features of insurance chatbots
Kateryna Monastyrska Kateryna MonastyrskaHead of Sales and Marketing
Business·Insurance·

Chatbot for insurance: Key features and use cases 

In the IT-powered world of the early third millennium, the insurance industry is undergoing digital transformation, quickly becoming a deeply high-tech-driven sector. Insurance companies use various digital solutions to automate policy purchase and claim reporting, improve customer engagement, and decrease paperwork. New channels of communication, such as a mobile app and chatbot, are offered to customers for more convenient user experiences.  

Forward-thinking players in the domain prioritize leveraging machine learning and artificial intelligence in insurance software products to maximize the efficiency of their IT infrastructure and guarantee a higher level of customer satisfaction. AI technology helps revolutionize shop floor processes such as claims management, fraud detection, data analytics, and more.  

One of the insurtech innovations gaining traction among insurers nowadays is a chatbot. Let’s discover chatbot use cases in insurance and determine the capabilities a chatbot should have.  

Insurance chatbot

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Insurance chatbot

Insurance chatbot use cases scrutinized

As the best insurance chabot examples prove, this technology excels at performing the following assignments. 

To let an insurance chatbot become a vital element of your digital ecosystem, you should equip it with relevant functionalities.  

AI chatbot for car insurance

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AI chatbot for car insurance

The checklist of insurance chatbot features

As a vetted IT company specializing in insurance chatbot development, DICEUS realizes that custom products of this kind can have different capabilities according to the project requirements. However, any insurance chatbot can’t do without some must-have features. 

Quote generation 

Being integrated with quoting software, the AI powering the chatbot can analyze the input information concerning the client (age, gender, occupation, location, etc.) plus the level and type of coverage they look for. After that, the chatbot gives recommendations on the policy to be chosen and provides an estimation of the future premium cost with all taxes, discounts, and additional fees. 

Policy purchase 

This capability allows users to perform the full cycle of acquiring a policy – from applying for it to clinching the deal. Also, customers can view it whenever they need, change its type, order an insurance card, update account details, and more.  

Claim submission 

It comes into play when an insurance event occurs. Chatbots can tackle the entire procedure end to end and guide the client through all its stages: incident reporting, filling out a First Notice of Loss form, updating claim and incident details, and tracking the claim’s progress. It helps facilitate claim validation, evaluation, and settlement drastically. 

Customer support 

This is considered the core function of a chatbot in any field, and insurance chatbots are no exception. An AI-fueled chatbot’s NLP capabilities and ML algorithms enable it to handle customers’ FAQs swiftly and efficiently and modify their responses based on the content and speaker’s intent. When connected to the company’s AMS, CRM, or other databases, a chatbot can personalize answers and offer tailored troubleshooting scenarios.  

Appointment scheduling 

If a policyholder needs a consultation with a specialist concerning a certain aspect of the insurance pipeline, the chatbot can arrange that. The AI behind the solution will direct the user to the mobile app or a web portal to book an appointment with a doctor (if it is a health insurance issue) or an auto mechanic (if they need to repair their car in the event of vehicle insurance).  

Telemedicine 

This feature is indispensable for health insurance chatbots. They can enable a customer to get in touch with a clinician via a telemedicine tool that is an integral element of the insurance company’s app or web portal. Then, if a personal visit to the doctor is impossible at the moment, they can address the problem promptly in the remote mode. 

Push notifications 

Chatbots can be programmed to send different messages triggered by certain events. Thus, customers receive reminders about policy renewals or due premium payments and learn about special offers, discounts, or promotions the company extends. The effect of such messages can be maximized by their customization and individualization when they become informal and congratulate people on important occasions or invite them personally to participate in some activity. 

With the roster of features finalized, you can embark on insurance chatbot development. Let’s see how DICEUS handles such projects. 

Vitaminise

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Vitaminise

The Vitaminise case study

During our decade-plus presence in the chatbot market, we have delivered numerous solutions of this kind. The Vitaminise insurance chatbot is an essential element of the enterprise digital ecosystem, also comprising a mobile app, web portal, data analytics, and customer feedback tool. What are the advantages of this product? 

The chatbot can be enriched with other features according to your company’s needs and requirements.  

In a word, we have created a flexible and scalable AI-fueled insurance chatbot that provides 24/7 customer support, collects client data for analytics, accelerates customer-facing and internal pipeline processes, reduces the workload on support personnel, boosts cross-selling and upselling opportunities, and paves the way for turning your insurance company into a paperless business.  

If you think Vitaminise dovetails into your company’s business goals, contact DICEUS to acquire it. In case you need a solution of different scope or capabilities, you can commission a full-cycle development of another bespoke insurance chatbot. 

As it happens in many digitally-driven contemporary industries, AI in insurance finds numerous applications. One of the most popular use cases of artificial intelligence in this sector is the creation of insurance chatbots. When equipped with relevant functionalities and developed by a competent IT vendor, chatbots can revolutionize multiple elements of the insurance pipeline (such as client onboarding, claim processing, policy renewal, and customer support), improve fraud detection, boost lead generation, reduce employee workload, and promote a personalized approach in customer-insurer relationships. 

FAQ

What are the key features that make a chatbot ideal for the insurance industry? 

Chatbots are efficient AI-fueled tools whose 24/7 customer support capabilities make them indispensable for any industry. Insurance chatbots’ power can be enhanced by niche functionalities such as policy renewal and purchase, claim submission, quote generation, appointment scheduling, etc. 

How does natural language processing contribute to the effectiveness of insurance chatbots? 

Unlike rule-based chatbots, AI-driven solutions harnessing NLP can discover the intent of the question depending on its context and adjust their responses in accordance with the collected information. Their machine learning algorithms allow them to enrich their expertise after each customer interaction and improve the quality of recommendations clients receive concerning major insurance pipeline processes. 

What role do quick response times play in enhancing user satisfaction with insurance chatbots? 

When addressing a chatbot, customers have an urgent or important problem to solve, so they expect to obtain prompt and accurate answers. If the response is too long or delayed, it leaves people frustrated, diminishes trust, and increases the chances of switching to a competitor. By keeping the response time of your insurance chatbot to a minimum, you will avoid such consequences and augment user satisfaction considerably. 

What are the benefits of incorporating machine learning in insurance chatbots? 

The major asset of machine learning solutions is their ability to become more sophisticated after processing new data sets. When equipped with ML algorithms, insurance chatbots can comprehend and interpret written and spoken human speech, pick relevant details from it, analyze the context of each statement, and discern the speaker’s intentions. Such capabilities make chatbot-customer interaction very close to human-to-human communication.  

Can insurance chatbots integrate with existing CRM systems? 

Not can, but they must, in fact. Utilizing a chatbot as a standalone solution undermines its value for the organization. By making it an integral element of the insurance company’s software environment and integrating it with CRM, owners ensure the chatbot’s access to detailed customer insights, thus enabling it to provide tailored assistance and personalized recommendations.  
 

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