Intelligent Insurance Assistant using Conversational AI

Cognitive AI spending among insurers is expected to rise to $1.4 billion by 2021 with a CAGR of 48%. – IDC

Serve your customers better with insurance virtual assistants

20%

increase in online insurance policy sales by offering personalized recommendations

50%

of query management processes can be automated with IVAs

34%

decrease in claim handling time due to trained dialog flows

43%

increase in customer satisfaction ratings by simplifying insurance terms

Scale up and serve better using Kore.ai virtual assistants

24/7 customer service support

An accident or injury can happen to anyone at any time and anywhere. Customers expect your agents to be available when they need you most, whether that be in-person, over the phone, or online. Unlike human agents or call center reps, our insurance chatbots are available anytime. In addition, they are unaffected by high call volumes and agent-driven biases, so customers never have to wait. Chatbots can address all kinds of customer requests, such as registering claims, locating a repair center or hospital, checking the status of an existing policy, and more.

Personalized insurance agent

On average, a customer spends close to 30 minutes trying to find the right policy that matches their current and future needs. Even after spending all this time, customers often feel under confident about their policy decisions. Chatbots built on our platform understand both the customer’s current intent and past intents based on previous conversations and purchase history. This helps them recommend the right insurance product that is mapped to their specific, unique needs. Sentiment analysis also allows our chatbots to have natural and empathetic conversations with your customers, helping them feel at ease with their insurance decisions.

Claims handling and underwriting

Car accidents, natural disasters, and other life-threatening events are unpredictable. Filing a claim during such a time, however, is often a time-intensive, exhausting and emotional exercise. Unsurprisingly then, a large number of calls received from customers are related in some way to the claims process. Chatbots can automate these processes by handling the most common customer questions and by collecting basic information from callers. Human agents can take over for a bot, with a full history of the conversation, when and if needed.

Onboarding assistance

Onboarding new customers is often a cumbersome process. Most insurance agents are stuck working the Quote-to-Cash (QTC) process – an end-to-end process where firms create, price and prepare initial policy quotes and collect “cash” from customers. These tedious, long processes reduce an insurers’ ability to issue new policies and generate additional revenue. With our chatbots, the entire QTC process can be automated – greatly reducing the time needed to onboard new customers and giving insurers the opportunity to focus on finding and closing new deals and launching new products and services.

High-quality, simplified customer experiences

Insurance policy holders often complain that they can’t understand the jargon used by agents and that the claims process is complicated and tedious. Powered by advanced natural language processing, our bots can help reduce confusion and customer churn by automatically converting complex verbiage into simple, easily understood terms and by walking new customers through each step of a given process.

Live agent assistant

Human agents are often overwhelmed by the sheer amount of information and customers they must deal with on a daily basis. This information and work overload make it difficult for them to provide high-quality customer service while providing the right information for each customer. Our insurance chatbots can assist live agents and reduce these burdens, by quickly and easily providing the information they need and ensuring the right set of insurance products and services are mapped to the customer in question. Our bots also help improve the lifetime value of a customer by upselling suitable products at the right time based on a customer’s profile and life events.

Kore.ai virtual assistants have customer engagement covered

See for yourself how our VAs can create engaging and differentiated customer experiences for your policyholders – turning everyday interactions into familiar, personalized and highly informative engagements

  • Manage digital claims conversationally and quickly while eliminating avoidable delays and  frustration
  • Deliver personalized quotes without jumping through hoops, and simplify everyday tasks such as rate and provider searches, account updates and payments
  • Provide right-time, right-fit suggestions that make sense, and offer instant support across all channels – text, email, mobile app, website, or phone

Learn more about our insurance virtual assistant

Check out these helpful resources or reach out so we can chat about how your business or organization can benefit from virtual assistants built on the Kore.ai VA Platform

Kore.ai Chatbots for Health
Insurance Customer Service

Chatbot NLP: Adding an Insurance Policy to Machine Learning

Kore.ai Bot for Health Insurance: Conversational Coverage with VAs

Kore.ai Bot for Health Insurance: Conversational Coverage with Bots

Gain a First-Mover Advantage With Our Out-of-the-Box Insurance VA

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