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Chatbot Solutions for Insurance Brokers

Chatbot Solutions for Insurance Brokers

December 17, 2018

Whether you remember the intensely annoying Microsoft Office assistant Clippy, which was constantly popping up with its googly eyes; have fond memories of Johnny 5 trundling onto the cinema screen and into your heart back in the 80s; or have welcomed Siri into your everyday life, artificial intelligence (AI) has been our companion for decades.

Now, businesses are beginning to explore the very real benefits that AI can bring. Rather than an entertainment or life-organising tool, businesses are harnessing the power of AI as a lead generation / sales / customer-nurturing tool that saves them time and money while boosting their bottom line.

Enter conversational AI – otherwise known as chatbots.

Conversational AI for insurance brokers

Industries around the world are embracing AI. A recent study into how industries use AI showed that 80% of businesses in the 13 industries surveyed currently invest in AI  and almost 100% plan to by 2020.

And the industry that’s embracing AI more than the others? The insurance industry.

It outspent the other 12 industries surveyed, investing on average US $124 million in AI systems. This is compared to a cross-industry average of US $70 million.

According to the study, the insurance industry saw a 13.8% reduction in costs by using AI, which may explain why the industry is so quick on the uptake.

The benefits of AI chat for insurance brokers

Conversational AI can improve the customer experience, increase your revenue and lower your costs. Here’s how.

A chatbot is the perfect lead capture engine, capable of gathering invaluable data. Rather than filling out website forms, your customers can schedule meetings, request a call back, or subscribe to newsletters all through your bot.

Smart integrations mean that a human doesn’t need to touch this process. A meeting request will automatically go through to your calendar and send reminder emails to you and your potential lead. Emails will turn up in your inbox containing warm leads: details of potential customers’ names, contact details and what they’re after. Your customer database will grow through easy newsletter sign ups. With these automated processes, your costs, especially labour costs, will be lowered.

With a digital assistant embedded into your website or via Facebook Messenger, you can serve your customers 24/7. With our ‘instant gratification’ culture (think same day delivery or binge watching our favourite shows), this makes for happier customers. They get the answers they’re seeking in a way that suits them, without ever having to talk to a human if they don’t want to.

The way humans communicate is also changing. With the rise of smart phones and digital connectivity, people are forging connections and maintaining relationships digitally. Whether it’s group texts via WhatsApp, regular Skype catch-ups with the family, or swapping memes through Facebook Messenger, most of our communications are online.

An integrated chat solution allows you to communicate with customers in the way they’re familiar with and enjoy doing. Which means more text, and less human to human.

Not only is the messaging interface familiar, but it’s simple to use and doesn’t require your customers to download yet another storage-sucking app. They can access your chatbot via your website or apps they’re already using, like Facebook Messenger. In September 2017, Messenger passed 1.3 billion monthly active users. 300,000 bots are available on Messenger, helping business and customers exchange 8 billion messages a day. This is a huge – and growing – opportunity to connect with your customers.

Chat solutions for insurance brokers can handle basic customer support tasks, guide customers through essential processes and learn about a customer’s specific needs. This speeds up your service. By using automating responses to simple FAQs that suck up your time, brokers can also focus on more important things.

The rise of chatbots and conversational AI doesn’t make humans redundant. Having a highly functioning interface between bot and actual human body can enhance the customer experience. There are areas where the bot can automatically handover to a human. Perhaps it’s when a certain amount of frustration is detected, or when a potential customer has doubts and is looking for reassurance on the right insurance plan for them.

By having the ability to chat to your customers when they need you, you can delight your existing customers or convert more sales.

And that’s always good for business.

See how JRNY is delivering great chat for the insurance industry. Or get in touch to see how JRNY can help you. 

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About the Author

Sarah Idle

Conversation Design

Sarah is a digital copywriter with years of New Zealand industry experience. At JRNY she helps to bring bots to life with smart conversation design and by literally putting words into their mouths.

When not immersed in the digital world, you'll find her dreaming of writing books in the offline world, reading, 'gramming what she's reading, or awww-ing over the pretzel-legs of her retired greyhound.

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