Why Insurance Companies are Stepping up Investment in AI Chatbot Development
454.8 million USD!
That’s what the projected revenue of the global chatbot market from 2018 to 2027 is. And, mind you, 2018 recorded the market share to be 40.9 million USD. (Source: Statista) Looks like chatbot development companies have been doing a wonderful job. Doesn’t it?
In case of the Indian market, to be specific, it is the eCommerce and services sectors that have tapped the power of AI chatbots wonderfully. If we narrow it down even more, to arrive at the insurance sector, the AI consulting companies in India have given an immense push to how the providers deal with the digitization of the insurance sector.
This blog takes a look at the areas of Insurance in which AI chatbots have created a kind of revolution.
Customer Onboarding:
So, as someone who wants to buy a new car insurance policy, and someone who has a 9–6 job, a family and a thousand chips on my shoulder, would I like to look for an agent who can sell me insurance for my car? Absolutely not!
I’d rather go to a portal like Coverfox or Policy Bazar for instance, compare plans on my own, and in case of queries, simply communicate with a chatbot, have to guide me, and…done! At the same time, easy as it is for the customer, it also gives the time and bandwidth to agents who can focus their energy on cases that need their expertise.
As for me, it is as easy as just opening an app or website on my phone, asking through a simple chat, for all the information I need, make an online payment and that is it for me. Yes, I can do that even at 1:00 am in the night.
Customer Service:
Remember the frustrating time when one had to keep trying to get in touch with one’s insurance agent to renew a policy or make an insurance claim; or when one had to keep a tab on when one’s insurance expires and catch hold of the agent to renew it; or when one had to be stuck waiting for the availability of the agent to get a correction in the policy?
Well, Chatbot development services just marked the end of that era for an awful lot of customers. How? By making customer service more accessible and intelligent than ever.
Answers to almost everything you need are there with the chatbots. One does not have to keep waiting for a human agent for queries that are simple and can be managed by a chatbot. Have a complaint to make? The chatbot will serve you. Stuck with the policy renewal process? The chatbot can rescue you easily. Need human help? The chatbot can direct you to it. And this has taken customer services of insurance providers to an altogether new level.
AI development companies have been around for a while and are making not only the insurance but also other service as well as production sectors way better than they have ever been.
If you too have been mulling over investing in an AI chatbot for your business, it is a great time to ride the tide. And we can help you do that. Simply get in touch with us, and we’d love to guide you towards making a solid business case for it.