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AI-Powered WhatsApp Chatbot For Insurance: How They Work, Use Cases And Must-Have Features

Updated: Oct 20, 2021

AI-Powered WhatsApp Chatbot For Insurance Use case by ORAI
AI-Powered WhatsApp Chatbot For Insurance

It’s common to associate the insurance industry with hefty paperwork, complex affairs, and legacy processes. So, is there a possibility that WhatsApp AI chatbot for insurance can explain it all easily to customers?

Like every other industry, insurance is also a sector with a huge scope for innovation. When changing customer demands set benchmarks in the market, innovation defines the ability to survive.

Customers have evolved and enhanced their expectations from businesses across various industries. Multiple options available online have made competition denser for businesses nowadays.

According to research by Accenture, 70% of customers won’t mind purchasing insurance even from a non-insurance company. This is because people don’t just look at the product and offerings, but overall customer experience to choose their insurance provider.

New-age consumers now know all about digital technologies and give immense value to brands that treat them well. And after a single bad experience during customer service, 1/3rd of consumers choose to switch companies.

Also, the new normal created due to COVID-19 has made online customer experience a primary parameter for people who are searching for insurance from home and need support from businesses.

With support centers becoming obsolete, insurance businesses are looking for a more scalable solution to make customer service available 24*7, across multiple digital channels, and in various languages along with an assurance of personalized interactions.

While earlier these demands seem impossible to achieve with automation, conversational AI has made it possible with advanced WhatsApp chatbots for insurance companies.

How WhatsApp AI Chatbot for Insurance can Benefit Businesses

Think of a person who wants to buy a policy and reaches your website on his mobile phone. Now, instead of letting that person find all the information on his own, you provide a chat window powered by an AI bot.

Enabled by AI, a bot can deliver better responses than generic chatbots. The conversational ability of a new-age WhatsApp AI chatbot for insurance allows it to stand out. Such bots provide personalized suggestions by detecting customer preferences and intents through natural language processing (NLP), natural language understanding (NLU), and Machine Learning (ML).

Beyond that, omnichannel, multilingual, and 24*7 support are other advantages of using a modern conversational AI platform for insurance to deliver the highest quality of customer experiences.

While most insurance companies assist customers through mobile apps, they have certain limitations. Such apps restrict customer experience to 1 or 2 channels. But customers nowadays use multiple channels and platforms such as mobile phones, messenger apps, smart home devices, and others to communicate across various channels.

When insurance apps fail to deliver comprehensive assistance, customers have to call for specific details, resulting in issues such as time restraints, long waiting durations, unavailable human agents, language barriers, and more.

For these reasons, an AI chatbot for insurance presents the most valuable solution to provide high-quality user experience at lower operational costs.

AI-enabled virtual agents ease the process of managing insurance claims for customers. They can serve across all channels, and understand customer preferences to respond accordingly. Plus, the same bots collect customer insights to help businesses expand their quality of insurance products, services, and support.

In fact, as per a study conducted by Juniper Research, AI chatbots for insurance will positively impact the process of managing insurance claims, saving about $1.3 bn by 2023 in the process.

In a nutshell, it’s the best time to get your insurance business the power of conversational AI.

AI-Powered WhatsApp Insurance Chatbot Use Cases

Here are some of the most valuable use cases of an AI-powered insurance chatbot :

1. Improve Customer Support

For most people, insurance is something they need, not something they necessarily want. This is why customer support becomes extremely important to make the process of buying, adjusting, and renewing insurance policies convenient. A Conversational AI bot can do this successfully by interacting at every step for end-to-end assistance.

2. Cross-Sell and Give Personalized Advice

As per Accenture’s study, 79% of people have no problem in sharing their personal data with their insurer along with lifestyle habits, income, and location if it helps to ensure security from loss or injury.

Accurately collected customer insights can allow insurance businesses to offer better advice related to claims and deals. An AI bot can do this effortlessly by tracking the habits and behavior of every customer to serve them with tailor-made suggestions.

3. Protect from Fraud

The security and privacy of customers’ data should be a primary concern for every insurance firm. An AI-enabled insurance chatbot can assure data security for both customers and insurers. Such bots are intelligent enough to monitor and detect any warning signs related to fraudulent activities.

4. Handle Internal Functions

With conversational AI speeding up and automating repetitive tasks, your internal team can give more time to improving complex operations.

Must-Have Features in a WhatsApp AI Chatbot for Insurance

Using chatbots for insurance isn’t new for companies, but outdated bots come with tedious usability and limited capacities. Hence, customers end up looking for a live human agent to talk to.

Technologies like artificial intelligence and machine learning make virtual assistants proficient. Conversational AI goes beyond chatbot by accurately comprehending the business as well as customer behavior. This allows it to engage customers with humanlike interactions.

To get a modern-age conversational AI Insurance chatbots in 2020, you need to look for these features:

1. Conversational Intelligence

There are various nuances to human communication with multiple languages, different vocabulary, and styles based on context, emotions, and intents. A chatbot must be able to understand and differentiate between all when interacting with humans.

For instance, during damage claim requests, a chatbot should understand the intent behind the phrase “I accidentally broke my door” just like a human insurance advisor would.

2. Transactional Abilities

There’s no point in having a conversation that doesn’t lead to any action. In the insurance industry, customers look for actions, getting claims approved, receiving quotas, opening accounts, and more.

An AI bot’s capacity should allow it to perform all the required operations with the help of RPA or Robotic Process Automation. This would be possible when the bot is easy to integrate with all your internal and external systems.

3. Omnichannel Presence

While you can deploy most chatbots on multiple digital channels, they keep the channels isolated in terms of conversational memory. An omnichannel chatbot remembers users and their preferences across websites, phone calls, messaging platforms such as Skype or WhatsApp, and social media channels.

4. Data Security

All the conversational data collected by a chatbot must be stored in an encrypted system and should be accessible to authorized people only. Plus, the technologies used must follow GDPR compliance requirements, so the dialogues can be extracted, consulted, encrypted, deleted, or anonymized whenever necessary.

ORAI – A WhatsApp Conversational AI You Can Trust for Insurance!

Our Conversational AI platform will help you enhance the engagement and loyalty of insurance customers. At the same time, you will increase revenues and reduce operational costs and time effortlessly.

Let’s talk more on this, or ask for a FREE DEMO right away!

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Swapnil Jain CEO-ORAI Robotics


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