Insurance industry processes are both data and time intensive. The data types used during the claims management process makes it more difficult to process. Applications of artificial intelligence including machine learning, text analytics and natural language processing, robotic process automation, and decision management can impact the way business is done in the insurance industry. These innovations in artificial intelligence and automatic learning technologies are likely to improve the features of the chatbot, an essential driver for the insurance market in general.
Chatbots appears to be an appealing option where insurance companies are striving to bring mass personalization and speed of service to their customers. They are software solutions designed to simulate human conversation. Chabot's potential to add additional insights improves customer and agent experience and cut costs in an invaluable prospect. Chatbots are being developed and used because
• chatbots are becoming more and more utilitarian
• they personalize customer experiences
• they are specialized
AI-powered chatbots can help insurance companies with predictive insights which include detecting fraud, calculating loss, litigation, predicted handling time, analyze text sentiment or assist in claim segmentation and classification by using descriptive and predictive claims characteristics. Chatbots can
• Integrate with a variety of existing insurance marketing and CRM systems.
• can be customized for agencies
• they can monitor websites 24/7 to assist existing policyholders
• to manage claims quickly and efficiently
• offer relevant coverage and care advice
Chatbot adoption will continue to gain steam, both as a customer-facing virtual entity and as a customer service assistant. This application of chatbots will make the biggest splash for AI and insurers that deploy these applications will be difficult to beat.