6 Practical Conversational AI Use Cases in Insurance

Canadian broker Mitch Insurance is using ChatGPT to help create concise overviews of complex coverages and pitch products to clients. The latest iteration ChatGPT 4 was launched at the end of April 2023 and already promises a leap forward, it’s more polished, more accurate, can deal with image inputs, and will offer even greater business opportunities. Pinpoint the best person to answer your questions – and find out key snippets about us. Far from technophobes, at the Romero Group we are utilising top of the range IT and accounting systems, ensuring the maximum safety for our finances and client data. We’ve adopted a new cloud management system, allowing us to view account details and find policies options very quickly. We believe we can only properly address the concerns of our clients by having a trained experience handler on the end of the phone.

Insurance was one of the last hyper-personalized financial products, a place where consumers expected to have a one-on-one relationship with their agent and to be treated like family in case disaster struck and they needed to file a claim. Excalibur uses a ProNavigator-powered chatbot named Aiden to generate leads, serve customers and “stay ahead of the curve,” says Jeff. Using both a menu-based approach and Natural Language Processing (NLP), the Insurance Chatbot offers visitors the option of typing or voicing their enquiry, providing them with answers within seconds. Our intelligent ‘auto-review’ feature means that the Chatbot always utilises the most up-to-date information and links on your website. Additionally, it assists agents in streamlining processes and helps you learn about the quality of your leads, propelling your insurance company toward success. The majority of the feedback from insurers on the opportunities and risks around chatbot usage tend to refer to AI in a broader context than simply OpenAI’s ChatGPT.

Vitality publishes claims statistics

Customers can talk to the Zara chatbot to notify Zurich UK Insurance (Zurich) of a non-emergency home or motor claim. It costs 5 times more to attract new customers than to retain them, consequently, Conversational AI is key to driving https://www.metadialog.com/ costs down and satisfaction levels up. Self-service options for consumers are becoming more common across industries, and insurance is no exception. Would-be policyholders can benefit from virtual pre-policy walkthroughs.

On the part of clients, there is an element of care and consideration which comes with talking to a real person. Live agents are more dynamic, able to make decisions on what’s best for clients in the moment. Cultural sensitivity may also need to be considered, as chat bots often cannot discern between sarcasm, jokes or bluntness. Emotional intelligence is also an underrated quality, making humans better listeners and communicators. Callers can often be highly aggravated or unsure, and a calming real voice on the end of the line can make a big difference to how a business is received.

Ignite launches OpenAI-powered chatbot for brokers

The quickest and easiest way to make a change to your cover or personal details is through MyAccount. Logging in to MyAviva, your secure online account, opens the door to the latest discounts and chatbot insurance offers available to you. The uncertainties over ChatGPT in this respect are likely to be such that underwriters will be uneasy in using the software as underwriting tool at this point in time.