Chatbots as Insurance Agents

Insurance claim processes are notoriously lengthy and cumbersome, for both insurance companies and their customers. From long and arduous back and forth to messy, complicated paperwork, claim cycles can be a real pain for all sides involved.

For insurance companies, long claim cycle times increase administrative costs, reduce claims department employee productivity, and negatively impacts relationships with providers and policyholders. For the claimants, frustrating, long wait times for time sensitive financial decisions leads to poor NPS scores for the brands.

The delays in the adjudication of the claim is due to the arduous process of collecting and coordinating a variety of information between the two parties. Insurance companies typically deploy claims personnel to interact with claimants through the traditional modes of email and phone calls. When customers have to speak to agents in person or through email, it takes an average of 6 attempts to converse and collect the relevant claims data, eating up the claims department time as well as the claimant’s.

Leading insurance companies are now beginning to use new technology in order to cut claim cycle times - chatbots. These chatbots support customers through the life of their claim, just as a customer support specialist would do. But now, insurance agent chatbots are available 24/7 and instantly to answer any question for the claimant or to collect information from the claimant using automated two-way texting conversations.

Also known as “operator texting” or “agent texting”, these bots are being used for all sorts of use cases, including

• Confirmation of claim information received
• Confirmation of claim adjudication
• Payroll requests
• Reminders to send pay stubs
• Bots for collecting  information
• Last day worked information gathering

Companies that have implemented chatbots as insurance agents have enabled better customer engagement, keeping the customer informed and adjudicating claims as quickly as possible. Those companies have also seen better efficiency when it comes to claims processing, with over 30% improvement in NPS scores while saving over 60% reduction in costs.

If you’re interested in learning more on using chatbots to support your team of insurance agents, write to us at [email protected] or text #TryUshur to 87487.