ChatGPT for Life Insurance Company

Opportunities for Life Insurance Providers to Capitalize on Shifting Trends

The article starts out by talking about a significant change in the mode of interactions for Life Insurance Agents. In this change lays an outstanding opportunity for life insurance companies to improve productivity of their agents and increase their outreach. Moreover, it explores how insurance companies can use cutting-edge artificial intelligence technology such as Natural Language Processing and Generative AI, leveraging platforms such as Open.AI’s GPT, to automate routine business tasks and interactions with customers.

Further part of article suggests a unique solution that combines the capabilities of powerful NLP technologies like IBM Watson, Google Dialog, Amazon Lex, and Open.AI’s GPT that will help companies to gain market share, improve customer satisfaction and drive efficiency with cost-effective solution.

Tectonic shift of Life Insurance: Strategies for Staying Ahead

The times have changed, and customers no longer visit insurance offices or have face-to-face meetings with agents to get life insurance policies.

Today the customer base is shifting towards social media channels to conduct research on life insurance policies, providers, and compare prices. Thus, insurance providers must adapt to this changing customer base and provide a convenient and accessible way for customers to research, communicate and transact with them on social media platforms.

The insurance industry is undergoing a major transformation due to shifting customer preferences. A study by Accenture found that nearly 80% of customers between the ages of 18 and 24 use social media to purchase insurance or get advice on insurance-related matters
72% of Customers expect clear and comprehensive communication from insurance providers when evaluating policies, and they require consistent support after making a purchase, such as assistance with inquiries or claims.
A survey by the National Association of Insurance Commissioners found that over 85% of customers expect prompt resolution of claims and exceptional post-purchase support.

To handle these complex tasks, insurance companies need an innovative chatbot solution that can provide customers policy information, compare policy plans, and answer follow-up questions 24/7 on all the social media platforms where the customer base is most active. This approach can help insurance providers meet customer demands efficiently while maintaining transparency and accuracy throughout the decision-making process.

Transformation of Life insurance agents with AI & Bot Technology

Advancements in Artificial intelligence (Generative AI), Natural language processing and Machine learning are driving more value to the insurance business world. The advent of AI-powered conversational interfaces creates opportunities for life insurance agents to make use of unprecedented channels such as Facebook Messenger, Google Chat,WhatsApp, SMS, Amazon Alexa, Google Assistant, Siri, etc. to reach their end customers. Advances in Artificial Intelligence (AI) are allowing insurance agents to shift through these channels quickly and efficiently, enabling more personalized approaches to increase sales, reduce operations costs, and to save time & effort. 86% of Insurance CEOs believe the technological advancements like Artificial Intelligence (AI), chatbot, and Natural Language Processing (NLP) have changed the business completely over the past 3-5 years.

Here are some ways in which these AI chatbots are making a difference

Automated Processes
Conversational AI chatbots for life insurance agents automate mundane tasks like query initiations, basic FAQ generation related to new schemes and policies and handling of initial line of communication for claims processing. This can help insurers to reduce costs, increase efficiency, and improve accuracy of agents’ tasks. According to a report by McKinsey, insurers can reduce claims processing times up to 80% by automating claims processing.

Policy Renewals
Life insurance agent chatbots can assist with policy renewals by proactively reaching out to customers when it is time to renew their policies. They can guide customers through the renewal process and ensure a smooth experience by identifying any underwriting changes that need to be made. This ensures that customers have the easiest possible path to renewing their policies.

Arrival of GPT Platform in AI: A Game Changer for the Life Insurance Industry

GPT is revolutionizing the way life insurance agents work and has become a game changer by providing them with powerful tools that help them to be more efficient, and customer centric. ChatGPT is a powerful language processing tool. ChatGPT powered chatbot demonstrates an impressive capacity for comprehending natural human language and generating written text that bears a striking resemblance to human speech. Its design represents the latest evolution of the Generative Pre-Trained Transformer (GPT) family of text-generating AIs.

For Life insurance agents, this comes with multiple benefits like streamlining and automating customer interactions, managing service requests, filing claims and increasing operational efficiency. With the ability to understand natural language and generate human like responses, these chatbots can serve as initial point of contact for prospects and existing customers. They can surge customer satisfaction and retention by addressing their inquiries quickly and providing customized advice on life insurance policies around the clock.

Why Streebo’s ChatGPT powered Virtual Assistants for Life Insurance Agents?

