How Intuitive Onboarding Simplifies Insurance Sign-Up
Digital insurance services are implementing AI technology like chatbots to facilitate the complex task of joining an insurance policy
Say a customer has finally found the right insurance plan for their needs—but now they’re swamped with seemingly endless forms and applications. Enter chatbots, which can provide personalized step-by-step instructions for complex and tedious processes, responding to the exact needs of the user, ensuring they’re not making any mistakes and advancing their progress at an appropriate pace. Here’s how three services are streamlining the arduous task of joining a policy:
Rental and home insurance company Lemonade has created Maya, a chatbot that uses artificial intelligence to formulate personalized insurance policies for each customer, simplifying the on-boarding process to a 90-second digital conversation. Via a series of questions in a chat app, the bot takes data it collects from the user, including current address and housing type, and matches it against data from municipal and environmental databases to produce a quote in seconds. Users can then agree and pay instantly via their smartphone.
Tax services provider H&R Block has partnered with IBM Watson to use the supercomputer’s natural language processing abilities to scan the federal tax code to help consumers find deductions and credits. As Watson continues to process more tax documents year by year, its results will only get more accurate over time. Customers are also able to interact with the system at H&R Block retail locations.
Boston-based startup Talla has created an HR chatbot that gets new hires up to speed at the workplace through a Slack-integrated assistant. Using advanced machine learning and natural language processing techniques, the bot is able to answer questions regarding pay, time off, company benefits, insurance and more. The bot also collects and stores necessary documents like paystubs for easy access.
Simplifying the on-boarding process is just one way that technology and innovation are enhancing insurance industry services. For more details on all the latest improvements, see PSFK’s report Optimizing The Digital Insurance Experience.