chatbots help insurers, agencies, and MGAs automate Claims FNOL and customer support, increase digital sales and renewals of insurance policies, increase CSAT scores and reduce support costs.  

If you have any questions or need any assistance, feel free to reach us at 

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