Increase the percentage of the insurance claims processed at the first call
Bad experiences bring a lot of negative emotions. People are reluctant to spend hours on the line and go through even more stress when contacting an insurance company
An Insurance Claims Bot can be contacted via several channels at any time. The bot guides the customer through the entire claims process till it is settled
Increased level of automation, improved customer experience, faster claims settlement, increased cross-selling, less churn, and better revenues
5 stages of the insurance claim process
First Notice of Loss (FNOL) or claim filing
Notifying an insurer after an insured asset's loss, theft, or injury
Determining the nature and extent of the loss
Disbursing the insurance amount to the customer
Confirming customer’s insurance coverage and benefits
Deciding the reimbursement amount
First Notice of Loss (FNOL)
A text or voice bot plays a significant role in the process of reporting a claim. The Insurance Claims Bot represents a dedicated virtual agent available 24/7/365. Customers can access it anytime and anywhere in just seconds
The Insurance Bot can guide users through the A to Z of the claim process and check the submitted documents. This translates into significantly reduced time customers spend on filling out forms and submitting documents
Customers can contact the Insurance Claims Bot to update their application at any time and the bot will notify the customer if additional details are required. When needed, the bot passes the conversation to a human agent
The Insurance Bot can ensure that claims are validated by extracting relevant information from the documents
The Insurance Claims Bot tracks claims intelligently. Customers can check the status of their claims through conversation with a bot
Notifications on Claim Status
The Insurance Claims Bot provides proactive notifications
Tovie AI’s conversational AI solutions for Financial Services are validated and available on the IBM Cloud for Financial Services®.
We are the first vendor in the Conversational AI space to be validated by IBM Cloud for Financial Services. All our conversational solutions are now automatically compliant for FS organisations.
Faster claims settlement
Businesses have turned to bots as part of their response to COVID19 since they are forced to balance out a surging online demand and dwindling resources
According to Deloitte, insurers should be capitalizing on the innovations and operational flexibility adopted during the pandemic to accelerate their transformation to a more agile, customer-centric business
Technologies that make the virtual assistant stand out
The bot addresses insurance-related concerns of your customers with quick responses
The AI-powered bot uses NLP so it can understand customers and engage in a human-like conversation
Implementing effective claims management processes leads to significant savings
Staff expertise can be simultaneously scaled to thousands of customers
What is the use of bots in insurance?
Bots in insurance, specifically chatbots and virtual assistants, have multiple uses. They assist with customer support by answering questions and providing information. They also aid in claims processing by collecting initial information, validating claims, and guiding the customer through the entire claims process until it is settled. Additionally, they offer personalised policy recommendations based on customer preferences and profile analysis.
What are the benefits of AI in insurance?
AI chatbots can provide numerous benefits to insurance companies. They include reduced operational costs by automating routine tasks, enhanced customer engagement by providing a convenient, intuitive, and interactive way for customers to engage with companies, data-driven insights, scalability, improved compliance and risk management, 24x7 support, personalised policy recommendations, instant responses to customer requests and multilingual support.
How AI can save insurance companies time?
Conversational AI-powered chatbots help automate data collection and initial assessment. At the first call, they can gather necessary information from policyholders, such as accident details or damage descriptions. This eliminates the need for manual data entry and speeds up claim processing. As a result, both customers and insurance company staff can save time and get things done more quickly.
How AI is transforming insurance industry?
One of the most remarkable impacts of digital transformation with AI in insurance is the optimisation of claims management. Carriers are increasingly adopting conversational AI to enhance efficiency in claim filing, reduce manual work, and save costs. An example is BNP Paribas Cardif, a global insurance leader, which implemented a voice bot, Cardi developed by Tovie AI. This resulted in a significant rise in first call resolution (FCR) to 83% and savings of over $9 million in operational costs over two years. Learn more about emerging potentials for AI in insurance in our blog post.
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