Chatbots for Insurance

March 16, 2021by admin

During the development of Qodeify’s AI chatbot, we did research on how we could assist the industry. Following are what we noted down.

The insurance industry is often associated with legacy processes, hefty paperwork, and complex affairs which can reduce the customer experience. Using Artificial intelligence is a great way to solve these problems. One of the AI-based technology that could be used is chatbots. Chatbots are computer programs that can respond to user queries and give useful information to users as a real-life human employee would do.

Many companies have adopted this new technology, but not all of them are up to standards. Just because you deploy a chatbot to your website does not mean that your business is going to grow overnight. Your chatbot should have key features for it to be a quality chatbot. Let’s dive into some of these key features.

1. Conversational

Speech is the most natural form of human communication which has been in use for a long time. It could be done in different languages, formally or in a casual manner and these factors must be considered to make the interactions more helpful and streamlined.

2. Transactional

There is little to no use of a chatbot that is not able to execute operations when needed. If we talk to an insurance advisor, we don’t just seek information, we expect actions to be made according to our needs. A virtual assistant must be capable of performing the same operations as a human would. They achieve this skill by integrating with the company’s back-office systems through Robotic Process Automation (RPA).

Not all technologies on the market use these complex integrations in their platform, so it is important to look for chatbot platforms that could be easily integrated with external and internal systems.

3. Reliable

Insurance firms must be reliable to earn the trust of their customers since trust is the most important thing when customers are investing money. This transcends the technologies they use directly or indirectly. Errors in interpretation or transactions are unacceptable and can lead to the loss of trust and eventually the loss of clients. A good AI chatbot must be able to prove that it is trustworthy and reliable.

4. Secure

Customers value their data and privacy much more when it comes to financing. Consequently, conversational data must be integrated into a centralized authentication system with new cybersecurity practices and not be accessible to third parties whatsoever. Data must be well encrypted and equipped to face possible security breaches.

5. Multi-Channel

Chatbots could be deployed on multiple platforms which is an advantage. With this, customers could choose their preferred platform to carry out processes with comfort, be it a phone call, smart home device, or a messaging platform like WhatsApp or Skype. Letting customers select their own way of interacting is always good for your business.

Chatbots can enhance customer loyalty and brand engagement with customers while lowering operational costs and increasing profits. This is possible when the customers interact naturally instead of being forced to. Consequently, choosing the right development bot platform to provide the best experience to the customer that is reliable and scalable is crucial for success and growth in the insurance sector.

As we have already done our homework on how a chatbot could be leveraged for the growth of the insurance sector. You can contact us now as we are ready to develop your customized chatbot from scratch!

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Headquartered in Dallas, Texas, Qodeify holds a strong market presence in Mobile App Development, Web Design and Development, SEO Services, Website Maintenance, Content Development.

Headquartered in Dallas, Texas, Qodeify holds a strong market presence in website design and development, SEO services, Website Maintenance, Content Development.

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