6 Practical Conversational AI Use Cases in Insurance

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For many customers, the idea of long hold times and bouncing between different departments can deter them from engaging with your insurance company.

But what if there were a better way?

With many insurance providers exploring digital transformation and investing in technology like insurance chatbots, live chat, and more, artificial intelligence, specifically conversational AI in insurance, could be the answer.

This also includes using an AI bot to streamline customer care experiences, automation of claims processing, end-to-end resolution of routine queries, etc.

In this article, we’ll take a quick look at what conversational AI is and discuss how conversational AI is improving the insurance industry. Lastly, we’ll reveal the most efficient AI solution for your business.

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Conversational AI in Insurance: 6 Practical Use Cases

Conversational AI has become increasingly popular for its automation and customer engagement abilities.

With conversational AI and machine learning, customers who wish to purchase an insurance policy, renew an insurance policy, issue a claim, or pay a premium can easily do so.

Additionally, an insurer using AI technology can improve the customer support provided by a human agent.

Here are various use cases in which conversational AI can improve the insurance sector.

  1. Use Keywords to Observe Opportunities and Trends

    With conversational AI, you can spot specific keywords and phrases mentioned in a call, like insurance claims, policies, pricing, etc. You can then tweak your marketing, sales, and operations using these insights.

    For example, do you want to know how many of your callers are interested in a specific insurance product, such as a life insurance policy?

    With Iovox Insight's keyword spotter, you can quickly identify which callers are interested in life insurance, home insurance, etc.

    Here’s what you can do with conversational AI:

    • Identify upselling and cross-selling opportunities
    • Pinpoint which phrases lead to a sale
    • Highlight what leads to call drop-offs
    • Scan calls at scale without skyrocketing your costs
    • And more
  2. Improve Agent Performance

    Artificial intelligence solutions can record, transcribe, and analyze recorded customer interactions to help collect and review customer feedback to improve overall agent performance and customer satisfaction.

    Iovox Insights allows you to transcribe calls and enjoy the convenience of searching through conversations as easily as emails or texts.

    Simply search for a keyword in a conversation from past customer interactions, and iovox will find the call transcript you need.

    The best part?

    You can turn highly satisfactory calls into scripts to use as a learning tool for new agents.

    Using recordings as a script can make training and evaluating your call center employees easy, as you can maintain a standard script for everyone. These recordings will also help you confirm if a human agent follows your script.

  3. Automate Redundant Queries

    Due to the diversity and intricacy of products offered by insurance providers, customers often need to enquire about the ins and outs of their policies.

    The most repetitive and frequently asked questions can be automated thanks to conversational AI solutions.

    These systems provide the first level of support for incoming queries through an AI chatbot or interactive voice response (IVR), giving customers self-service options, like an interactive Q&A with a virtual assistant to make customers aware of an insurance claim or policy details.

    This enables a live agent to tend to more critical tasks that benefit the insurance customer and generate revenue for the company.

  4. Provide a Constant Communication Thread

    Typically, if a customer calls and starts a conversation about an insurance product with a particular agent, it’s unlikely they’ll communicate with the same agent later.

    But, with a conversational AI platform, customers can talk to the same insurance agent, regardless of being cut off or losing connection.

    These applications are employed primarily if an insurance provider uses asynchronous communication, such as commonly used messaging platforms like WhatsApp.

    For insurance firms, offering asynchronous communication options to customers is invaluable, as AI and human insurance agents may not resolve every query on their first attempt.

  5. Better Customer Experience with 24/7 Assistance

    Conversational AI platforms implementing Natural Language Processing (NLP) can offer real-time assistance to your human agents to quickly answer insurance customer queries through live chat, an AI insurance chatbot, etc. This can reduce customer call duration and boost customer satisfaction and retention.

    But that’s not all.

    A chatbot can handle calls even when a live agent isn’t available. It does this by assuming the role of a virtual agent, giving the customer suitable prompts and redirects.

    In fact, 69% of customers prefer to use a virtual agent or AI powered chatbot because they provide instant responses.

    Here’s the thing:

    When it comes to response times, the golden window is five minutes or less. And the chances of converting a lead drop by 400% if the insurance provider doesn’t address the customer’s query within five minutes.

    So, insurance firms providing around-the-clock, efficient support can improve customer engagement and overall experience as they find faster resolution and feel valued.

  6. Lead Profiling and Conversion Optimization

    When consumers provide specific inputs, AI-driven insurance chatbots can categorize customer data depending on age, income group, risk, job stability, etc.

    AI bots can also help capture the full context of a potential customer’s needs and wants. The customer-generated data can help sales teams spot promising leads and achieve better conversion rates.

    For example, when a potential lead contacts the company about a possible insurance claim, the AI chatbot can use preset questions to retrieve customer data. How the customer answers these questions can tell the AI if this customer is interested in specific products, like health insurance or a claims process.

Now that you know how conversational AI technology is transforming the insurance sector, let us show you why iovox Insights is the only artificial intelligence solution for your business needs.

The Most Comprehensive Conversational AI Solution for the Insurance Industry

iovox Insights is a robust conversational Artificial Intelligence solution that can be instrumental to the insurance industry.

This conversational AI platform lets you transcribe recorded conversations and draw insights to identify trends to significantly enhance your customer support and overall customer experience.

Here are some impressive things iovox Insights can do for your business while enjoying the benefits of conversational AI and speech analytics:

  1. Make Recorded Conversations Searchable

    With iovox’s recorded and transcribed calls, insurance companies can easily search and read prior conversations.

    This ensures that important information is accessible and boosts transparency over every customer interaction with potential policyholders.

  2. Track Calls and Leads Using Keywords

    With iovox’s keyword spotter feature, you can detect specific keywords and phrases like “policy,” “claim,” “customer satisfaction,” “health insurance,” “claims processing,” “damage,” etc.

    Artificial Intelligence and speech recognition technology automatically identify and track those keywords and phrases from transcripts.

    This can provide an insurer a sneak peek into keywords that:

    • Influence a sale
    • Boost customer satisfaction (CSAT) scores
    • Influence customer decisions
    • Forge a loyal and resourceful relationship with customers

    Moreover, iovox Insights can alert you about any customer conversations corresponding to your criteria based on what matters to your company. This will help you effectively generate excellent outcomes for your customer service insurance agent and sales team.

  3. Assess KPIs to Enhance Customer Experience

    With iovox Insights, you can record your customer calls to:

    • Spot trends
    • Track trends
    • Predict outcomes based on criteria central to your business
    • Find upsell/cross-sell opportunities
    • Make sure staff are asking questions that lead to a sale
    • Ensure staff are adhering to script/specific questions that increase revenue

    You can monitor the call performances of every agent to get more insights into the customer experience. Just go to your iovox dashboard to access insights, including:

    • Average daily calls
    • Total talk time
    • Your preferred keywords spotted in conversations
    • And more

The more you use the AI solution, you’ll find new ways to customize it to benefit your business. This way, iovox Insights will keep getting more powerful and help you boost your customer service.

Wrapping Up

Conversational AI enables insurance companies to recommend the best policies to customers, answer customer queries, simplify the claims process, and provide 24/7 assistance with minimal human interaction.

Additionally, it assists agents in streamlining processes and helps you learn about the quality of your leads, propelling your insurance company toward success.

If that’s what you foresee for the future of your business and want to explore digital transformation, you’ll need the right software by your side — like iovox Insights.

Start using iovox Insights today to record and transcribe calls and gain valuable insights regarding potential clients and existing policyholders.

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