Saturday, October 23Digital Marketing Journals

Insurance Chatbot | The success story of 3 largest companies | by Engati | Jun, 2021


Life can come at you in unpredictable ways, and having yourself safely insured is always a smart investment plan. The core of any insurance plan is to provide you with protection. Making small investments in insurance can provide you with financial security in advance. Now, with technological advancements and messaging platforms growing popular, the insurance sector has seen a significant surge in the way it has been running all along. Insurance is a data-driven sector and in the last many years, data corruption has been a persistent problem in this sector. Hence, AI-driven chatbots are a boon!

Making use of chatbots in the insurance sector, companies have been able to uplift their services, communication, efficiency, and customer support. So in this blog, let’s dig a little deep into how chatbots for insurance are proving to be advantageous.

Insurance Chatbots are growing into the hottest trends in technology for the last 2 years. Chatbot algorithms that enable intelligent conversations with humans are now being used to assist both customers and agents in many areas of the insurance sector. These insurance chatbots enable new functionalities by assisting hundreds of queries all at the same time, and as more companies come up with newer technologies to make bots more intelligent, they’re bound to offer more applications in the insurance industry in the coming years!

Though insurers have been using voice assistants at call centers for a while now, the development of new technologies has been enabling far more complex interactions. chatbots for insurance are being used extensively within the industry to support agents, and customer applications such as onboarding new clients, processing claims and renewals. Even though chatbots offer many benefits, insurers must make sure they’re being supported with the right intelligent tool.‍

1. Consumers don’t easily trust insurance companies

Customers don’t trust insurance companies easily‍

To overcome this, insurance companies are building website chatbots that can make quick and reliable engagements while building trust among its users. Insurance Chatbots communicate with the consumers, provide them with details and quick solutions in simple language which builds a good rapport between the consumers and the brand.‍

2. Consumers don’t always understand insurance policies properly

3. Insurance claims and renewals are complicated processes

4. Consumers have different communication preferences

In this digital age, opportunities and threats are often different sides of the same coin. Customers are less loyal and more demanding; competitors are entering the industry with radical ideas unburdened by legacy systems or mindsets. Disruption is inevitable; insurers must decide whether they will be among the disruptors or one of their casualties.

Now, digital insurance companies are creating unique customer experiences through new combinations of information, business resources and digital technologies. As AI becomes more deeply integrated in the industry, carriers must position themselves to respond to the changing business landscape. Insurance executives must understand the factors that will contribute to this change and how AI will reshape claims, distribution, and underwriting and pricing.

Chatbots are bound to play a more significant role in the future to come. But let’s explore how they change the customer experience while assisting your agents and looking after the smooth running of your organization.

Automation for insurance has also helped to mechanize the repetitive tasks that once needed a dedicated workforce.


Streamlined process


1. How Conversational AI can Automate Customer Service

2. Automated vs Live Chats: What will the Future of Customer Service Look Like?

3. Chatbots As Medical Assistants In COVID-19 Pandemic

4. Chatbot Vs. Intelligent Virtual Assistant — What’s the difference & Why Care?‍

1. Drive higher sales

2. Generates leads

3. Product selection

4. Premium payments

5. Personalized customer service

6. Help in finding the right policy

7. Manage claims and renewals

8. Services round-the-clock

Consumers can interact with chatbots at any given time, make claims, renewals, or even find details on the policy at any given time. Their easy-to-reach and 24-hour availability have made chatbots the best tool for automation in the insurance sector.‍

According to the Global Trends Study 2017, insurance invests an average of $124 million per company in this alluring technology.
VentureBeat report on Insurance Chatbots.

Many companies have deployed chatbots for insurance, but not all of them are up to standard. They have limited capabilities and can be tedious to use. In the end, customers still end up speaking to a live agent.

The most proficient virtual assistants provide advice and go beyond the functions of an FAQ chatbot. To do so, they must know what customers want, fully comprehend the services the business provides, and be able to learn from real data to interact with customers and engage as a human would.

Comprehensive speech recognition

Perform operations




1. Tokio Marine Insurance Company

Their chatbot, Tokio, helps customers answer their insurance requirements over Web, WhatsApp, and Messenger 24/7. The bot helps customers get quotes, track claims, and renew policies with zero human intervention.

Currently, Tokio handles 70% of TMNF’s inbound queries. To engage global and local audiences, TMNF will extend Tokio’s capabilities by providing support in both Arabic and English.

2. Qatar Insurance Company

With their intelligent chatbot, Around, they were able to help customers buy policies in under a minute. The bot was deployed over the web and mobile, functioning across Qatar, Oman, UAE, and Kuwait.

Around provides customers with highly personalized recommendations and also allows customers to renew policies and make claims without assistance from insurance agents. As a result, the number of daily users increased to over 500, and now there have been over 500,000 interactions to date.

3. Oman Insurance Company

They decided to opt for an AI-powered website chatbot to help empower customers to renew their policies with minimum effort. The bot also facilitated processes like buying insurance plans, making claims, etc. After seeing great success with the website chatbot, they extended the bot to WhatsApp

It’s time to automate your business processes and drive past your competition!

Register with Engati today and build your very own Insurance Chatbot for free!

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