Improve customer experience with an Insurance Claims Bot

Increase the percentage of the insurance claims processed at the first call

Challenge

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

Solution

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

Results

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

Damage Appraisal

Determining the nature and extent of the loss

Claims Settlement

Disbursing the insurance amount to the customer

Verification

Confirming customer’s insurance coverage and benefits

Claims Processing

Deciding the reimbursement amount

What can the Insurance Claims Bot do?

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

File claim

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

Update claim

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

Validate claim

The Insurance Bot can ensure that claims are validated by extracting relevant information from the documents

Track claim

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

Compliant & Validated for Security with IBM

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.

Learn more

Implement an automated claims processing workflow

Faster claims settlement

Fraud detection

Cost efficiencies

Litigation avoidance

Channels

Inbound/Outbound calls

Facebook Messenger

Line Messenger

Conversational AI helps businesses handle online traffic spikes caused by the COVID-19 pandemic

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

Built-in NLU core for natural language understanding
ASR/TTS technology (Automatic speech recognition/ Text-to-Speech)
Prebuilt user behavior patterns
API connectivity

Reduce the cost of handling claims with the Insurance Claims Bot

Engaging

The bot addresses insurance-related concerns of your customers with quick responses

Smart

The AI-powered bot uses NLP so it can understand customers and engage in a human-like conversation

Cost-effective

Implementing effective claims management processes leads to significant savings

Scalable

Staff expertise can be simultaneously scaled to thousands of customers

40%

of customers are comfortable using bots to make insurance claims

58%

of Americans prefer to use self-service options instead of speaking with a company representative

7%

increase in the customer satisfaction scores when bots are used

Implement a low-cost and easy-to-use solution and advance the process of managing claims with Tovie AI

FAQs

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.