As Artificial Intelligence, Automation, and Blockchain are accelerating technology disruption in the insurance industry, they are making insurance shopping experience much better for consumers. Indeed, more than USD2 billion is expected to be invested during this fiscal year by InsureTech companies on these technologies.
Even though AI Chatbots are selling insurance and helping policyholders, they will always come back by a great insurance agent. Insurance chatbots, typically, have already been around for some time. Even, insurance giants like Geico and Allstate have already been utilizing this technology in their business. Thus, here are some factors why chatbots are being developed and deployed in InsureTech companies. Next generation Chatbots are becoming increasingly effective, Chatbots are personalizing customer experiences- Effective chatbots will work to comprehend by using Machine Learning over time to learn and recognize the tone of the user’s requests and develop the first-contact resolution. The greater the ability to personalize responses will make the customer experience even greater.
Chatbots are now specialized- Users need to know exactly how the chatbots perform. For instance, Leadsurance’s Chatbot for insurance agencies performs very explicit insurance tasks seamlessly. Primarily, it categorizes a user into an existing policyholder that requires support or into a consumer seeking a quote. Then it implements the required quote or gives assistance to those requested user. An AI Chatbot offers services 24/7 to the customers, where customers can get assistance all time instead of striving to connect with an insurance agent. As a result, Chatbots are very constructive for policyholders, consumers, and insurance companies, as well as it saves everyone’s time, enhancing the experience, leading to better relationships and better business.