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on September 05, 2018 Software

AI AND CHATBOTS IN INSURANCE

Chatbots bring in new standards in efficiency and customer satisfaction for the insurance industry.

While insurers are using artificial intelligence to analyze risk and validate claims, they’re also deploying more of that technology in customer-facing operations. Chatbots are now being used to assist both customers and service agents in many areas of interaction with the customers.

The insurance industry outspends 12 other major industries when it comes to investing in AI, according to the Global Trends Study 2017. Insurance invests an average of $124 million per company in this attractive technology, $54 million more than the average across all industries surveyed in the study.

Insurance companies are applying AI in a wide range of functions, including customer service, finance and accounting, marketing, sales, strategic planning and corporate development, and human resources.

AI used in customer service will have the greatest impact on insurance companies and their competitiveness. Chatbots in the insurance industry will benefit companies and consumers in a major way.

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If you would like to learn more about the use of AI and chatbots in industries,  please read our guide on AI and chatbots.