Artificial intelligence is getting smarter and changing the art of doing business is myriads of ways. The efficiency of emerging AI technologies such as chatbots, virtual digital assistants, and mobile messaging is on the increase. All of which are expected to play a dominating role in customer interaction over the next decade. The mechanism through which complex problems are solved in terms of speed and efficiency serves as the hallmark of Artificial intelligence. The world we live in has become a 24/7, 365 day a year on-demand world and businesses are relying on A.I Chatbots to keep up with the trends.
One of the industries Artificial Intelligence and Chatbots is expected to revolutionize is the insurance sector. The Insurance industry has immense benefits to derive from Artificial Intelligence and chatbot as the industry’s customer experience has never been palatable to customers. No one enjoys calling an insurance company, in the end, the result is often disappointment and dissatisfaction. Artificial Intelligence, therefore, possesses immense potentials to disrupt the industry in the area of customer experience and interaction. There are numerous avenues through which AI can disrupt the norm in the insurance industry; communication, claims, marketing, and underwriting.
Customer Interaction and Artificial Intelligence
There exist numerous confusion in the Insurance industry which often results in frustration and stress for the customers. By involving and introducing chatbots, it is expected to solve the inherent problems associated with insurance processes. With Chatbots, customers experience will definitely improve as information, recommendation and even marketing of insurance products will be provided in a customer-oriented manner. With chatbots, the tons of paperwork that is associated with doing business with an insurance company will be eliminated. With chatbots, new customers can be brought on board and fraudulent claims can also be checked without visiting a brick and mortar insurance office.
AI Will Reduce Claims Cycle-Time
There’s often a long wait to filling for claims and receiving a response from your insurance firm. On the average, the cycle time is between 10 to 15 days. But with Chatbots, the cycle time can be drastically reduced to 2 to 3 days. The reduction in cycle time benefits both the claimant and the insurance company. Reduction in cycle time is not the only benefits of AI to the insurance company. Artificial intelligence will go a long way to save cost for the insurance companies as they lose not less than $40 Billion annually in fraudulent insurance claims. Relying on Artificial Intelligence products from the Malaysian Chatbot Builder, there will be increased efficiency and reduction of cost with insurance claims.
Gathering of Data for Increase Personalization
Outside the insurance industry, AI has helped to create better marketing campaigns with the availability of data that allows for personalized customer experience. By involving AI, insurance companies will be able to collect data through machine learning in order to precisely meet the needs of customers. AI can also assist insurance companies in the area of underwriting. Accurate data will translate to a better data analysis for risk assessment.