Here is Why You Must Integrate Chatbot on your Insurance App

Here is Why You Must Integrate Chatbot on your Insurance App

Yes, you read it right- chatbots in insurance apps. But aren’t those bots used for answering trivia questions, finding the nearest coffee shop, traffic updates, or hundreds of those other mundane tasks? What use do they have in a serious business like insurance? Well, more than you may realize. If you think about it, insurance is a business that completely relies on data- data of previous customers, data of prospective customers, data about markets, and lots and lots of calculations. And who do you think is better at collecting, modeling, and analyzing data- humans or bots?

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Now that’s one side of the story- chatbots are equipped enough to handle the job. But are customers ready to accept them in this role? As it seems, yes! Consider this- 4 of the most popular messaging platforms toady share among them around 3.5 billion users. Moreover, time and again surveys have indicated that messaging is their most preferred choice of communication and they would love to reach out to businesses via the same channel. That is, while the prospect of receiving calls from business representatives seem annoying, chatting to bots is fun and not to mention, productive! A win-win situation for both

Here is exactly how you benefit of Integrate Chatbot on your Insurance App

Information Channel

You must accept that insurance business is very boring and quite intricate- a combination that people are bound to find repulsive and you can’t blame it on them. While you can’t do anything about those endless T&C’s with countless paragraphs and subsections, what you can do is make it easier for your customers to navigate through them or even insulate them by putting an intelligent, responsive, and to some extent, a personalized interface in the form of chatbot. These bots can be the first point of contact between your business and customers and can already bridge the knowledge gap by the time a human representative takes over.

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Communication Barrier

Call it the affinity or even borderline addiction that people have of mobile devices, they are now much more comfortable sharing information with machines than in-person. And since there is a lot of personal information to be gathered prior to insurance, these bots can deliver much better conversion rates.

Lesser Friction

Let’s face it- though critically important, getting a new insurance policy isn’t exactly an exciting process. After all, choosing a policy isn’t like choosing shoes, and for that reason, the task consistently remains somewhere at the bottom of priority list.

By making bots available at their fingertips, you not only overcome the initial procrastination, but everything from that point onward flows smoothly. From requirement gathering to assessing policies to making payments- everything can be done within minutes and more importantly, without ever leaving the chat.

Data Analytics

No, chatbot development doesn’t deliver any improved capabilities in terms of data analytics but what it does is integrate the process within requirement gathering- thus streamlining the operational procedures.  Generally, a customer submits their requirement through a form, which then goes to another department for quotations before the customer gets the asked information. With chatbots, all of these are merged into one.

Costs

As you may have noticed, chatbots improve engagement, promise higher conversions, and streamline operations- all of which indicate a common benefit- lower cost. Yes, you will have to pay app development firms for the initial deployment but consider it as an investment that is guaranteed to compensate for itself with returns over time.

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