The Next Generation of Insurance: 5 Conversational AI Use Cases Driving Industry Growth
As the insurance industry continues to grow and evolve, so does the technology that powers it. One of the most exciting advancements in recent years has been the integration of conversational AI into insurance services.
Conversational AI refers to the use of natural language processing (#nlp), machine learning, and other forms of artificial intelligence to create human-like conversations between systems and consumers.
The Global conversational AI market is valued at USD 6.18 billion in 2021 and is expected to grow at a CAGR of 23.6% from 2022 to 2030. Implementing conversational AI in the insurance industry benefits #customerexperiences increases efficiency, and reduces costs of claims and fraud detection. It's transforming the way you operate and driving industry growth.
Let's take a closer look at five powerful use cases for conversational AI in insurance services:
Use Cases Of Conversational AI In the Insurance Sector
1) Automated Claim Processing:
In 2019, a Statista survey showed that 44% of customers are comfortable using chatbots for insurance claims and 43% for buying #policies, indicating high chatbot acceptance in insurance. Using conversational AI you can automate the claims process, which reduces processing time and improves accuracy overall.
Customers can submit claims to you via #chatbots or voice assistants, and Ori’s conversational AI can use NLP to extract relevant information, such as the date and location of the incident, the type of coverage the customer has, and any relevant policy details.
2) Providing a Seamless Omnichannel Experience:
According to a study by Capgemini and Efma, 70% of customers expect a multi-channel experience for policy research and purchase. Conversational AI enables you to engage with your customers across multiple channels seamlessly.
This #technology can provide customers with consistent and personalized experiences across channels, enabling them to switch between channels without losing context.
3) Real-Time Risk Detection:
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Conversational AI can monitor social media and other sources for potential risks in real-time, such as weather events or #cyberattack threats. This helps you respond quickly, reducing the risk of claims and improving customer satisfaction.
4) Digital Personalized Guidance:
As reported by The Economic Times, out of the 138 billion people, around 30 percent of Indians do not have health insurance of any kind. By using conversational #ai to create personalized guidance for customers, you can improve customer engagement and satisfaction.
Chatbots and #voiceassistants can be programmed to provide personalized advice based on a customer's individual needs and preferences, such as the best coverage options for their lifestyle or advice on how to reduce their risk.
5) Personalized Up-selling and Cross-Selling:
Conversational AI can analyze customer data and make personalized recommendations for additional products or services, increasing revenue for your business.
Wrapping Up
In short, conversational AI is transforming the insurance industry by improving customer experiences, increasing efficiency, and reducing costs. Its ability to automate claims processing, offer personalized guidance, and enhance #underwriting quality assurance is driving industry #growth and transforming the way you operate.
Now if you're an institution in the Insurance sector, from servicing to claims management to risk management and beyond, let Ori's conversational solutions automate mundane tasks, and give you the results you truly deserve.
Say goodbye to inefficiencies and hello to exceptional results. Whether you're a small business or a large institution, Convert by Ori has the tools to transform the way you work. Don't just take our word for it, see it for yourself. Request a free demo today.