Chatbots soon to Revolutionize Insurance Industry

By CIOReview | Thursday, May 17, 2018
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Chatbots are the most discussed subject in various industries and sectors. Chatbots are the best solutions for companies that intend to optimize their services. According to Gartner’s research, 85 percent of customer relationships is said to get automated by 2020. One of the main concerned industries is insurance. Digital corruption has always been one of the major challenges in the insurance industry from ages. It is not just mandatory to insure digital goods and adapt one’s business model to offer services but also the insurers have to start to use the digital tools.

According to a recent study, 7 percent of insurers have already implemented the use of chatbots in their range of services while another 44 percent are already planning to take the required steps for the use of this technology. The chatbots have proved to be a blessing for the data-intensive insurance industry. One can learn to do new things quickly and can also tackle the huge amounts of data within seconds. The chatbots have Artificial Intelligence built into their system, and this allows it to recognize patterns and also repeat the related actions when it gets activated by certain words, stimuli or phrases.

With the help of advisory chatbots, insurance companies can transport their services into the next age. The interlocutors are automated to answer all the customer’s queries about insurance offers and tariffs. However, chatbots have to be adequately trained so that they can learn from the interactions as well the users have to be introduced to the service with reasonable expectations so that there are no disappointments in future. The future of this technology is going to depend mainly on the development of artificial intelligence. To make human interactions more efficient advanced processing of recorded information and improved algorithms for machine learning will surely make a huge difference.