Why are chatbots being ignored by the UKs insurance industry?

insurance chatbot use cases

She has been a guest speaker for over 500 conferences and many pharma and healthcare companies and a lecturer in three university MBA programs (INSEAD Business School, St Josephs’ University, and Fordham University). Amelia recently profiled her as a thought leader in AI in its Women in AI Initiative. Many health insurance companies offer discounts on premiums based on a customer’s daily habits, insurance chatbot use cases tracked via smartphone or wearable. The data collected is non-intrusive, and enrollment is entirely optional. With the technology always evolving, chatbots can even now begin to understand the sentiment of customers. So, if a customer using the chatbot is showing signs of anger or frustration for example, the claim enquiry could be immediately escalated to a human agent for resolution.

  • It’s predicted that, in the upcoming years, AI will completely replace most of the jobs in banking and other industries.
  • According to Temenos, 33% of bankers are currently using banking AI platforms for developing digital advisors and voice-assisted engagement channels.
  • Johan Helbotti has been online for three months, and already gives value to his human colleagues.

ChatGPT is a language model that uses natural language processing and Artificial

Intelligence (AI) machine learning techniques to understand and generate human-like responses to user queries. Technology will play a critical role in targeting the next generation of customers, by improving customer experience, providing 24/7, 365 access to services, and using analytics to diversify product channels and allow insurers to price in real-time. Businesses aren’t shying away from using digital tools and AI-led powerful technology to offer users a 360-degree, holistic experience.

Retail & E-Commerce Industry

Similarly, if you are a customer interested in purchasing insurance online and want to raise a query about the policy what do you do? Traditionally you would seek to contact customer service and be presented with either an email address with no known timescale for the reply or a phone number. But who likes to be put in an hour-long queue for a customer service representative, despite your phone call being “important to them? ” These are the initial leads that could be quite easily handled by a chatbot. Motor retail is another sector, among many, which could hugely benefit from chatbot technology. Businesses have operating hours, but consumers don’t – they aren’t limited to searching for a car between 9–5.

In secondary research collated by INTNT.AI, the top 148 insurance companies in the UK listed by Insurance Business Mag were surveyed to check for the presence of a chatbot. Of these, only 10 companies were shown to make use of AI to help with their customer service requests. Interestingly, of those that didn’t have a chatbot, 7.81% of them had a live-chat-only function, and 24.2% of them had an online contact form. If you are completing a purchase on the web and want some more information on the product who do you ask?

Insurance Chatbot

This shows companies within the insurance industry have a fantastic opportunity to excel and deliver a great customer experience – and their business will benefit. Insurers and brokers should invest in training staff to deal with complex queries empathetically and effectively. Customers experiencing personal difficulty will require more time and a tailored service and will be more appreciative towards businesses that get this right. If entertainment companies and platforms providing OTT content have chatbots to assist in customer service, they can provide solutions on the go – like news updates, entertainment, music, and video streaming, gaming websites, etc.


Chatbots appear to be an appealing option where insurance companies are striving to bring mass personalisation and speed of service to their customers. The chatbot potential to add additional insights, improve customer and agent experience and cut costs is an invaluable prospect. There are various stages in a journey where customers need to interact with insurance companies, whether getting quotations, asking questions, updating policies or making claims. In this modern world no-one wants the frustration of being stuck in queues waiting to speak to an advisor when self-service offers a powerful alternative on the customers channel of choice. Automation and the use of Chatbots and Intelligent Virtual Assistants can respond to all types of enquiries, they can process claims, streamline settlement times and increase transparency to your customers. Equally important is retaining the personal touch and having the ability to hand-off to a live agent when required, based on predefined rules and scenarios ensures that your customers always feel listened to and valued.

This means that information should be integrated into a context of usage. Many banks clearly know what they aim to achieve from AI, not only in terms of increased customer satisfaction but also in productivity and efficiency. Whilst it is difficult to predict exactly what insurance will look like, https://www.metadialog.com/ we believe firms can take three fundamental steps today to prepare for this change, grow sustainably, and remain resilient. The information and tools contained in this guide are of a general informational nature and should not be relied upon as being suitable for any specific set of circumstances.

  • Complex client interactions, input data variability, nuanced decision making, and integration with legacy systems have traditionally made the adoption of robotic process automation (RPA), and automation more widely, difficult to justify.
  • Inbenta share their advice for building a chatbot that can provide simple self-service to customers.
  • AI powered chatbots are transforming customer service across every industry sector, delivering considerable cost savings with payback periods within a matter of months.
  • Conversational AI enables insurance companies to recommend the best policies to customers, answer customer queries, simplify the claims process, and provide 24/7 assistance with minimal human interaction.
  • It should combine analysis of the user’s financial activity, their social environment and big data analysis on typical behavioral patterns, geolocation data and contextual analysis.
  • At peak times, more than 300 customers have transmitted their meter readings via the voice bot per day.

CB Insights, a leading commercial research agency, estimates that the final quarter of 2018 represented the second-highest ever quarter of global insurtech investment. The first quarter of 2019, meanwhile, saw the highest number of insurtech transactions – 1 in 10 of which occurred in the UK – and the highest volume of Series B and Series C funding rounds since the agency began tracking investment activity. Many AI-driven insurance companies have witnessed significant growth, including Lemonade which recently launched in Europe after raising $300 million in a new funding round. Underpinning all of these measures should be a sector-wide commitment to transparency.

How are robots used in the insurance industry?

Robotic Process Automation has a myriad of business benefits, however, within the context of insurance industry, it can automate the manually intensive processes like extraction of data, complex error tracking, claim verification, integration of claim relevant data sources and more.

Leave a Reply

Your email address will not be published.

You may use these <abbr title="HyperText Markup Language">HTML</abbr> tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>