Revolutionizing the Insurance Industry with Chatbots

The insurance industry is undergoing a major technological shift. Just like how banks, telecoms, and e-commerce companies have been doing, insurance companies are also turning to Artificial Intelligence (AI) to improve their operations. And one of the most exciting and practical ways they're doing this is using chatbots.

More and more insurance companies are investing in chatbot technology because it's a smart move. Chatbots help to automate processes, save costs, and offer customers better services and experiences. They provide a cost-effective solution and a way to stay ahead of the competition in today's digital age.

What chatbots mean for the insurance industry

As a conversational AI solution, chatbots enable customers to self-serve using words or phrases of their choice. With Natural Language Understanding (NLU) and intent recognition technologies, chatbots not only understand what customers say but also what they mean and provide accurate answers to their questions.

Using chatbots in self-service automation offers insurance companies various benefits:

Higher Automation

Chatbots can take care of self-service and repetitive tasks, like answering frequently asked questions, without needing a live agent. This can free up agents to focus on more critical tasks. Additionally, chatbots can automate the claims process, allowing customers to easily report their claims through the chatbot rather than having to speak with a representative.

Higher Efficiency

Chatbots can significantly improve efficiency by handling multiple customer queries across various channels without needing additional customer service staff. This can lead to significant cost savings for the company. In fact, according to McKinsey, automation can decrease the cost of the claims process by as much as 30%. By automating simple tasks, insurance companies can allocate more resources to important tasks, leading to higher resolution rates and overall operational efficiency.

Enhanced Customer Experience

Insurance chatbots optimize customer experience by offering effective self-service. Customers can get answers to their queries without waiting on hold for a live agent.  Besides, chatbots are available 24/7 through various channels, which increases accessibility and enables customers to get the service they need from their preferred channel. This leads to a more seamless and satisfying experience for the customer.

Boosting Efficiency with an Insurance Chatbot: AXA Turkey Case

AXA Turkey, also known as AXA Sigorta, is one of the leading insurance companies in Turkey. With the aim to provide an unparalleled self-service solution for customers, AXA Sigorta teamed up with Sestek to create AXA Bot, a chatbot that utilizes Sestek's Conversational AI technology.

AXA customers can communicate with the AXA Bot using natural phrases through text, thanks to Sestek's Conversational AI technology. The bot allows customers to access various services, such as creating damage reports for vehicles and housing, getting personalized policy pricing assistance, submitting policy information and cancellation requests, and inquiring about policies and claims, all without the need for a live agent, available 24/7.

By deploying this project, AXA Turkey improved customer experience and increased digital channel use, reducing costs and boosting efficiency. Here are some notable outcomes of the project:

• With 90% intent recognition accuracy, AXA Bot understood customer requests and served 9/10 customers without connecting them to live agents.
• AXA Bot handled 32% of customer inquiries submitted during out-of-working hours.
• Calls received by customer representatives decreased by 11% in the Health and Elementary categories and 7% in the Life and Pension categories.
• The project freed up the time of two full-time customer representatives, allowing them to focus on more complex customer tasks and saving approximately 300 hours of agent time per month.

To learn more about this success story, click here.

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