How_AI_Based_Chatbots_Learn_To_Execute_Human_Like_Interactions_February_2020

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This is a preview of The Chatbots in Insurance Playbook from Business Insider Intelligence.
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Incumbent insurers are using chatbots to transform from passively engaging customers to putting customer engagement at the forefront of their business models.

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.

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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 …read more

Source:: Business Insider

      

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