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Conversational AI and the Rise of the Automated Insurance Agent

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

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How virtual assistants help insurance providers better serve their customers

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.

43%

increase in customer satisfaction ratings by making it easier for consumers to understand confusing insurance terms.

How next-gen IVAs are streamlining the data-intensive insurance industry

Intelligent, intuitive VAs can help insurance companies be it P&C,Life or Health, better explain complex products to their customers, increase revenue per policyholder by driving brand engagement, and minimize cost to serve.

P&C Insurance

US-based P&C insurer Allstate is using chatbot ABle to sell commercial insurance products directly to customers and augment routine agent tasks.

Life Insurance

Singapore-based Tokio Marine Life Insurance leverages a Facebook chatbot known as TOMI to simplify insurance processes for users. This has resulted in a 63% increase in the average number of conversations per active user.

Health Insurance

US-based health insurance provider GetInsured leverages a Facebook Messenger chatbot that helps customers get the most out of their health insurance premiums and make better health plan choices.

How Kore.ai IVAs can help insurance providers scale up and better address the growing needs of customers

24/7 customer service support
An accident or injury can happen to anyone at anytime and anywhere. Customers expect that your agents will 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 volume 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 much more.
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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 uneasy about their policy
decisions. Chatbots built on our platform understand both the customers’ current intent and past intents based on previous conversations and purchase history. This helps them to 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 better at ease with their insurance decisions.
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Claims handling and underwriting
Car accidents, natural disasters, and other life-threatening events can happen anytime, anywhere. 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 questions customers have and by collecting basic information from callers. Human agents can even fill in for a bot, with a full history of the conversation, when and if needed.
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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.
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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.
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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 agents need and by 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 the right products at the right time to a given customer based on their profile and other life events.
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How Kore.ai VAs can provide conversational coverage for your organization

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 that will have them coming back for more.

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.

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Want to 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.