Are Chatbots The Future of Insurance?

The Chatbot is one of the hottest topics in most businesses across all industries. Indeed, in full digital acceleration , companies want to modernize their services , and in particular their customer relationship. Chatbots undoubtedly represent a quick optimization solution : a recent study by Gartner shows that 85% of the customer relationship will be automated by 2020. And one of the main sectors concerned is insurance.

The challenges of digital are considerable for insurance companies: they must not only adapt their business models to the needs of consumers, but also digitize their internal processes. A recent CCM Benchmark study of more than 1,370 users shows that 49% of respondents would be willing to use Chatbot to contact their advisor . However, they would not give up the opportunity to interact directly with their bank or insurance.

Chatbots as insurance advisers?

Bots are blessed bread for the entire sector at the time of the big data explosion. They are able to learn and adapt as they are used and search for information in large volumes of data in seconds. Artificial intelligence allows properly programmed Chatbots to recognize patterns and repeat actions from certain words, phrases or other stimuli.

The future of insurance?

With the bots advisors, insurance companies are bringing their services into a new era. The Chatbots allow them to answer most of the questions of the insured, that they relate to the offers and tariffs and their conditions, but also on the declaration of claims and the prevention. For a frictionless customer experience, think of a bot Messenger or WeChat : the customer contacts you directly from his account.

Be careful though, the first versions of a Chatbot are never satisfactory! The agency needs to “teach” it how to react to a given interaction. Finally, users must be aware that they are dealing with a bot and not a human agent, to avoid disappointment with the service or the company.

The future of Chatbots in the insurance sector will obviously depend on the development of artificial intelligence . The more machine learning and algorithms are improved, the more interactions with Chatbots will come closer to a human conversation.

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