Insurance Chatbots

Insurance chatbots are becoming more common since they have a lot of advantages for both customers and insurers. Chatbots can make personalised advice, automate tedious activities, and offer round-the-clock customer service. This can assist insurers in providing better customer service, cutting expenses, and boosting sales. Approximately 85% of insurance companies now communicate with their insurance providers via different digital platforms. Automation of customer encounters using chatbots is essential for insurance companies to scale engagement.

The issue is that a lot of insurance companies are blind to the possibilities of insurance chatbots. To fill the knowledge gap and demonstrate the advantages of these technologies for the insurance industry, this article will explain the top 16 use cases for insurance chatbots, including cross-selling, claims processing, damage assessment, and more.

Although the insurance industry is not an exception, McKinsey claims that the Covid-19 outbreak increased clients’ preference for verbal communication rather than face-to-face interaction. Customers’ expectations seem to favour chatbots for insurance customers in this way. Additionally, with 74% of CEOs considering increased investment in AI in 2022, insurers will decide to expand their investment there the most. As a result, we anticipate seeing additional potential for chatbot deployment in the insurance sector.

What is an Insurance chatbot?

An artificial intelligence (AI) system or computer program known as an insurance chatbot is created to communicate with people through text-based or voice-based chats in order to answer queries, offer information, and help with a variety of insurance-related tasks. These chatbots are frequently incorporated into the websites, mobile apps, or messaging platforms of insurance companies to improve user experience, expedite operations, and improve customer service.

Why should you use Insurance Chatbots?

Insurance chatbots are revolutionary. They are raising the bar for customer service and operational effectiveness, benefiting the client as much as the business.

• Chatbots can be used to respond to client inquiries regarding insurance policies, coverage, and claims. This can free up customer support agents to concentrate on more difficult problems.
• Giving estimates: Chatbots can be used to give estimates for various insurance plans. Customers can easily obtain quotations in this method without having to contact customer care.
• Insurance claim submission: Chatbots can be used to file insurance claims. Customers may find this to be a convenient alternative to mailing or faxing papers for filing claims.
• Customer service delivery: Chatbots can be used to deliver customer service in real-time. Customers who have inquiries about or issues with their insurance plans may find this useful.

Top 16 Insurance Chatbots for Insurance Industry In 2023

Chatbot.team

India’s top platform for building no-code chatbots, Chatbot.team, aids companies in automating their sales and customer service procedures. It enables the ability to target and segment audiences precisely, redefining customer engagement and creating more individualized experiences. Our chatbot solutions boost your communication strategy by enabling you to create tailored messages that genuinely resonate with your audience. It delivers individualized offers, suggestions, and content that resonates to increase engagement, trust, and conversions for your company. With features like chatbots powered by AI, customization choices, integrations, NLP, analytics, multi-platform support, and 24/7 accessibility, it gives your business a boost.

Features of Chatbot.team

The platform provided by Chatbot.team has a number of features that make it simple to construct chatbots, such as:

• Platform without coding: Chatbot.team’s platform is made to be simple to use, even for companies without coding expertise.
• Scalable and adaptable: Chatbot.team’s platform is made to be flexible, enabling companies to build chatbots that are tailored to their particular requirements.
• A drag-and-drop interface, a library of pre-built chatbot components, and a visual editor for designing chatbot flows are just a few of the many features that make it simple to create chatbots on the Chatbot.team platform.
• Reliable and secure: Businesses can have faith that their chatbots will be available when they’re needed thanks to Chatbot.team’s platform.
• Services from Chatbot.team are reasonably priced, making them a fantastic choice for companies of all sizes.

Limitations

• Limited features
• No Free Plan
• High learning curve
• Not as customizable

Pricing Plans of Chatbot.team

This chatbot offers three plans for its users, who can select the plan according to the needs of their business.

• Free Plan: It works for a period of 14 days.
• Premium Plan: Its price is ₹ 6500/ month.
• Enterprise Plan: Its price varies with the features added. Contact the sales team for further details.

Whatfix

Whatfix is a data-driven digital adoption platform (DAP) that enables organizations and users to maximize the benefits of software. Whatfix acts as an interactive overlay on top of any application to guide users with real-time guidance, self-help support, and user feedback. A Digital Adoption Platform (DAP) is an in-application interactive solution that can provide contextual training, help, and on-screen guidance for employees or end-users. DAP acts as a layer of content over your software application to empower end-users to learn and become more productive in your application. It helps enterprises onboard, train, and support their application users. Whatfix enables you to create and deliver contextual and customized content in the form of Flows, help tips, videos, links, and text, all as an in-app experience.

