Conversational AI in Insurance

Written by CFTE’s Experts

We all know how conversational AI has transformed our lives. It’s like we have our own personal virtual assistants – an ideal example of conversational AI would be Siri, the virtual assistant on iPhones that can perform all our tasks by listening to our verbal orders. The insurance industry has also been quite positively impacted by conversational AI and will keep doing so in the future.

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How has Conversational AI transformed the Insurance Industry

Here are some cool ways conversational AI has transformed the insurance industry for the good:

Significant Gains in Revenue

It has been noted that since the incorporation of AI technologies in the insurance industry, including conversational AI, insurance companies have gained a revenue of $1.1 trillion in total. Because of the features provided by conversational AI, more and more customers are approaching insurance companies.

Customers are being Guided 24/7

Now you don’t need to have people available 24 hours a day for customer service. Online chatbots, an interesting kind of conversational AI, are being implemented by insurance companies, that can communicate with the customers directly and handle their queries. These bots may also provide customized services and advice to the customers.

Insurance Fraud Detection is Becoming Stronger

Language processing enabled by conversational AI is being used as a benchmark for fraud detection. These systems cross-check the claims and discussions made by individuals and indicate any sort of red flags that could lead to fraud. This preventative measure is bringing more transparency.

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Giving Customers Personalized Products

Customers are provided with exactly the offers and products they want, by analysing hours of conversations with customers and reviews provided by them. Conversational AI is capable enough to predict the ongoing trends and what the customers want.

Applications of Conversational AI in the Insurance Industry

You can see conversational AI being implemented everywhere in the insurance industry. For example:

Conversational AI is being used to enhance the claim management domain, by providing customers with questions and leading them on to the relevant points.

Chatbots are being developed to provide the customers with adequate guidance and help.

– Conversational AI is being implemented on a large scale for automatic retrieval and processing of customer or analytic data stored in the databases.

– Insurance is getting more customized with the help of conversational AI.

Insurance Companies that use Conversational AI

Now let’s look into some insurance companies that have incorporated this technology:

Tryg:

– This leading insurance company has reported that about 97% of all of their internal chat queries are being handled by conversational AI, increasing their quality of customer support and lessening the load.

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Topdanmark:

This is a Scandinavian insurance company that has reported using conversational AI to automate more than 80% of all their travel insurance inquiries and provide customers with optimal support.

Final Words

With conversational AI, things have become easy for both the customers and insurance employees. However, there may be slight discrepancies in this technology in the insurance industry, but with time more improvements can be expected, and everything will certainly change for the good leaving the world in wonder and astonishment.

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