Complete guide to insurance chatbot development

As the world is embracing digitalization, legacy systems and traditional processes in the insurance industry are slowly getting transformed. Modern-day customers have instant access to information and want quick services. They can scout for policies online, check out reviews, make comparisons, and educate themselves better. Since customers have a wealth of options to choose from, insurance agencies must differentiate themselves. They can do so by providing a seamless, and personalized experience. In order to tend to customers' needs, insurance agencies can leverage insurance chatbots and reap a number of benefits.

Key Advantages of Leveraging Insurance Chatbots

While insurance agencies may find it intimidating to introduce changes and the adoption of new technologies, the benefits of insurance chatbots greatly outweigh such trepidation. Here are some prominent advantages of chatbots in insurance agencies:

● 24-hour availability, 7 days a week

● Offers greater brand accessibility and availability to your customers

● Chatbots are simple and use the same interface that a customer is familiar with

● Implementation of automation through chatbots saves time and money

● Chatbots for insurance agents boost lead generation and increase revenue

● Decreases bounce rates

● Guides users in making better, valuable decisions

● Offers a unique user experience and keeps customers engaged

● Acts as an additional channel for marketing and retargeting

● Chatbots are easier to develop and maintain

Applications of Insurance Chatbots

Insurance chatbots are extremely versatile and can serve various purposes: from daily routine tasks to business task management. However, chatbots are deemed to be more effective in certain settings than others. Here are examples of chatbot usage in different aspects of insurance:

● Claims process automation

● Customer and employee onboarding

● Generation of quotes

● Lead profiling and conversion

● Premium payment collection

● Live agent support

Steps for Insurance Chatbot Development

Here are the steps involved in creating an insurance chatbot for your business:

● Establish Your Bot's Personality: Believe it or not, but the tone of the interaction, the chatbot's personality, the typography, color, and imagery, all contribute to the user experience. Hence begin with establishing your chatbot's personality. It should reflect the spirit of your business.

● Define the Workflow: Discuss with the insurance chatbot development company to define the workflow based on the information architecture. Based on your input, the developer will design a systematic set of conversational flows that depend on the user inputs. These conversations will take the user to the intended end result.

● Identify Dead-Ends: Let's face it; your chatbot may not always be successful in giving the desired result. Thus, it is important to identify and accommodate dead-end conversations. Your insurance chatbot could:

• Try a new approach
• Give the user the option to exit the chat
• Guide the user towards the next set of steps through the menu button.
• Connect the user to a customer executive

● Develop Prompts and Chatbot Responses: Ensure that your bot offers a quick and concise response to avoid wait time or any confusion. Also offer prompts like 'Yes', 'No', 'More' etc. to aid the dialogue process. Also, make it a point to confirm the user input before branching off the conversation.

● Chatbot Designing: Based on all the inputs above, your chatbot designer will commence designing and developing your chatbot. Even if you begin with basic functionalities, you can expand on them further in the future.

● Collect Customer Feedback: Feedback is important to assess the performance of your chatbot. Try to collect user feedback after every interaction so that you can incorporate changes and improvements in the chatbot.

Why Should Your Insurance Agency be Chatbot Enabled?

If you are still on the fence as to whether you should introduce insurance chatbots in your business, then here's what you need to know: In the current fast-paced world where information is available at our fingertips, customers need everything instantly. Thus, having a chatbot interface ensures that you and your business are always available and ready for them. Whether it is a quote request or the reporting of a loss- insurance chatbots can handle the bulk of the repetitive work for you right from the start to finish.

Further, the world is moving towards a customer-centric economy. Given that chatbots are a product of Artificial Intelligence, it is a matter of accepting continuous feedback from your client to improve and revise the performance of your chatbot. With enough exposure, your chatbot can mimic a highly-trained customer care executive representing your business.

Final Thoughts

Chatbots are definitely an attractive option to aid your business. Insurance chatbots significantly enhance your customer’s experience by offering quick and relevant solutions. The advantages offered by chatbots greatly outweigh the costs of developing and implementing one. However, it is important to adopt the chatbot technology in phases. Once you have established the foundation, all you need to do is build upon this base and improve the features. Hiring skilled experts could give you that unfair advantage over your competitors.