Features

• It provides a repository of information that can be used by those seeking support and makes articles in the knowledge base searchable on the web. It enables users to engage with other users to solve common issues.
• It allows users to add custom branding (logos, brand colors, etc.) to self-service portals, chatbots, etc. It utilizes artificial intelligence to improve workflows or customer experiences and allows easy integrations with applications, such as messenger applications, APIs, and customer support tools.
• It organizes users into predefined groups and provides different responses based on group.

Cons

• Learning to use Whatfix is a little complicated .
• Working with SaaS providers to support the deployment of Whatfix within their platforms is challenging aspect.

Pricing

The sales team can be contacted for detailed pricing.

Engati

Enagati is a well-liked platform for building chatbots and virtual assistants, particularly those employed in the healthcare industry. Healthcare chatbots created on the Engati platform can help patients and healthcare providers in a number of ways. It acquires, engages, and retains more customers, faster with an enterprise-grade, Conversational AI platform powered by eSenseGPT. It drives superior customer experiences with Gen-AI powered Chatbot, Live chat, Campaigns & more. It generates leads, increases conversions, and improves customer experience across channels. It also Trains your bots in seconds with eSenseGPT.

Features of Engati

• Every conversation is stitched into one view: By streamlining omnichannel interactions with the one-view inbox, it maintains track of customers who connect with it through various touchpoints.
• A better, faster, stronger way to connect with customers: It facilitates efficient contact with our complimentary AI chatbot, which offers round-the-clock lead generation, support optimization, and individualized chats.
• Create an omnichannel customer experience with your AI chatbot: It makes omnichannel customer engagement possible. It can deploy your bot on WhatsApp, Facebook, Instagram, and 10+ other channels to offer an omnichannel customer experience. It allows for seamless integration across multiple channels for both customer and enterprise needs. Regardless of what channels your customers prefer, Engati provides an all-in-one customer engagement platform that powers your omnichannel customer experience.
• Multiply your revenue with Chatbots and Live Chat: Human touch and automation should be in balance. With Live Chat, you can set up prompt responses, close sales, and work with clients in real-time. The improved timing increases sales, thus generating more revenue.
• Create experiences that draw in customers: It provides the best experiences centred around fluidity. With customers always on the go, they’re constantly switching channels to get what they want. It reaches your customers across the multichannel customer journey.
• An easier way to build bots: It creates bots with Engati’s drag-and-drop conversational modeller using minimal coding. Once built, it deploys the chatbot in seconds.
• Simplified bot training: It simplifies your knowledge base with FAQs, Intents, Cognitive Search, and DocuSense—perfect to support your customers, whether it’s dusk or dawn.
• NLP Engine: State-of-the-art the NLP Engine delivers personalized experiences, fuelled by context and intents, across all touchpoints of your customers’ journey.

Limitations

• The price might be a bit on the higher side when compared to others.
• The bot could be more customizable using external technology and better compatible with other web apps.

Pricing

• StarterPlan: This plan is free.
• Contact the sales team for further enquiries.

IBM Watson Assistant

The market-leading enterprise conversational AI platform IBM Watsonx Assistant (previously known as Watson Assistant) enables you to create intelligent virtual and voice assistants that can respond to customers quickly, consistently, and accurately via any messaging platform, application, device, or channel. Long wait times, tiresome searches, and useless chatbots are all eliminated thanks to Watsonx Assistant’s use of artificial intelligence and big language models, which improves its ability to answer problems the first time.

Features

• It provides personalized responses to interlocutors based on segmentation or past responses.
• It has tools like dashboards and reports to better understand conversations Intelligent Virtual Assistants have had.

Cons

• The initial learning curve is challenging.
• The pricing can be expensive.

Pricing

The pricing is on the higher side. The details can be obtained from the sales team.

Haptik

This platform enables enterprises to build conversational AI systems that allow users to converse with applications and electronic devices in free form, natural language, using speech or text.

Features

• It caters to all your business and customer needs from one single platform optimized at every stage of your Conversational AI journey to drive exponential value in minimum time.
• It identifies top use cases from CRM tickets and chat transcripts.
• It has drag and drag-and-drop editor to design use cases and workflows.
• It has a Live support agent which provides seamless support in human hands-off.
• It’s proprietary NLU leads the industry with the most human-like conversational experience for your customers. Its tailormade industry-specific NLP, Machine and deep Learning models ensure maximum accuracy as compared to other NLU engines and reduce bot fails.
• Its AI-driven Analytics uncovers business insights by tapping into real-time conversation data with Smart Funnels, AI recommendations,  CSAT & NPS.
• It drives personalized & consistent conversations across channels that the customers use every day. The use of powerful out-of-the-box integrations to unify all your customer experience tools together & provide elevated customer experience end-to-end.

