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Insurers are looking at where and when they can bring chatbots into play.
Buying insurance, for one, can be made a lot less painful with chatbots outlining the steps involved, giving an overview of the options available, and helping with the final purchase. Chatbots can also reduce the confusion around different types of policies and cut down on jargon by highlighting differences between coverages, and recommending ideal coverage based on similar user demographics or state-mandated regulations.
By asking a few simple queries and connecting user needs with information available from other sources (eg., a social profile), a chatbot can also gauge patterns and present recommendations or information in an intuitive fashion, solving queries and creating a lasting positive impression.
They can also add value across the entire claims value chain. Logging a first notice of loss (FNOL), registering a request for repairs, scheduling an appointment for inventory inspections, or even giving an update on a claim’s status — these are all tasks that chatbots can handle. And field claims adjustors can use them when working on low-complexity claims, enabling query resolution in real time and speeding up loss assessment.
This makes data gathering easy. During the FNOL, for instance, chatbots can log the date, location, description, and even images of the damage. By using chatbots for customer interactions, insurers can reap the efficiency rewards — especially outside of office hours. Tag-teaming customer service employees with virtual assistants helps manage multiple concurrent conversations and ensures that customers get a quicker response.
Combining natural language processing capabilities with deep learning algorithms, these processes can be made much more intuitive, leading to the creation of highly human chatbots.