ChatGPT For Insurance

Digitization and advancements in Technology have transformed the legacy systems of Insurance industries. Customers now have quick access to information and are no longer left out of the loop. Digitization has elucidated the whole customer experience. They can purchase policies online, read reviews and compare the products of various insurance companies, and even self-service their policies. Today, clients would not want to take any chances when it comes to protecting their own lives, their loved ones’ health, and their financial future. In order to evaluate plans and policies and make an educated choice, they expect access to comprehensive information and professional advice. And when it comes to asking questions about their policies or making insurance claims, they also require continual post-purchase assistance. Meeting such complex expectations is not possible with old traditional ways.

The industry is often associated with legacy processes, maze of paperwork, and complex affairs. Deploying more humans to manage these complexities is not a viable solution, so what’s next? To bridge this gap, it is necessary for all insurers and insurtechs globally to invest in solutions like AI-powered insurance bots to strengthen customer experience.

According to a Juniper Study, the use of conversational AI chatbots for insurance will lead to cost savings of almost $1.3 billion by 2024.

Conversational AI in Insurance: The Future

Conversational AI and Strong NLP engines are two disruptive forces that have transformed industries of all sizes. Artificial Intelligence has come a long way from a “Good-to-have” to a “Must-have” differentiator. Conversational AI has matured to a point where it can match human cognition. The arrival of ChatGPT from Open.AI powered by their GPT platform has become a game changer for Insurance industries to entail enhanced customer experience with several key benefits.

AI-powered ChatGPT solution is revolutionizing the way these brands acquire, engage, and serve their customers. These Insurance ChatGPT-like bots ask customers questions about their requirements, offer them personalized policy recommendations, and help them compare two or more plans, along with other details, much like a human insurance agent.

Customer demands are ever-changing. Those who fail to ride the wave of innovation may find themselves struggling for existence as consumer expectations set new market norms. Streebo, a leading digital transformation and Conversational AI company focused on Chat, Voice and Email Bots powered by industry-leading NLP Engines(IBM Watson, Google DialogFlow, Amazon Lex) has taken the technology to the next level by integrating its bots with GPT series language models using Open.AI APIs to create ChatGPT integrated solution specifically for Insurance Companies. And with it comes an opportunity for businesses to revolutionize customer retention rates- and CSAT ratings. These Smart Cognitive Assistants create an opportunity to leverage unprecedented channels such as Facebook Messenger, WhatsApp, SMS, Amazon Alexa, Google Assistant, Siri, etc. for agents to interact with their end customers

Do you know?
According to Genpact, 87% of brands invest over $5 million in AI-related technologies every year.

Streebo’s Conversational AI Solution for Insurance Sector

Streebo is dedicated to making the interactions seamless and highly accurate – their ChatGPT series bots have been pre-integrated with a variety of enterprise backend systems including – ERP, Insurance Management Systems, CRM for lead management purposes, OCR for verification of documents, Quote Generation engine among others.

With an accuracy rate of 99% they are engineered to switch the topic of conversation without interrupting its flow and also maintain context throughout the exchange. Streebo’s AI-powered conversational interfaces are powered by industry-leading natural language processing engines like IBM Watson, Google DialogFlow, and Amazon Lex, and now GPT series language models that enable them to understand and converse with customers over text, voice, or email chats. These intuitive, highly intelligent bots can be extended to multiple channels and help customers to make informed decisions while picking the right policy while listing all terms and conditions in a simplified manner.

Leveraging the latest NLP engines from Industry leaders like IBM Watson, GCP and Amazon Lex, Streebots guarantee conformance to the most recent compliance requirements as well as security requirements.

Key Business Benefits of these cutting-edge Bots designed specifically for Insurance Companies

Provide Personalized Advice and Cross-Selling

Streebo’s ChatGPT-like Insurance Solution maintains a track record of the customer’s usage patterns and provides them with better deals and policy advice. Based on Customer behavior, habits, and previous choices, Streebo’s Insurance solution can make tailor-made recommendations – bringing greater value as well as increased sales opportunities. Round the clock Customer Query Resolution significantly increases Customer Satisfaction rate and Customer Retention rate.

Reduce Operational Cost

Streebo’s super smart bots for Insurance can help drive business productivity quickly and accurately in an effortless manner. AI-powered Conversational Interfaces for Insurance increase the conversion rate by 15% by decreasing the overall operational cost. By promoting a self-serve approach, customers can resolve their queries without any human intervention. By using automation and speeding up repetitive tasks, staff can focus on further developing their skills or resolving more complex back-office operations.

Prevent Fraud

Stats have shown that Fraudulent activities cause Insurance companies losses worth 80 billion dollars annually in the U.S alone. Streebo’s insurance bots are highly secure as they monitor, and detect warning signs of fraudulent activity 24*7. They trigger alerts on attempts of unauthorized access to both the insurer and the customer. Streebo’s secure bots for Insurance can be authenticated against versatile LDAP systems like IBM Tivoli, Microsoft Active Directory et al. including support for Federated LDAPs that adds another layer of security.