Limitations

• The complexity level of entities is a little difficult for people who are from non-coding backgrounds.
• Integration of Whatsapp Products with business processes is a little difficult.
• Pricing is on the higher side for small businesses.

Pricing

• Starter plan:It has 8000 conversations monthly.
• For price details, contact the sales team.

Userlike

It feeds the central knowledge base with the information customers are looking for and speeds up the support workflows. Its no-code solution makes AI automation simple and connects the CRM, database or any other external system to automate entire processes.

Features

• Message Center: It has all interactions in one central place, regardless of the channels your customers use, it answers all messages from one central place for professional support and sales. Userlike enables your team to deliver its best and takes your customer communication to the next level.
• Its Customer service chatbots and AI solutions automate your lead generation, customer support recruiting and digital sales. The powerful automation and chatbot features for your business are linked by a centralized, AI-powered knowledge base.
• We can use video calls as a communication mode for your support and sales. It adds another dimension to your communication and meets your visitors just the way they want.
• Userlike allows large-scale organizations to offer personal, one-on-one customer support – the type you’d only expect from your local grocery store. Our Flex plan combined with tailored guidance makes us the number one choice among industry leaders.

Pricing

• The free plan offers a simple chat setup for your website. It has 1 WIDGET 1 SEAT and  All the core features like Unlimited conversations, Unlimited contacts, and Website Messenger.
• For detailed pricing, the sales team can be contacted.

Yellow.ai

The enterprise-grade conversational AI platform for happy customers and workers is called Yellow.ai. With the best of AI + Human Intelligence, the platform enables automation that is focused on solving problems.  Through its no-code/low-code bot builders, it is powered by dynamic AI agents that enable human-like interactions that raise staff engagement and customer happiness at scale.

Features

• It has the ability to make chatbots for websites and helps reduce costs for support roles that are critical in small businesses which are customer-like travel.
• The flow of conversations is highly customizable with ease of use from the backend.
• Built on multi-LLM architecture, DAP continuously trains on billions of conversations for scale, speed, and accuracy.

Cons

• The chatbots can be more learning-based for non-e-commerce businesses.
• Some components require deep knowledge on the technical side i.e. integration with other CRM platforms making it difficult for users of non-technical backgrounds.

Pricing

For the price details, the sales team can be contacted.

Inbenta

A conversational AI platform called Inbenta can be used to build chatbots for the healthcare industry. The goal of Inbenta’s healthcare chatbots is to increase patient engagement, simplify administrative procedures, and improve the patient experience. It gives your customers the service, accuracy, and speed they expect across chatbots, search, Messenger, knowledge management, and more.

Features of Inbenta

• Inbenta’s conversational AI platform provides lower costs, improved service, and simplified IT management.
• It engages customers automatically with AI-enabled chatbots and self-service tools that understand the true intent of user queries.
• It reduces your reliance on agent intervention, thus saving you time and money. It frees up the time and effort required of live agents by resolving customer inquiries and tasks automatically, 24/7.
• It improves the customer experience at scale with self-service options. It aims to satisfy changing customer preferences with chatbots, search, and other self-service tools that are faster and more efficient than live agents.

Pricing

The price details are available with the sales team.

Usher

It is an AI-powered Customer Experience Automation™ platform that has been built to intelligently automate entire customer journeys. It combines Conversational Automation and Knowledge Work Automation in a No-Code, Cloud-native, SaaS platform to digitally transform every step of the complete enterprise customer experience.

Features

• Its drag-and-drop tools automate front and back-office work across virtually any channel; text, web, voice, social, email and machine-to-machine.
• It reduces process times from weeks to hours and elevates the customer experience.

Cons

It is very expensive.

Pricing

Contact the sales for details.

Reve

REVE Chat is a live chat and customer engagement platform driven by AI that offers real-time conversations through message, smartphone, and website channels. It provides a whole set of tools to increase sales conversion, automate lead generation, and give clients online support. REVE Chat is an effective solution that may boost sales, increase customer interaction, and automate customer care. The platforms it is compatible with include Shopify, WordPress, and WooCommerce.

