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According to research, CIOs and CTOs worldwide believe that conversational bots have the potential to make a huge impact on a company’s operations. 60% of executives believe conversation AI can deliver personalised attention to website visitors by being more conversational, and about 50% believe that bots can also help them improve customer acquisition and retention.

Insurance & Conversational AI

Whatever way you look at it - from the customer’s experience perspective or an internal efficiency perspective - conversational AI (or what we at JRNY call "digital insurance brokers and assistants") has the ability to revolutionise how leads are engaged with in the insurance industry. Here’s a few ways that AI can specifically assist with better engaging more leads for insurance companies.

1. Revolutionise website forms

It’s common place for insurers to have quote forms on their website. They are often very long forms which sometimes don’t even deliver an instant quote at the end, rather the quote is sent via an email or a call back is required, defeating the purpose of the online form!

With a digital broker, insurers can engage prospects through a conversational interface. Using natural language and instant responses, leads can get the answer they need as if they were speaking with a human - but without the wait time. Genius.

Not only is the experience more efficient for the user, but if the user doesn’t understand a question, like: “how many self-contained units do you have on your property?”, they can ask the quote engine questions like: “is a garage considered a self-contained unit?” With online forms, if a user doesn’t understand the question they’re unable to complete the form and would have to pick up the phone or email an agent, which they may or may not be bothered to do. The quote engine can answer FAQs throughout the quoting process and then continue with the quote.

The quote engine can also guide the prospect to sign up within the conversation if they wish, again decreasing the number of touch points and thus, increasing likelihood of conversion.

By revolutionising website forms with a digital insurance broker, insurance companies can increase form completion rates and lead generation.

2. Policy research

If a prospect is researching their options on your website, they’re likely researching their options with another insurance company too. So the website that gives them the answer the fastest likely has an advantage.

To save your leads trolling your website for information, you can employ a digital insurance broker to prompt the user, by asking something like:

“Can I help you with a quote today? Or perhaps I could tell you a bit about what kinds of insurance we offer?”

From there, the lead is engaged and will receive instant responses to their research queries - even in the middle of the night on Christmas Eve.

3. Use your Facebook page for quoting & claims

A digital insurance broker integrates with your website and messaging apps like Facebook Messenger. That means, people can speak with your digital broker right from your Facebook page. Before, they would have to wait for a person to answer them through Messenger, or find your website url on your Facebook page, and then find the information they need on your website before finding the contact page.

Now, people can receive answers to frequently asked questions, get quotes, compare policies, lodge a claim ticket instantly, straight from your Facebook page.

4. Revolutionise live chat

Live chat is commonly used by insurers but requires a human on the other end of the line which costs money. Humans are slower and have less memory capacity than a conversational engine, so users often have to firstly, wait for a response; then if the human doesn’t remember or know the answer, they have to wait further for the human to go away and check their account or find other necessary information.

With a digital insurance broker, you can serve each user instantly without paying a salary.

This doesn’t mean your staff lose their jobs! On the contrary! Many companies find their staff are more freed up to better deal with complex issues - maximising your return on salary spend. That leads onto my next point - the human handover.

5. Human handover

Human touch is not replaced with conversational AI, despite what some might say.

If a lead is interacting with the engine and decides they’d rather speak with a human, they can do so - staff receive a notification they that need to jump into the conversation and can handle it from there.

With the engine handling the bulk of simpler enquiries and engagements, staff have more time to better deal with the complex, more time consuming cases and ensure those leads and customers are delighted also. This is only good news for lead conversion and sales figures!

6. Lead nurturing

Not all leads will convert on their first interaction with your company, in fact few probably do.

Luckily, a digital insurance broker will remember where a conversation left off, always uses the user’s first name and is available day and night, every day of the year to really nurture the relationship between the user and your brand over time.

There you have it - six ways that conversational AI can help insurance companies engage and convert more leads. If you have anything to add or any comments, feel free to connect me via LinkedIn (link below).

For JRNY's insurance solutions, click here.
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