Increase Revenue & Customer Outreach

Another outstanding benefit of Streebo’s bots powered by GPT is –They can be easily integrated into the company’s existing systems without any compatibility issues. This allows businesses to benefit from their capabilities immediately after implementation – allowing them to increase their ROI quickly and efficiently. Streebo’s sophisticated Insurance solution lowers the operational cost by 50% while doubling the speed (2X) of accurate responses and secure transactions across a variety of back-end systems.

Our pre-trained ChatGPT-like Insurance Bots are trained in the following Operations

FAQs (Frequently Asked Questions)

Product Catalogue

Download Forums

Quote Management

Policy Service (View, Download)

Newsletters

Learning Center (Videos/Articles)

Order Management

Profile Management

Branch Locator

Claim Management

POnline Payment

Pre-trained Bots/Virtual Assistants

Life Insurance

Health Insurance

Why AI-powered Streebo’s Smart, Omnichannel, Industry-Relevant, Cognitive Assistants for Insurance Sector?

According to a Juniper Study, the insurance sector will be benefited from AI Chatbots with cost savings of $1.3 billion (about $4 per person in the US) by 2024, up from $300 million in 2019. Hence by rolling out an AI-Powered Insurance ChatGPT bot across channels Insurance Industry will witness multiple business benefits.

Let’s have a quick rundown of key differentiators that sets Streebo bots apart:

Built-in Domain Intelligence

Streebo’s AI experts team is paving the way in customer experience excellence through its highly intelligent virtual assistants that can emulate complex insurance business processes. With close to a decade of deep domain knowledge and expertise, they are capable of accurately understanding customer requests and providing personalized service. This level of efficiency and accuracy is invaluable, allowing customers to get the answers they need faster and improving their overall customer experience.

Additionally, this creates cost savings for the business due to reduced number of calls into contact centers and improved productivity.

Omni-Channel Experience

The Omnichannel feature of Streebo’s ChatGPT like bots for Insurance makes them extraordinary. They can be deployed across social media channels such as FB Messenger, Google Chat, WhatsApp, Instagram, Signals, WeChat, Skype, and even SMS. Bots can even be deployed to existing digital properties such as the website and mobile app. They can even handle voice requests on channels such as IVR, Amazon Alexa, and Google Home. This ensures the customers get prompt responses on whatever platform they are.

Pre-Integrated with Backends

Another noteworthy feature of Streebo’s Insurance solution is that it comes pre-integrated with ERP/Insurance Management Systems such as Applied Epic, AMS 360, Jenesis, and CRM such as Salesforce, SugarCRM, etc. which are core essentials of the industry to operate seamlessly. This conserves resources and time by eliminating the need to manually configure or integrate backends or 3rd party systems.

Flexible Deployment Models

Streebo’s pre-trained GPT powered solutions specifically designed for companies give ease of access as they can be deployed on-premises or on IBM Cloud, Microsoft Azure, Amazon AWS, or Google Cloud Platform.

Advanced Chat Analytics

Streebo’s AI-powered Insurance Conversational Interface comes with an analytics dashboard to record and display systematic data, metrics, preferences, and trends, which eventually help in monitoring user interactions and can be adapted accordingly to give relevant responses and take informed business decisions.

Multi-Lingual Support

Another feature that sets Streebo’s Virtual Assistant apart from other chatbots is its multi-lingual support which allows customers to communicate with it in multiple languages. Customers are very skeptical when choosing the right policy for them as it includes lots of hidden points or terms and conditions that are complicated to understand. Thus, when a customer gets an opportunity to understand all points in their preferred language, this comes as an added advantage. As this builds and inculcates a sense of trust and confidence in customers while purchasing the policy.

The support of 38+ languages and advanced training of bots to understand the dialects and accents of end users according to their demographics and geography helps brands to reach a wider audience.

Inbuilt Live Agent Support

Streebo’s super savvy bot solution has built-in live agent support, which enables users to get real-time assistance if they cannot find a solution to their queries by interacting with the bot. Customers may smoothly transition between human operators and chatbots, ensuring that their questions are resolved effectively in no time.

Guaranteed Bot Intelligence Index (BII) of 99%

Streebo’s Conversational AI Bot for Insurance comes with a Guaranteed Bot Intelligence Index* of 99% (*BII= No. of questions answered correctly/No. of relevant questions asked). This high accuracy effectively reduces manual intervention on the part of the insurance staff, thus improving overall efficiency and performance. Additionally, it provides customers with accurate answers to their queries quickly and easily, allowing them to get the right information they need in no time.

Data Privacy and Security

Secure chatbots are no longer opulent, they have become a fundamental pre-requisite for enterprises. Streebo’s kind of GPT integrated Insurance Solution comes up with ease of features like fingerprint identification and facial recognition for claim settlement and reimbursement purposes. They are a highly secure one-shot solution that gives complete ownership of your data and information. Powered by AI and NLP capabilities, they facilitate the secure deployment of bots on your own infrastructure integrated with your own firewall.

