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COVID 19 has dealt a severe setback to most sectors. As the lockdowns are being withdrawn, businesses are limping back to normalcy. However, one industry that will probably see a fairly quick recovery in the insurance sector. As businesses slowly resume their operations, it will be imperative for insurance companies to opt for newer and effective measures to make up for their losses and attract more customers.
Increased traffic on web portals and mobile apps will be one of the most signs of recovery for this industry. Chatbots are a great way in which motor vehicle insurance and travel insurance companies can address their customer queries and also streamline core business processes. With many serviceable areas in the insurance process, AI-powered Chatbots can play a crucial role in the insurance process chain, from pre-purchase, purchase, customer support, and back-end operations.
A fully efficient Chatbot can drive a user's digital experience journey to a whole new level by addressing their inquiries regarding policy recommendations, claim details, documentation involved, etc. in real time
Once the user has received answers to their inquiries, ML driven Chatbots have the ability to identify and suggest appropriate policies based on the shared details. The 24x7 assistance further adds to providing real-time responses that can speed up the process of conversion.
Claims Processing & Premium Payment
Chatbots can greatly reduce the amount of manual work of an insurer in addressing customer’s insurance claims. In addition to this, Chatbots can also follow-up with existing customers and notify them of upcoming payments.
Gathering Customer Feedback
Research says that customers are more likely to interact over real-time chat than over an e-mail. Chatbots can come in handy when it comes to setting a perfect customer experience and gathering important feedback and reviews.
Rich Customer Data
The data collected from Chatbots can help insurance companies in analysing their customers' requirements and preferences, that can further be helpful in strategizing upcoming business plans and processes.
Reduced Workload Through Automation
This is perhaps the most significant aspect of technological advancement since RPA (Robotic Process Automation) coupled with Artificial intelligence can assist insurance companies in automating business processes leading to increased productivity.
Aress Software has been closely working with businesses across Insurance, banking & non-banking, healthcare, e-commerce, life sciences and retail sectors in leveraging Machine learning and Natural Language Processing to come up with business-specific Chatbots to drive an efficient customer experience. Visit us at https://www.aress.ai/ to know more.
Category: Analytics, Artificial Intelligence, Big Data and BI