TOPICS: Chatbot for Finance    Chatbot Trends   

Insurance Chatbots - How Chatbots Help Your Agency Make Better Impressions

Given the benefits of insurance chatbots, the growing demand for chatbot development for insurance companies is hardly surprising.

The insurance industry has a reputation for being uninviting and ridden with confusing paperwork. But something as simple as using chatbots for insurance websites can change that impression. Here’s why.

Insurance Chatbots

Insurance chatbots appeal to your target audience.

If you were to draw up a profile for your insurance plan buyer, chances are that they’d be a millennial. Whether it’s life, medical, home, or automobile insurance that they’re buying, your clients are likely to be young professionals. As such, your agency’s online presence, be it your website or your mobile app, must appeal to millennial sensibilities and meet millennial expectations.

What happens when Adam, a first-time insurance buyer in his late 20s or early 30s, visits your website for the first time?

Chances are, Adam is already carrying some preconceived notions about insurance agencies. He expects your website to be a compilation of dry information that he will need to read at length in order to figure out which health insurance policy he should invest in.

But if on visiting your website, Adam discovers that it offers the kind of experience that his favorite electronics e-seller does, he’ll be pleasantly surprised, wouldn’t he?

“Hi there!” says your insurance website’s online chatbot to Adam. “Welcome to ABC Insurance. What can I help you with today?”

Adam is familiar with this approach. He knows how to get answers and navigate options through instant chat windows. Chances are, he’ll talk to your AI bot about his requirements, rather than deep-dive into plan documentation on your webpages. In other words, with an insurance chatbot in place on your website, there’s a greater chance that Adam progresses from a casual visitor, to a lead, to a buyer.

Insurance chatbots simplify complex information through conversational Q&A.

Insurance policies are lengthy documents, with myriad details, terms and conditions. But the best chatbots for insurance websites are able to channel all of this into smaller snippets of information for your potential clients. Let’s illustrate this through the example we just discussed, where Adam is in conversation with your online chatbot.

Adam: “I’m looking for a medical insurance plan.”

Bot: “Sure thing. Could I have your name, please?”

Adam: “Adam.”

Bot: “Thanks, Adam! I’ll help you find a plan that fits your needs. Please click on the age group that applies to you.”

Adam clicks on ‘26-35’.

Bot: “Please click on any existing medical conditions that apply to you from the list below.”

Adam does that.

Bot: “Do you smoke?” [Yes/No]

Adam: “No.”

Bot: “Do you consume alcohol?” [Yes/No]

Adam: “Yes.”

Bot: “Please select any of the following medical conditions that have applied to your family members in the past.”

Adam does that.

Bot: “Are you looking for a plan that covers your family’s medical expenses as well?” [Yes/No]

Adam responds.

Bot: “Thanks for the information, Adam! I have a list of plans available for you. Could you share your email address so I can send you the details? You can get back to me with your questions anytime you like.”

Adam receives an email with matching plans. Depending on his preferences, he can read up on the plan that is closest to his budget, or he can ask your insurance chatbot questions like, “Does plan XYZ cover dental work?”

You can create a chatbot that answers frequently asked questions about your insurance plans on its own, and connects leads to your agents for custom queries.

Insurance chatbots equate to better customer support.

With these AI bots in place, your clients have a virtual assistant at their beck and call. If they want to file a claim, get an update on an existing claim, ask a question about a plan, decide to switch plans and need information, or require any other kind of support, all they need to do is talk to your chatbot. Additionally, they’ll receive helpful reminders before their next premium is due, and notifications about the latest plans when it’s time to renew their current one.