Features of Reve Chat

• By providing notifications and reminders, developing custom-tailored messaging, and even responding to queries about particular user groups, it may offer a personalised experience for each user.
• You can design a stunning pitch for your clients using machine learning (ML) and natural language processing (NLP) capabilities. Customers can connect with your services via a conversational interface as a result, enabling them to receive prompt responses to their inquiries.
• With this chatbot platform, you can create your bots quickly. The platform is simple to manage and simple to design.

Pricing

Contact the sales team for the price details.

Kommunicate

Kommunicate is an AI-powered chatbot platform that helps businesses automate customer support, generate leads, and provide self-service.

Features:

• AI Chatbots: Kommunicate’s AI chatbots can be used to automate frequent client requests, like those for product details, shipping costs, and price quotes. Additionally, they can be utilised to qualify leads and offer self-service assistance.
• Live Chat: With Kommunicate’s live chat function, you can communicate with your clients in real time and rapidly address their queries and problems.
• Knowledge Base: You can write and save articles and frequently asked questions (FAQs) in Kommunicate’s knowledge base, which your customers can use to get answers to their inquiries.
• Helpdesk: You may handle your customer support tickets and keep track of your client interactions using Kommunicate’s helpdesk.
• Various third-party apps, including CRMs, marketing automation platforms, and e-commerce platforms, are all integrated with Kommunicate. This makes it possible for you to easily link your consumer data.

Pricing

Contact the sales team for further details.

LivePerson

LivePerson delivers AI-powered B2C, B2B, HR, and ITSM engagement solutions that enable your brand to have conversations with millions of people as personally as you would with a single one.

Features

• It enables a popup chat window on company websites to encourage interaction between website visitors and designated company representatives and delivers notifications to both sides of the conversation.
• It allows users to customize chat colours, text, logos, and branding and archives conversations in a separate location for later reference which enables employees to denote potential customers.
• It has the ability to connect agents with customers through Live Chat.

Cons

• The response time is very poor on inquiries and the communication is not elaborative and clear.
• The creation of contextual dialogues or possibilities is not as functional or as good as expected.

Price

The detailed price is available with the sales team.

WotNot

It is a chatbot builder that combines simplicity, effectiveness, and a delightful user experience. Its intuitive no-code interface and drag & drop functionality, puts coding out of the equation, making bot building effortless and accessible for all.

Features

• It provides a personalized customer experience to the current or future customers which is available 24/7, responds instantly, is totally reliable, and speaks the customer language.
• Its no-code Bot Builder can build bots fairly easily with an intuitive visual builder.
• It can manage multiple bots for different activities based on the triggers and conditions defined by the user. WotNot offers a service wherein the team of experienced conversation design experts understand the needs and carefully create a conversation flow that matches the needs of the business and keeps optimizing the flow by reviewing the results.

Pricing

Starting from $49 per month, it has 4 price variations. The details are available with the sales team.

SnatchBot

SnatchBot is a bot builder platform designed to add multi-channel messaging to any system.

SnatchBot eliminates complexity and helps you to build the best chatbot experience for your customers. We provide robust administrative features and enterprise-grade security to comply with regulatory mandates.

Features

• It modernizes business functions with an easy-to-use platform with no coding skills required.
• It provides robots which are traditionally used for back-end administrative work that can perform various tasks and transactions in databases, enterprise systems, and websites more efficiently than humans and other automation solutions by reducing cycle times.

Cons

• No support for free plan users.
• The software is complicated for beginners

Price

The starter plan begins at $99 per month. Detailed pricing is available with the sales team.

How to choose an Insurance chatbot?

Choosing an insurance chatbot involves careful consideration of your insurance goals, customer needs, technical capabilities, and available resources. Here’s a step-by-step guide to help you choose the right chatbot for insurance:

Define Your Objectives:

We must understand why we need a chatbot. We must know what we want to achieve with the chatbot. Clear goals will guide our selection in increasing customer service, increasing engagement, providing education-related advice, or streamlining related operations, clear objectives will guide our selection. We must analyze our customer’s preferences and problem points and what are the most common queries they have. We also need to identify areas where a chatbot can provide value and enhance their experience.

Choose the Platform:

Depending on our requirements and budget, we must choose the appropriate type. There are rule-based chatbots and AI-powered chatbots. Rule-based chatbots follow predefined rules, while AI-powered chatbots use machine learning to understand and respond to user queries more dynamically.

