How Chatbots Are Optimizing The Digital Insurance Experience
By deploying AI-powered chat to handle specific tasks, insurance companies are making services more convenient while freeing up staff time
The benefits of chatbot-based customer service for digital insurance are manifold. In addition to making convenient, always-on assistance for customers possible, bots save time and cut costs for companies. Implementing chatbot services can be as simple as leveraging third-party mediators to handle specific customer inquiries and tasks, bypassing the need for staff to negotiate the minute steps of a process. PSFK researchers found examples of this in practice:
Trim is an extension for Google Chrome that uses a chatbot to automatically deal with customer service reps in order to lower one’s cable and internet bill as much as possible. After providing the bot with some basic information, it is able to talk with customer service on your behalf, with the ultimate goal of saving money. Using a firm but respectful tone, the bot has a 70% success rate, saving users about $10 on average.
DoNotPay is an AI-enabled chatbot ‘lawyer’ that helps users with their legal and financial woes, taking steps to advocate on a user’s behalf or cut down on search times by providing instant access to important documents. The bot, which uses IBM’s Watson technology to respond in natural language, helps users fight parking tickets, participate in class-action lawsuits, generate a green card application and can even scan a website’s terms of service to warn users when it detects something fishy.
Outsourcing negotiations to chatbots is just one way that companies are enhancing their insurance services. For more details on the latest innovations in the insurance industry, see PSFK’s report Optimizing The Digital Insurance Experience.