virtual insurance agent

Insurance is the latest industry to see an acceleration of digital innovations that are transforming the way carriers and agencies operate. From chatbots for insurance to big data to detect fraud, advances in artificial intelligence, machine learning and data science have arrived in the form of products and services ready to integrate into the current insurance business. More than an app or website, these powerful tools can help improve back-end processes as well as make the front-end of the business more efficient and satisfying to policyholders. Below are five main applications for these new tools for insurers to explore:

Sales, Underwriting & Policy Service

Insurers find that customers can make purchases much quicker, including having all of their questions answered, using automated sales processes. More than simple online forms to complete, chatbots for insurance are sophisticated.  These interactive virtual agents easily guide new customers through the process, answer questions, suggest optional coverages, complete sales and collect payments. Better still, these AI-based chatbots can resume a sales process without missing a beat, anticipate when a customer may want to purchase additional products like roadside assistance when winter approaches. Chatbots for insurance can serve prospective customers during evening, weekend and holiday hours, and serve an unlimited number of customers at the same time. With strict control over what information is provided to customers, insurers can know they are giving correct and up-to-date information and disclosures at all times. Well-designed chatbots for insurance, with their high availability and rapid service, improve the overall customer experience.

Claim services

The arsenal of tools for insurance claims now includes artificial intelligence, predictive analytics and data modeling. Geared to make claims processing more accurate and efficient, these breakthroughs make filing, submission, adjusting and reimbursing claims easier. Policyholders appreciate the rapid, pain-free claims resolutions. Insurers value the added ability to automatically detect patterns of fraud these new advances offer.

Business Intelligence and Big Data

Throughout our daily lives, we are producing more and more data collected from smart devices that we carry or that we have in our homes and cars. Technologies able to digest all of this data and give insights into policyholders and their behaviors will allow insurers to design product offerings that customers will welcome and to eliminate inefficiencies and unproductive practices throughout the insurance business.

Customer Experience

Insurance is a competitive business. To succeed, insurers must keep current customers satisfied and attract new ones. By making policy acquisition less burdensome and by keeping customers engaged by offering positive customer experiences throughout all policyholder touch points, insurers will see their book of business grow. Key factors in keeping policyholders satisfied is by being available and responsive when they need help and information. The advent of chatbots for insurance, when implemented well, gives round the clock assistance with few limits to the amount of information and support that can be provided. These conversations can also enlighten carriers as to what matters to their policyholders and what can be improved.

Customized Insurance

In tandem with improvements to insurers’ service to policyholders, new technologies such as virtual agents, when paired with data analytics, will enable the writing of policies and creation of products that are tailor-made for the particular customer. Advanced analysis of the policyholder’s history and interactions via the insurance chatbots help insurers anticipate what their customers will need, and could spur lucrative insurance product offerings not previously thought of.

Innovations in the insurance industry do not seem to be slowing down. The limits of what these advances can do for insurers are measured by the extent of the carriers’ imaginations. It should be interesting to see where this transformation leads.

To see how Elafris Virtual Insurance Agents can help your company, speak with us to schedule a free online demo.

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