Conversational AI for Insurance Companies — Key Benefits of Integration in 2022

Latest News Conversational AI for Insurance Companies

Conversational AI for Insurance Companies: The global Artificial Intelligence market is growing by leaps and bounds. Between 2021 and 2028, it is expected to expand by over 33% annually. AI solutions are being implemented in many industries, and they are particularly attractive for insurance companies. In this business, call centers are the frontlines for prospect onboarding and customer retention. AI makes them hyper-efficient.

Thanks to AI insurance contact technologies, companies reduce costs, gain valuable insights, and strengthen relationships with clients. Adoption of innovation spurs growth, as increasing customer retention by merely 5% can nearly double your profits! Here are the key benefits of AI for insurance companies.

Freeing up Resources

Today, AI-based assistants are more human-like than ever. By offloading routine jobs to automation, companies free up their operators. Staff can genuinely engage with customers on other topics during “moments of truth” — situations requiring genuine empathy. For example, a client reporting a car crash or a house fire still expects care from another human. 

Technologies like Robotic Process Automation (RPA) let businesses delegate monotonous tasks like data processing to computers. For example, Allstate has tested natural language chatbots for routing and resolving customer requests.

Customer Satisfaction

For customers, AI-powered interactions by voice, text, or chat are a timesaver. Mobile and web page channels help them solve their problems in a straightforward way, without speaking to a representative. For example, they can get answers to typical questions about account servicing.

Efficient Claim Processing

Typically, claim processing in the insurance industry requires the participation of several employees. In the auto realm, a claim is processed by up to four people, and completion takes between 10 and 15 days. AI provides the impressive acceleration, as it eliminates humans from the equation.

For example, intelligence systems can analyze photos of the damage, interact with clients, and issue payments. Every step of the process can be enhanced and sped up with the help of artificial intelligence. According to a school insurance company Lemonade, its AI can pay out a claim in 3 seconds!

Better Claim Filing

AI does not only streamline claim processing — but it can also make filing more efficient. Typically, over half of all conversations in contact centers concern initial filing procedures. Moreover, for some insurers, the business is very seasonal, so they end up hiring temporary agents during the most difficult periods.

If AI is used for the initial step, customers are connected to automated conversational systems that confirm their identity, clarify reasons for the claim, and email a form. Basically, AI can do everything your operator does, so they have more time to deal with other issues. Subsequently, claims may be processed using RPA, which reduces the number of agents involved. 

To Sum up

These are only some of the most salient benefits. AI solutions for insurers are more advanced, versatile, and user-friendly than ever. Make conversational technology a part of your communication with customers to boost loyalty and profits!

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