Voice bot In Insurance: Top 7 Use Cases

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A recent study by Tidio found that around 88% of customers had at least one chat with a conversational bot in the last year. As expectations rise, customers are readily adopting personalized customer service modes that voice bots enable for insurance providers and other service-based sectors.

Many big players in the insurance sector have already taken notice and are embracing voice AI to smoothen and simplify customer interactions while achieving the results they've always wanted. In this blog, we’ll talk about the most common use cases for which voice bots are being used in the insurance industry.

What are Insurance Bots?

Insurance bots are AI-powered voice assistants that engage with customers to provide information, fulfill requests, and automate processes.

They offer 24/7 availability, fast response times, accurate answers, and personalized interactions across channels like phones, the web, smart speakers, and more. Insurance bots can handle tasks like quotes, coverage details, claim status updates, payment reminders, and more.

Leading insurance brands in India like Edelweiss General Insurance, ICICI Lombard, and Bajaj Allianz are already using voice bots for various use cases.

Why Adopt Voice Bots for Insurance?

Having understood what they are, let’s look at 5 key reasons why insurance companies like yours should consider deploying voice bots:

Enhanced Customer Experience: AI Voice bots deliver faster, more personalized, and effective service to your customers. And who wouldn't appreciate that?

Improved Efficiency: Voice bots automate repetitive tasks, freeing up your human agents to focus on complex issues which in turn will result in consistent growth.

24/7/365 Availability: With voice AI, your customers can get instant answers any time of day or night. This will make them understand that there’s absolutely nothing that you prioritize more than them.

Enhanced Data Collection: Natural conversations allow bots to seamlessly gather relevant customer information. This helps your voice bot give your customer a more enhanced experience the next time they call you.

Lower Costs: Automation reduces call volumes, potentially lowering operational costs and boosting ROI.

And if you don’t feel convinced yet, let's look at some of the most common use cases that voice bots can be deployed for.

Top 7 Voice Bot Use Cases for Insurance

1. Answering FAQs on Policy Details and Processes:

Claiming insurance and making payments can be hectic and tiring for many people. AI-powered voice bots can provide immediate responses to FAQs regarding coverage, rates, claims, payments, and more and can also guide your customers through any process related to the insurance policy with ease. They deliver reliable, accurate information whenever your customers need it.

2. Sending Timely Reminders and Follow-Ups:

Voice bots can send timely reminders about premium dues, document submissions, scheduled agent calls, and other important deadlines to your customers making sure that anything doesn’t come unannounced their way. This not only prevents them from missing critical dates but also reduces policy cancellations at the same time.

For eg: "Hello David, you had shown interest in our 'Secure Future Assurance' plan. Shall we discuss it in detail?"

3. Informing Customers About Policy Renewals:

As policy terms near expiration, voice bots can retrieve customer details from the last interaction and can notify your customers and guide them through the renewal process conversationally.

They can also answer their queries related to renewal options, coverage details, premium payments, and more. This makes the whole process simple, helpful, and elegant at the same time.

For eg: "Hi Anand, we wanted to remind you that your health insurance plan is expired on May 12th, 2023. Would you like to renew your options for the upcoming year?"

4. Scheduling Meetings:

Customers can now use voice commands to book appointments with agents that fit their schedules. Bots integrate with calendars to provide availability and confirm bookings. So the next time you need an agent to help you with your full body checkup and its process, chances are a voice bot like VoiceGenie would perfectly be able to help you schedule it.

5. Intelligent Upselling and Cross-selling:

By analyzing advanced customer data, voice bots can intelligently suggest suitable add-ons and other products like super top-ups, prolonged coverage, etc. to your customers that meet their specific needs. And personalized recommendations are bound to boost your sales today or tomorrow.

6. Answering Questions on Insurance Pricing:

Voice bots can address your customer’s common queries about premium costs, discounts, etc. with up-to-date information. They can also provide real-time quotes for different coverage options. This makes the policy comparison easier, helping your customers to make an informed decision eventually.

7. Assisting with Claims Processing:

Voice bots can seamlessly guide your customers through claims, allowing them to submit required photos or documents on the appropriate portals or to the required entities. This not only saves them from the hectic insurance claiming process but allows them to focus on things that are more important.

Having known all the vital applications that voice AI can help your business, let’s take a brief look at what the future of voice AI in the insurance industry looks like.

The Future of Voice AI in Insurance

As voice AI advances, insurance bots will likely expand to more channels beyond phone, web, and mobile. For example, imagine asking for a policy quote on Instagram or booking an agent call through Facebook Messenger.

Voice bots will also integrate further with back-end systems for seamless full-cycle support. And hyper-personalization through customer data analytics will enable even more tailored recommendations.

Advanced speech analytics is already allowing voice bots like VoiceGenie to detect emotions, satisfaction levels, and upselling opportunities during conversations. And this is only going to improve in the coming future. Summing up, this gives us a vivid picture that there are exciting times ahead.

Ready to Adopt an Intelligent Insurance Bot?

Voice bots are transforming insurance by providing intelligent conversational customer service. Leading insurance providers have already adopted voice AI to boost operational efficiency, sales, and customer satisfaction.

And if you want to keep up, it's time to implement an intelligent voice bot solution like VoiceGenie. Our bots not only converse naturally in 100+ languages but also cover all parts of the customer journey with a uniquely human touch.

Book a risk-free demo with VoiceGenie today to see how voice bots can benefit your insurance business.