Updated: Oct 20, 2021
Like every other industry, the insurance sector is also majorly running through online channels these days. But still, insurers face everyday challenges in gaining and retaining customers. Why?! Because traditional customer service methods involve a lot of waiting period for insurance buyers.
The questions consumers come with are very critical in making their insurance-buying decisions. They want to know about policy terms, benefits, claiming process, documentation, and more. So, if they don’t receive a satisfactory answer on-time, the chances of conversion go low.
Issues in the Insurance Customer Service
Unlike many businesses online, insurance is not about having a beautiful website or social media page. Of course, they play some role in attracting people, but customers are achieved by top-quality experience and inexpensive policy premiums. Instant communication and prompt services are keys to giving customers real value.
The issues occur when insurance companies fail to meet customer service expectations due to outdated methods and technologies.
No customer feels happy if a business takes hours and days to just respond to their query let alone solving it.
Web pages and contact forms are unresponsive elements with one-way communication ability. They allow customers to see information, click buttons, and fill a form. Such channels provide nothing beyond 1% to 3 % of conversion rates. This means that around 97% of users feel that the digital experience is not up to the mark.
Emails and SMS messages have also reached the threshold of performance. This is due to the long TAT in contacting people who even see and click the CTA. And then, there are phone calls with long waiting times, wrong information, and inconsistent services. And making 24*7 support available takes a lot of money to hire a team of human agents.
Solutions Possible with WhatsApp Insurance Chatbot
Using an AI-powered WhatsApp chatbot for insurance resolves all customer support issues because:
It’s available 24*7
One bot for any scale of customer interactions
AI/ML intelligence for smart responses
Personalized assistance for every customer
Requires lesser investment than hiring a huge support team
Better conversational engagement
WhatsApp Chatbot for Insurance – Top 12 Use Cases
With WhatsApp chatbot, more than 80% of the customer service activities can be automated with improved quality of support.
Here are all major use cases of WhatsApp chatbot for insurance to bring automation:
1. Automating Lead Capturing
First and foremost, an AI-powered WhatsApp chatbot for insurance can capture insurance leads from all different channels. Intelligent bots can quickly collect a prospect's name, email address, phone number, and other details. Plus, they can engage them in a two-way conversation on web pages, social media platforms, and digital ads as well.
Leads keep on coming to the sales team 24*7, so they can keep the pipeline moving with new deals every day.
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2. Automatically Qualifying Leads
Qualifying a lead is extremely important to understand if the requirements of a prospect align with what you are offering. At the same time, lead qualification also tells you about the level of interest a prospect has in buying your product.
With a WhatsApp chatbot for insurance, this process can become efficient without asking for too many agents to work round the clock. An insurance chatbot can qualify leads on the basis of loans undertaken, monthly salary, and other factors compared to the premium of policies.
Quick qualification of leads allows sales reps to attain highly actionable insights, which results in faster conversion.
I want to automate my lead qualification process 3. Automatically Nurturing Leads
Beyond lead generation and qualification, a chatbot on WhatsApp can also nurture those leads by educating them about the policy information, necessity of insurance, benefits, and other details to engage leads towards conversion.
4. Providing and Explaining Policy Information
While providing policy-related details to leads, a WhatsApp chatbot for insurance enables a conversation rather than one-way information broadcast as you see on a website. Integrated with WhatsApp Business API, an insurance chatbot ensures that policy seekers and holders get instant access to the required information.
5. Giving Instance Guidance and Advice Many people start from scratch when buying insurance. They don’t know much about the associated factors and become confused by the complicated terms and different kinds of policies.
A WhatsApp chatbot for insurance can assist such people with AI-enabled guidance. It can use simple language to explain policies, procedures, and factors in an interactive manner. More importantly, multi-lingual WhatsApp chatbots can even answer customer questions in their native language. This further improves the quality of experience and allows policy buyers to make well-informed decisions.
6. Helping with Policy Selection
With excellent guidance and explanation, WhatsApp chatbots can direct every individual towards the best-suited policy. An AI-enabled chatbot can collect and leverage all the information and data to recommend users a policy they would most likely prefer. It can understand the coverage requirements and risk profiles to help buyers with the right policy selection.
Beyond that, WhatsApp chatbots for insurance can tell clients about policy details along with quotes. It also allows instant premium payments within the platform as per the policy plan selected by a customer.
7. Faster Document Submission
Collecting all required documents such as address proof, income proof, ID, and others become automated with a WhatsApp insurance chatbot. These documents are required whenever buying or renewing a policy.
Now, with a chatbot on WhatsApp, customers can simply scan all the document copies and send them to the insurance company with no hassle at all. The end-to-end encryption on WhatsApp provides the assurance of safety and security of all sensitive information.
8. Personalized Reminders and Notifications
Living a busy lifestyle, many policyholders forget about premium payment due dates. So, relevant notifications via WhatsApp can help them submit payments on-time. Plus, they will feel happy to obtain alerts regarding policy maturity, policy claim, declared dividend, and more.
With WhatsApp chatbot for insurance, you can automate such reminders and notifications in a personalized manner. This means that the time and content of reminders can be customized for every receiver.
9. Claim Process Assistance
Insurance claims can take a toll on customers due to lengthy procedures. Many customers feel unsatisfied by the assistance received and the delay in claim processing. This can be undertaken by a WhatsApp chatbot for insurance to avoid any delays or other complications.
Faster document submission and instant query response make such bots capable of providing claim confirmation possible swiftly. 10. Policy Renewal Assistance
Customers need to be informed about policy renewal at the right time. They would also require some help and assistance throughout the process in terms of documentation and other information.
A WhatsApp chatbot for insurance can serve as a virtual assistant reminding and assisting policyholders through the stages of renewal.
11. Handling Complex Queries
Enabled by AI, ML, and NLP, WhatsApp chatbots are now highly intelligent and ready to resolve most user queries. But still, there can be situations where human queries seem too complex to resolve for a bot.
Hence, for such situations, human intervention becomes necessary. This is when a WhatsApp chatbot can allow instant bot-to-human handover on the same chat. We call it 3-way communication between a customer, bot, and a human agent.
12. Making Policy Cancelation Easier
A customer can use WhatsApp chatbot for insurance to cancel a policy way faster than sending an email or making a call. He or she can simply interact with the bot and present the reasons for policy cancelation. The bot can make a customer aware of any deductions if applicable and complete the process after that individual’s approval.
WhatsApp Chatbot for Insurance – Advantages
1. Scalable query management
From inquiring and buying to renewing and canceling, all kinds of queries can be handled by a single WhatsApp chatbot for insurance. Then, you can easily think of scaling up your customer outreach efforts and expand the horizon of your business online. After all, a WhatsApp bot will be there to automate query management at a scale of thousands. 2. Better knowledge of customer behavior
When a WhatsApp chatbot contains the intelligence of conversational AI, it can understand customers far better than a generic chatbot or even human agents. Such a bot keeps on collecting insights about every customer to understand their preferences. This helps in two ways-
Allowing your marketing and sales teams to plan data-driven strategies.
Creating personalized and effective conversational experiences in customer support.
3. Improving product understanding of customers
People who face difficulty in figuring out the confusing insurance jargon, feel satisfied by the simplicity with which an AI-enabled virtual assistant explains policies, terms, documentation, and other associated factors. A chatbot can use straightforward terms and answer follow-up questions asked by customers until they feel satisfied.