Insurance companies that provide excellent customer experiences generate up to 4 times higher revenue and 30% higher profits than their counterparts with poor customer service. Unsurprisingly, happy customers are 80% likely, compared to unhappy customers, to renew insurance policies. It makes it necessary for companies to have a digital customer experience. A critical way to automate customer service is by using chatbots that handle simple, time-consuming requests by customers. Most customers don’t mind if they receive help from a machine or a person, provided they receive it quickly. The good news is that if you are an insurance company that needs a multi-line, integrated insurance platform, you can get a chatbot for insurance that supports intelligent underwriting.
Below are some of the ways insurance companies can use chatbots:
To Answer Frequently Asked Questions
Insurance companies can implement chatbots to give answers to commonly asked questions. It is because the terms, conditions, or plans in insurance are standardized mainly for legal reasons. A chatbot will be available 24/7 to answer questions on premiums, insurance coverage, and documentation. This approach is proven to work with a more than 20% increase in interactions handled with the chat assistants.
To Ease Claim Handling
As part of an effort to smoothen making claims, chatbots can be used in claim processing. When a customer needs to file a claim, they can do it quickly, day and night. Such information is passed to an agent for processing. It helps to reduce the time for processing claims. This is important when claims are numerous, and the policyholders find it difficult to reach the call center, especially during disasters.
To Increase Profitability
Chatbots help insurance companies to boost profitability by improving the business reach. They follow messaging formats integrated into other messaging platforms like Facebook, messenger, and Hike. As a result, millions of potential customers connected that ultimately increases sales. Also, chatbots reduce costs involved in customer support. They can be integrated with customer relationship management in an insurance business, enabling them to get information and address customers accordingly.
To Send Notifications
Customers need relevant and real-time alerts. Insurance chatbots help with reminders. When deployed on messaging apps, it becomes easier to connect to policyholders and provide notifications. They include reminder alerts on policy renewal dates and to those with auto insurance when they enter driving routes that are dangerous. The bot can send a reminder and guide a poly holder through the process.