Technically Advanced

Streebo Bots also incorporate innovative technologies such as Whisper and STT to increase efficiency and accuracy when providing Bot services to customers. Whisper is an AI-powered voice platform that helps enable companies to better understand their customers and respond quickly with virtual support. STT, or Speech To Text technology, is a real-time transcription service which can scan conversations for keywords to help ensure the correct information is collected from each call. With the help of this modern technology, customer service agents can provide faster, more accurate responses to customers. Faster response time leads to improved customer relationship, loyalty and profitability. In addition, detailed recordings of interactions with customers allow for better customer segmentation, targeting and marketing practices. Through better data management, energy providers are able to gain insights into customer use patterns and reduce operational costs as well as develop effective strategies for customer satisfaction. Thus, whisper and STT technology represent an incredibly valuable asset for modern Insurance companies who seek success in a globalized economy.

Pricing Options

For our type of GPT powered bot, Customers have an option to “Buy” the virtual agent with a one-time fee or “Subscribe” for a fixed monthly charge with no upfront fees. It comes with three pricing options including MVP Bot, Capex Option, Opex Option, and Pay Per Usage.

ChatGPT integrated MVP (Minimum Viable Product) virtual assistant includes

3 transaction used cases

1 back-end integrations

50 FAQ’s

Capex Option

Chatbot-for-Utilities-Customer-Marketing

You can choose to buy the product with an upfront amount.

Opex Option

You can choose to Subscribe to the MVP Bot for a fixed monthly charge with no upfront setup fee.

Pay Per Usage

This is a conversation-based subscription and is tied to the number of conversations & messages the bot handles. Thus, you only pay if the Bot is getting used and is actually deflecting calls.

Final Food for Thought

According to a report by McKinsey, The sector could earn a staggering $1.1 trillion by embracing artificial intelligence.

Also, Juniper Research says that using chatbots in businesses saves 2.5 billion hours which means along with the profit in monetary value, time is also saved.

A study by Deloitte reported that nearly 74% of executives from the industry are considering investing more in the field of AI in 2023.

It is evident from the above stats that – Timely answers to FAQs and fast claim settlement transactions are effective use cases of conversational AI in the industry that helps impress customers and attract them for buying the product. As per the Salesforce State of Chatbots Report 2022, 69% of consumers prefer to use chatbots because of the speed and ease of communicating with the brand. Thus, an effective and smart ChatGPT-like Insurance solution that comes with round-the-clock availability with human-like conversations is the need of the hour for the sector to stay ahead of the competition. They increase policyholder retention by identifying retention risks and offer tailor-made solutions and recommendations while staying compliant with regulations.

Insurance chatbots represent a cutting-edge solution for optimizing operational efficiency and delivering unparalleled customer service of the highest caliber. These innovative tools offer insurmountable opportunities for streamlining processes and elevating the customer experience to new heights.

So, what are you waiting for? Make a visit to our bot store and schedule a demo today to preview the library of entire Smart, cloud-ready solutions!!

Frequently Asked Questions

Why is Conversational AI a necessity for the insurance industry?

Conversational AI enables round-the-clock availability, personalized services, rapid response times, and efficient interactions, addressing the evolving needs and expectations of modern insurance customers.

How do Streebo bots handle different dialects?

Streebo’s bots support over 38 languages and are trained to understand different dialects and accents, enabling insurance companies to reach a wider and more diverse audience.

How does Conversational AI contribute to customer retention and satisfaction in insurance?

Conversational AI assists in timely FAQ responses, quick claim settlement, and efficient customer interactions, impressing customers and enhancing their satisfaction with the insurance company’s services.

What benefits do AI-powered ChatGPT solutions offer for insurance companies?

AI-powered ChatGPT solutions offer benefits such as personalized advice, cross-selling opportunities, reduced operational costs, fraud prevention, increased revenue, and improved customer outreach.

How can Conversational AI bots improve insurance claims processing?

Conversational AI bots facilitate quick and accurate claims processing by guiding customers through the process, verifying documents through OCR, and providing real-time support for any issues that arise.

Can Conversational AI bots improve insurance companies’ ROI quickly?

Yes, integrating Conversational AI bots can lead to immediate improvements in ROI, as they enhance customer satisfaction, increase sales opportunities, and streamline operations.

How does Streebo ensure the accuracy of its ChatGPT-like bots?

Streebo’s bots are pre-integrated with industry-leading NLP engines, enabling them to understand and respond accurately to customer queries. Their accuracy rate of 99% is maintained by continuous learning and context retention.

How does Conversational AI Solution integrate with existing insurance systems?

Streebo’s solution is pre-integrated with various enterprise backend systems, including ERPs, Insurance Management Systems, CRM, and more. This integration enhances efficiency and allows for a seamless customer experience.

Disclaimer: ChatGPT and GPT are registered trademarks and terms fully owned by Open.AI. The Author has used the term “ChatGPT for Insurance” to convey the idea of a ChatGPT kind of Bot, but for Insurance.