THE CHATBOTS IN INSURANCE PLAYBOOK: Case studies on how three insurers are using chatbots to boost customer acquisition, slash claims processing times, and increase staff productivity
- This is a preview of The Chatbots in Insurance Playbook from Business Insider Intelligence.
- Purchase this report.
- Business Insider Intelligence offers even more fintech coverage with Fintech Pro. Subscribe today to receive industry-changing finance news and analysis to your inbox.
The insurance sector has been far behind other sectors of financial services when it comes to delivering on customer engagement - but today, insurers are tapping advances in chatbot technology to deliver frequent and individualized customer interactions. Advancements in automation, machine learning (ML), and natural language processing (NLP) have enabled conversational assistants to deliver customer engagement that's so on par with live agents that the bots can supplant staff entirely.
And within the insurance realm, chatbot tech has the potential to reshape everything from product recommendation to admin to claims processing.
In The Chatbots In Insurance Playbook, Business Insider Intelligence's proprietary transformation maturity scale allows firms to measure the maturity of their chatbot deployments, while case studies exploring the chatbot implementations of three insurance players at various stages of their transformation journeys aim to guide firms looking to advance along our maturity scale. Finally, a market forecast of the global chatbot opportunity in insurance highlights the significant cost-savings potential the tech can bring across the industry.
Here are a few key takeaways from the report:
- Three case studies highlight chatbots' potential to improve customer satisfaction, slash man-hours needed for customer service tasks, and speed up transaction and processing times.
- Insurtech Lemonade wanted to use bot technology to supplant human customer service processes, but it needed to ensure this wouldn't create a subpar user experience or erode trust.
- To do this, Lemonade created a chatbot solution that could hold conversations that mirror those with live agents, while speedily solving complex customer problems.
- Insurer Zurich UK worked with white-label chatbot provider Spixii to expand its initially limited digital capabilities to provide customers with an immediate way of declaring claims.
- The insurer knew it had to meet customer demand for an "always-on" digital experience around claims, and while Zurich UK identified chatbots as a good solution, it needed to ensure the tech would provide a cohesive experience across online and offline channels.
- Future Generali India Life Insurance (FGILI) was overwhelmed by a continued hike in calls from existing clients and needed to find a better way to manage communications as it scales its business.
- To achieve this, it deployed a chatbot solution, dubbed Robotics Enabled Virtual Assistant (REVA) - which includes both basic and complex capabilities - to maintain a strong customer experience while freeing up live employees to grow its business.
In full, the report:
- Allows insurers to identify strengths and weaknesses in their chatbot deployments by measuring their capabilities across key categories using Business Insider Intelligence's Chatbots In Insurance Digital Maturity Model.
- Utilizes three case studies to show how different insurance firms are using chatbots to transform business operations and customer engagement.
- Provides a market forecast of the global chatbot opportunity in insurance to highlight the significant cost-savings potential the tech can bring across the industry.
Interested in getting the full report? Here's how to get access:
- Purchase & download the full report from our research store. >> Purchase & Download Now
- Sign up for Fintech Pro, Business Insider Intelligence's expert product suite tailored for today's (and tomorrow's) decision-makers in the financial services industry, delivered to your inbox 6x a week. >> Get Started
- Check to see if you already have access to Business Insider Intelligence through your company, or inquire about access if you don't. >> Check If You Have Enterprise Access
- Current subscribers can read the report here.
- Elon Musk sparks another Shiba Inu rally ‘to the moon’ — other Shiba coins follow suit
- Elon Musk’s puppy, a new strategy to burn tokens, and altcoins playing catch up — the perfect storm for cryptocurrency Shiba Inu to skyrocket
- Apple M1 Pro and M1 Max vs M1: Here’s what Apple improved with its new custom chips
- Best gaming mouse for battle royale games in India
- Best tablets for professional use in India
- Ethereum may offer the best returns, but investors have been pulling away over the last two weeks
- Google starts starts testing new safety section for apps, feature to go live in February 2022
- Horlicks and Boost maker HUL sees slowdown in food segment in the last three months