Keeping claims customers informed with generative AI

Chatbots can simplify comprehension by providing easy-to-understand responses. Furthermore, they can generate quotations instantaneously, a practical utility that aligns chatbot insurance claims well with the fast-paced lives of customers. Starr’s Chatbot uses machine learning and natural language processing to “chat” with mobile travel insurance purchasers.

With Claims-as-a-Service being a Chatbot + Claims Management solution, insurers and third party administrators could optimise their channel mix. Customers that were comfortable with digital could do so safely, knowing they could switch into livechat or phone at any time, whilst customers not wanting digital at-all could be served as they always have been. To create the end to end digital claim, you had to think beyond the level of an individual task (e.g Cognigy, Ushur) and instead think in terms of a complex web of long-running claims processes running either in linear or parallel fashion.

What are Chat Bots?

Integrating a chatbot is ultimately a cost-effective investment for insurance companies as it can help reduce customer service costs by 30%. Its goal is to perform most of the mundane and time-consuming jobs, added with exceptional speed and accuracy without feeling fatigued like a chatbot insurance claims human would. Therefore, with chatbots on board, they can help reduce the monthly salary expense of the company adding to their plethora of benefits. Chatbots have a chance to deliver a truly connected customer experience and help insurers scale and grow if approached correctly.

These are long, multi-step web forms that collect a bunch of information from the user in exchange for a quote, which is usually delivered by email. Customers are demanding better, faster and more effortless experiences than ever before, whether via the website, on the phone, or through social channels – and insurance is no different. Being able to optimise performance whilst enhancing customer experience is the panacea and service automation can play a big part in this journey. But there is a fine balance in reducing costs and increasing efficiency whilst driving higher levels of customer satisfaction. This is where blending service and process automation with live advisors can offer an instant and enhanced service whilst delivering a personalised experience.

Technologies Shaping Digital Claims Handling

Artificial intelligence (AI) is proven to be a clear success factor when it comes to customer experience (CX) and is an important ingredient in the mix of contact channels. A chatbot is there 24/7 to automate FAQs and administrative tasks from customers about insurance coverage, premiums, documentation, and filing claims. The chatbot can also take up customer onboarding, billing, and policy renewals. AI powered chatbots can make personalised recommendations about insurance types to engage the customer and connect them with an agent.

With the help of AI, we as humans are able to carry out complex mathematical calculations in a very short space of time which can then go on to inform better decision-making processes, regardless of context. ChatGPT is an example of just one of the recent AI tools we are using (we are part of ChatGPT’s https://www.metadialog.com/ beta program and use the latest model API to enable data to be extracted from email text). For the wider insurance market, like all new technologies that have gone before, understanding and take up will no doubt differ because of the nature of the market and the prevailing need for human interaction.

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However, time will tell whether those issues can be overcome, and whether it can become a useful tool for underwriters. Published Bimonthly, the Fintech Times explores the explosive world of financial technology, blending first hand insight, opinion and expertise with observational journalism to provide a balanced and comprehensive perspective of this rapidly evolving industry. Helmi’s ability to solve a vast number of pension issues or questions has resulted in more informed customers. Roi Amir, CEO of Sprout.ai, highlighted the significance of this event, stating that settling a claim in two seconds demonstrated the effectiveness of deploying generative AI in business. However, he also cautioned that speed should not be the sole criterion for evaluating service quality, as certain claims require empathy and meticulous attention. Decoding the labyrinth of how insurance companies determine premiums isn’t as daunting as it seems.

With the focus and criticism often pertaining to customer service chat bots, many forget AI can be used internally in brokers and businesses. Additionally for finding information and driving improvements, AI is critical. Speeding up processes and boosting efficiency, AI has a range of benefits; as well as replacing agency costs such as content creation, advertising and digital design. Chat Bots are programmes which use artificial intelligence to communicate with customers. They then relay that information to real workers, or direct the customer to the relevant department. Chat bots can, through machine learning, gain an understanding of responses over time and automate answers.

This could be particularly helpful for underwriters when compiling information about risk factors affecting particular insureds in books of business. This in turn could allow underwriters to make better informed underwriting decisions or address a policyholder’s needs more efficiently. After completing the pilot, Helmi’s automation rate had increased to 85% as she had been taught to resolve more issues in the first answer to the customer, i.e., a higher first response resolution rate. These challenges need to be adequately addressed for successful insurance chatbot implementations.