At Streebo, a leading Digital Transformation and AI Company, we have created a range of pre-trained voice, chat, and email bots that use powerful NLP engines like IBM Watson, Amazon Lex from AWS, Google Dialog Flow from GCP, and Wit.AI from Meta. Recently, we have expanded our offerings by integrating with the GPT Platform from Open.AI, which has made our smart bots even more powerful and intelligent with an extended presence on multiple social media platforms.

Formerly, our chatbots powered by advanced NLP engines were delivering a seamless customer service experience, but were restricted to a limited set of pre-programmed responses. However, with the advent of ChatGPT integration, we have taken our high-end chatbots to soaring new heights, with the remarkable ability to generate human-like, adaptable, and expressive range of responses. Our pre-trained AI-Powered Life Insurance Agent chatbot can help agents with a variety of common Insurance functions including creating a quote, signing up a new customer, issue the policy and even filing of claims.

Our intelligent bots, known as Streebots, are highly automated, which makes them ideal for assisting customers with complex queries. They have a remarkable accuracy rate of up to 99%, and they come pre-integrated with a wide variety of Insurance Solutions such as Ingenium, Genelco and even IBM’s AS/400 systems among others. Consequently, when customers require assistance with specific topics, they receive a consistent flow of valuable information.

Moreover, thanks to the cutting-edge generative AI technology from Open.AI, our bots now have context-switching capabilities that allow them to switch between topics seamlessly without disrupting the conversation. The powerful GPT platform and leading NLP engines give Streebot an extra edge to cater to prospects, customers, and employees in a wide range of use cases. This, in turn, provides businesses with a competitive advantage over their competitors.

Our Pre-trained Life Insurance Bots for Agent are trained in the following Operations

FAQs (Frequently Asked Questions)

Branch Locator

Browse Policies

Generate a Quote

Purchase a Policy

File a Claims

Make Premium Payments

Upload Documents

Manage Service Requests

Check Claim Status

Feedbacks & Reviews

Offers and Promotions

Key Business Benefits of Our cutting-edge Bots designed specifically for Life Insurance Agents

Insurance Businesses that have deployed Bots to assist their insurance agents have realized measurable benefits including a saving of about $0.60 per chatbot interaction.

Other Benefits Include

Increased Revenue with choice of communication channel

With our sophisticated solutions, Agent gets to leverage existing digital properties like website and mobile App along with multiple digital channels such as WhatsApp, Facebook Messenger, SMS among others to easily reach out to their leads and prospects. The presence of AI bots on versatile social media channels helps in lead generation and drive more sales effectively. This increases revenue by reducing operational costs and remarkably increasing the conversion rate by 15%.
Increased Customer Satisfaction & Retention

Our ChatGPT powered life insurance virtual assistants deliver quality services to the customers. With automated prompt responses, they can engage more customers. Accurate responses 24*7 increase customer satisfaction as well as allow agents to deal with the more complicated tasks that require a higher degree of expertise. Hence increased productivity.
Reduced Underwriting Cost

Using GPT in insurance, companies can automate and streamline underwriting processes by analyzing large amounts of data from different sources to assess risk factors, predict resultant outcomes and pricing. This saves time for agents with quick policy issuance. According to a report by Celent, AI powered life insurance chatbots will save up to $1.3B in underwriting expenses. Our Conversational AI Life Insurance Agent communicates with all parties (agent, carrier, prospect) on basic underwriting questions, seeks additional or missing data to perform the underwriting process.

Key differentiators of our pre-Trained and pre-integrated AI-Powered Insurance Bots for Agents are as follows

Streebo in collaboration with leading technology organizations like IBM, RedHat, Google, Amazon, and HCL Technologies and now GPT from Open.AI has created a powerful and secure solution.

Built-in domain expertise
Streebo has extensive experience in building conversational AI solutions for the life insurance industry, which has enabled them to develop highly intelligent pre-trained insurance agent chatbots that can effectively imitate most business processes.

Omni-Channel Experience
Omnichannel Experience- Our chatbots give an omnichannel experience to the users with an extended presence across diverse social media channels such as FB Messenger, WhatsApp, Google Chat, WeChat, Skype, SMS and even Email. They can effectively handle voice channels such as IVR, Amazon Alexa, and Google Home. Our smart bots can even be deployed to existing digital properties such as the website and mobile App as well in no time.

Email assistance
By utilizing GPT technology, our bots now can support email communication, which is a significant advancement in the world of virtual assistants. With this new feature, our bots can produce emails that emulate human interactions, leading to more effective transactions while managing backend integrations. This development marks a significant milestone in our pursuit of unrivaled customer satisfaction.