Choose the chatbot type:

The decision between rule-based and AI-powered chatbots is influenced by your specific business requirements, money, technological competence, and the level of complexity you demand in your chatbot’s interactions.  Rule-based chatbots operate based on predefined rules and triggers, suitable for handling simple tasks, quickly addressing FAQs, and providing basic information. They follow programmed dialogues and lack contextual understanding. These chatbots are easy to set up and maintain, making them effective for straightforward interactions and predictable user requests.  AI-powered chatbots offer enhanced user experiences by delivering personalized and human-like interactions. While rule-based chatbots have a lower initial setup cost, AI-powered chatbots offer a higher long-term return on investment due to their advanced capabilities. AI-powered chatbots are better equipped for scalability as business needs evolve, but their development and training demand more time and resources.

Finally, if our company requires simple interactions and has a minimal budget, a rule-based chatbot may be appropriate. An AI-powered chatbot, on the other hand, is a preferable solution if you want to provide sophisticated, personalised, and dynamic interactions that can adapt to user preferences over time. When making your decision, keep your specific use cases and future scalability requirements in mind.

Discuss the Design and Development Process:

A chatbot’s design and development process includes numerous stages, from conceptualization through deployment. Developing a successful chatbot involves several key phases: defining objectives and tasks, selecting the appropriate chatbot type and platform, designing a user-friendly experience, training AI capabilities, gathering and refining data, creating on-brand content, rigorous testing, deployment, monitoring performance, continuous improvement based on user feedback, ongoing maintenance, security compliance, and user education. Each step contributes to a well-rounded and effective chatbot implementation.

See Available Integration Options:

Chatbot integration means you are connecting the chatbot with various platforms. It’s an entire process to deploy the chatbot on various social platforms and applications. Depending on your insuarnce goals and target audience, you can choose the most appropriate integration options. Here are some common chatbot integration options:

• Website Integration: Embed the chatbot directly on your organisation’s website using a chat window or widget. It offers real-time assistance to users browsing your site, answering their questions, and providing support.
• Messaging Platforms: Integrating your chatbot with messaging apps like Facebook Messenger, and WhatsApp and engaging with users on platforms they are already familiar with, thereby expanding your reach.
• Social Media: Connect your chatbot to social media platforms like Facebook, Twitter, or Instagram and engage with users who interact with your business brand on social media and provide instant responses.

Test and Launch Your Chatbot:

Testing verifies the functionality, usability, and performance of the chatbot. Usability, functionality, performance, and security are assessed, with user feedback and incorporated. These processes ensure the chatbot operates smoothly, provides accurate responses, and offers a positive user experience. Once successfully integrated and tested, the chatbot is ready for deployment.

What are the Future Trends in Insurance Chatbots?

An analysis by McKinsey found that “Insurers that provide superior customer service earn more profit than their competitors, which is quite evident in the fact that 86% of buyers are willing to pay more for Insurance for a great customer experience (CX)”. Today’s customers demand prompt, effective, and individualised assistance at any time during their insurance experience. Insurance companies must provide the greatest seamless experiences through apps, technologies, communications, and customer service in order to satisfy their customers’ demands.

For insurers, the customer experience is more important than ever. In order to provide value to consumers and fulfil their changing needs, insurers must cultivate a culture of digital transformation and customer excellence.

Chatbots Powered by AI

A Juniper Study estimates that the use of conversational AI chatbots will help the insurance industry save close to $1.3 billion by 2023 across the life, motor, property, and health insurance segments. This could prove to be a differentiating factor for insurance companies looking to stay ahead of the competition. This technology enhances customer service while lowering the price of running a call centre or adding more employees. Additionally, insurers can gather information from AI-powered chatbots to enhance their services and better comprehend the needs of their clients.

Data-Driven Perspectives

Insurance businesses use data to learn more about the tastes and behaviours of their clients. Insurers may learn a lot about how their current clients view their goods and services by utilising data from various sources, such as surveys or social media platforms. The market’s unmet demands can be addressed by developing new products or enhancing existing ones using this data.

Processing Claims Automatically

All business sectors, including insurance, are seeing an increase in the importance of automation as it allows for quicker processing times while lowering errors associated with manual data entry. Automated claims processing solutions enable insurers to quickly handle claims while updating clients on the status of their claims in real-time.

Conclusion

Several developments, like omnichannel presence and AI-powered chatbots, are currently influencing the direction of customer experience in the insurance sector. The fundamental lesson here is that companies need to keep up with these developments if they want to be competitive in the face of shifting customer needs and expectations. Insurance companies may guarantee successful outcomes by strategically utilising these CX trends by increasing client engagement rates and realising cost savings via automation and other technological improvements! Chatbots for insurance have the potential to completely change how insurance is offered and handled. Chatbots will be able to offer clients a more practical, effective, and tailored experience as they develop in sophistication and intelligence.