2030, AI Based Chatbots Market Size Industry Report 2023

The bot is powered by natural language processing and machine learning technologies that makes it possible for it to process not only text messages but also pictures (e.g. photos of license plates). Today around 85% of insurance companies engage with their insurance providers https://www.metadialog.com/ on  various digital channels. To scale engagement automation of customer conversations with chatbots is critical for insurance firms. As stated above, there are a lot of benefits that chatbots provide to the insurance companies – both to the agents and the customers.

They handle about 7000 conversations per hour on Facebook Messenger, WhatsApp, iMessage, Viber, and Telegram. The platform offers a comprehensive toolkit for automating insurance processes and customer interactions. Inbenta is a conversational experience platform offering a chatbot among other features. It uses Robotic Process Automation (RPA) to handle transactions, bookings, meetings, and order modifications. Not only the chatbot answers FAQs but also handles policy changes without redirecting users to a different page.

Why do companies use insurance chatbots?

In the struggle to optimize customer service, insurance agencies are actively adopting virtual assistants and chatbots. As a result, the global chatbot market size is growing at a CAGR of 24%. In an ever-evolving digital landscape, the insurance industry finds itself at a crossroads, seeking innovative ways to enhance customer experiences and adapt to changing expectations. As insurance and customer support leaders strive to navigate this transformation, AI-powered chatbots and support automation platforms emerge as a beacon of progress, heralding a new era of customer service. Successful insurers heavily rely on automation in customer interactions, marketing, claims processing, and fraud detection. An insurance chatbot is artificial intelligence (AI)-powered software designed to interact with users and provide instant assistance and information about insurance-related topics.

• This reduces the time that a customer has to contact a customer first, and makes a dramatic impact on the overall customer experience.
• It helped answer consumers’ questions during the benefits enrollment season.
• Socrates.ai is an artificial intelligence platform that provides businesses with conversational AI solutions.
• Chatbots can offer personalized recommendations and promotions by analyzing customer data, ensuring that customers receive relevant and timely information.

Advancement in the technology has provided todays businesses with multifaceted advantages resulting in daily economic shifts. Thus, it is very important for a company to comprehend chatbots for insurance the patterns of the market movements in order to strategize better. An efficient strategy offers the companies with a head start in planning and an edge over the competitors.

Analysis & Key Insights

Whenever a customer wants to file a claim, they can evaluate it instantly and calculate the reimbursement amount. Conventionally, claims processing requires agents to manually gather and transfer information from multiple documents. With this system, it’s difficult to scale and bring speed to the process. Insurify, an insurance comparison website, was among chatbots for insurance the first champions of using chatbots in the insurance industry. When the conversation is over, the bot asks you whether your issue was resolved and how you would rate the help provided. Users can also leave comments to specify what exactly they liked or didn’t like about their support experience, which should help GEICO create an even better chatbot.