Access to Unstructured Data
With the support of sophisticated classification, clustering, embedding, and generative AI technology, our life insurance agent bots can deliver pertinent information to the relevant personnel or office staff by encompassing a wider range of unstructured data in a timely manner. This feature allows us to tap into a diverse range of unstructured data, such as web pages, customer insurance policies, policy registration documents, logs, and emails, which can be retrieved and provided to the end-user based on relevance.

Accurate Responses
Our AI-powered chatbots for Life insurance agents come with an accuracy rate (Intelligence index) of up to 99%. (Intelligence Index*= No. of questions answered correctly/No. of relevant questions asked). We continue to tarin our bots with rigorous testing and adding more and more relevant use cases until they reach the highest level of accuracy.

Flexible Deployment Models
Our GPT powered Life insurance chatbots come with the flexibility of multiple deployment options. They can be deployed on-premise or on industry-geared tools IBM Cloud, Microsoft Azure, Amazon AWS, or Google Cloud Platform in a hassle-free manner.

Pre-Integrated with Core Insurance Solutions
Our Insurance Bot for Agent comes in pre-integrated with Core Insurance Solutions like Ingenium, IBM AS400, Genelco, among others. Consequently, the need for manual configuration or integration of third-party systems or backends is eliminated, resulting in the conservation of precious resources and time.

Advanced Chat Analytics
Our conversational AI interface comes with an analytics dashboard that can capture and present organized information about patterns, metrics, preferences, and trends in chat interactions. This dashboard can be used to monitor user behavior, customize responses, and make informed business decisions.

Multi-Lingual Support
Streebo has developed a smart chatbot for life insurance that can easily transition between multiple languages. This chatbot has been pre-programmed to comprehend various dialects and accents used by end-users based on their location and demographic. By offering support in over 38 languages, our ChatGPT like chatbot for life insurance can enhance customer experience by providing excellent service in the language that the customer is most comfortable with. As a result, this feature helps businesses expand their reach to a wider audience.

Voice Support from GPT
Streebots use Speech-To-Text (STT) technology, which scans conversations in real-time to identify keywords and ensure accurate information collection. They can easily integrate with Whisper (Beta), an AI-powered voice platform from Open.AI, and other Speech-To-Text technologies from IBM Watson, Google Dialogflow and Amazon Lex. This allows businesses to gain a better understanding of their customers and provide virtual support with faster response times, leading to improved customer satisfaction ratings and stronger business-customer relationships.

Seamless agent hand-off
Our ChatGPT like life insurance agent chatbots facilitate a seamless transfer of customer interaction to a live agent in real-time, ensuring that customers are able to communicate their primary concerns with a human representative whenever they need human assistance.

Data Security & Privacy
Our solution uses the top of the line NLP engines such as IBM Watson, Google Dialog, Microsoft CLU, Copilot, Power Virtual Agents and Amazon Lex and thus all processed data is secured and compliant. Further, all data flowing back and forth with GPT is also encrrypted and masked. Not just sensitive data, rather ALL data and thus at no point enterprise data is shared with the GPT platform. Hence, we take advantage of GPT’s Generative AI capabilities yet ensure that Enterprises stay secured and compliant with all regulations.

Pricing Model

MVP(Minimum Viable Product) bot includes:

Capex Option

You can choose to buy the Bot Solution.

Opex Option

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

Pay Per Usage

This is a conversation-based subscription and 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.

Conclusion

Formerly, our chatbots powered by advanced NLP engines were delivering a seamless customer service experience, but were restricted to a limited set of pre-programmed responses. However, with the advent of ChatGPT integration, we have taken our high-end chatbots to soaring new heights, with the remarkable ability to generate human-like, adaptable, and expressive range of responses. Our pre-trained AI-Powered Life Insurance Agent chatbot can help agents with a variety of common Insurance functions including creating a quote, signing up a new customer, issue the policy and even filing of claims.

Here Streebo’s smart, omnichannel, pre-integrated bots stand out and raise the bar with their ChatGPT like capabilities. Our team of experts is envisioned to deliver industry-specific solutions that can meet customer expectations with high accuracy. Our advanced bot adoption and implementation methodologies, in collaboration with tech giants- IBM Watson, Google Dialog, Amazon Lex, and the recently integrated GPT from OpenAI, have fundamentally transformed the way in which customers interact with the company.

If you are looking for a holistic approach to expand your business, then look no further. Schedule your demo today and make a visit to our chatbot store of pre-trained, cloud-ready solutions.

So, what are you waiting for?

Check out our bot store to see the new ChatGPT type bot created specifically for the life insurance industry Schedule your demo today!!

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