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Gartner estimates that in 3 years 85% of companies will be using automation and AI as a part of their business strategy, meaning that those who don’t have a plan in place now, will assuredly be left behind in the wake of our fast-paced technological landscape. So how does the Insurance industry shape up in light of this statistic?
Thankfully, many insurance organizations have begun their descent into the chatbot world and have worked towards updating their legacy systems. Insurance companies are currently using automated text messaging for use cases ranging from incident management, to sales enablement, to billing, and to resolution confirmation.
“Chatbots can help a user register the first notice of loss, schedule the survey appointment for the evaluator, provide loss prevention recommendations, arrange emergency assistance during accidents, and offer pre as well as post disaster assistance.”
For those companies that have taken steps to update their systems with automated text messaging within these use cases, they have already begun to see big results. One Fortune 500 company had the goal of reducing claimant outreach by 10% after deploying chatbots, but results after deployment are showing greater than 20% reduction in call volume saving the company significant time and resources.
As we stated at the beginning of this article, many Insurance professionals feel that they could invest in more advanced technology in order to break barriers to growth. It is important to note however, that when insurance companies have invested in updating their systems, 28% feel that their Digital Customer Relationship Management was the most important new technology investment to their organization for growth potential.