All About the Insurance Bot

Are you ready for the power of bots?

For transformation experts and roadmap evangelists, a key area to achieve a competitive edge and to vastly improve customer experience is – chatbots! If last year’s trend was AI, 2021 has transitioned to chatbots leveraging the power of AI – or as we call it ‘all about the bots’.

What do insurers gain from offering chatbot capabilities?

1. Increased productivity – according to IBM, 85% of customer interactions will be handled without an actual person. Bots won’t replace humans, but they will filter the requests that don’t require service reps or underwriters, so they can focus on the more serious issues at hand.
2. Chatbot + Live Chat = the perfect pair – Chatbots can answer tons of questions and provide information your customers want and need, but there are times when the chatbot isn’t enough and you need to involve a human. We still don’t want to talk to anyone, but at the same time complain about it, so the combination of Chatbot + Live Chat is pure love. Insurers can achieve efficiencies and reduce redundancy by that smooth, frictionless hand off.
3. Reduced errors – We all make mistakes, but bots don’t. Chatbots are programmed so there is no chance of errors.
4. Customer satisfaction – In a time where most of us want immediate gratification,  chatbots are sure to please. Chatbots answer quickly, assist successfully, are friendly, and there to help 24/7. Chatbots understand you and don’t make you repeat yourself, and chatbots are just cool technology.

Speaking of customer satisfaction, here are some gains for your customers:

1. IVR (interactive voice response) system – The worst thing any insurer can do to a customer is put you into a stress induced IVR frustration. Where you can’t escape the menu. “Please press 2. I am sorry, I didn’t get that.” I feel my heart race just thinking about it. Chatbots, on the other hand, can be used in a similar manner to direct you to the right person, with the right skill set, without making you want to throw your phone out of the window.
2. Chatbots are cool – as an insurer you can represent your company and personalize your bots to let your brand personality shine through. Customers appreciate that personal touch, and if used right, can be very engaged and continue to use the technology tool for more services.
3. Chatbots are easy – They are seamless, intuitive. There is no learning curve for customers. It’s as simple as that.
4. Make my insurance as easy as 1, 2, 3– if we can simplify typical processes for our customers, they are sure to be pleased. Finding out simple policy information, paying bills, getting answers for claims, without having to make a call, get transferred multiple times and battle that IVR system. Your customer satisfaction scores will fly through the roof!

“I believe any success in life is made by going into an area with a blind and furious optimism”. – Sylvester Stallone

Investing in chatbots, is a knockout. Be inspired like Rocky (Sylvester Stallone) – if you are thinking with your digital transformation hat on, you will see a whole new world where chatbots can create a positive, rich experience for your customers, as well as ease some internal processes and increase efficiencies. It’s a simple step towards achieving your digital transformation. I promise you, this is one area where your investment will pay off immediately.

Be on the lookout for my next blog on how to take your chatbot vision to reality.

• insurance