#Smart GenAI For Bot

AI Powered Chatbot for General Insurance

Omni-Channel Bots – Deploy on Chat, Voice, Email, Instagram, Facebook, WhatsApp and Even SMS
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Trusted by hundreds of leading companies

Revolutionizing Customer Experience in Health Insurance with Generative AI-Powered chatbots

The insurance industry has become a focal point of discussion in today’s business landscape, especially on social media platforms where conversations about insurance trends and experiences are thriving. Gone are the days when insurance was primarily associated with health and life coverage. Nowadays, ensuring our homes, cars, trips, and health has become imperative for securing our assets and peace of mind. This shift in perspective has led to a rapid expansion of the insurance sector, with millions of individuals worldwide seeking insurance coverage on a daily basis.

Also, In today’s hyper-connected world, where individuals are increasingly active on social media, managing a presence on all social media platforms without AI assistance can be challenging, especially considering the need for 24/7 engagement. With this surge in demand, insurance companies are embracing new technologies to stay ahead of the curve.

To address the growing demand and evolving customer needs, insurance companies are leveraging cutting-edge AI technology for innovative solutions. Among these advancements, chatbots powered by state-of-the-art Generative AI emerge as pivotal tools reshaping the insurance landscape. These intelligent virtual assistants are engineered to streamline processes, accelerate claims handling, and ultimately elevate overall customer satisfaction.

Now, let’s delve deeper into how these technological advancements are revolutionizing the insurance industry.

Do you know?

80%

of insurance companies are projected to use AI-powered chatbots by 2026.

40%

reduction in claims processing time is projected through AI implementation by 2025.

30%

increase in global policyholders is anticipated for general insurance by 2025.

Smart Conversational Interfaces for General Insurance– Powered by Generative AI, LLMs & NLPs

Streebo, a leading Digital Transformation & AI Company, specializes in powerful AI-Powered chatbot solutions, especially tailored for the general insurance sector. Our sophisticated infrastructure allows insurance companies the flexibility to choose from a range of AI & LLM Models, including Enterprise GPT on Microsoft Azure, Google Gemini, IBM Watsonx, Amazon BedRock, and Amazon SageMaker, tailored precisely to their needs.

Leveraging leading NLPs such as IBM Watson, Google DialogFlow, Amazon Lex, Microsoft Azure’s CLU, and Wit.AI from Meta, our AI solutions ensure seamless customer engagement. We seamlessly integrate Generative AI and LLMs into insurance company operations using enterprise-grade cloud platforms such as IBM Cloud, Azure, AWS, or GCP. We prioritize data protection, implementing rigorous measures to ensure the confidentiality and security of enterprise data and content.

Our team of AI Experts excels in crafting Cognitive Search solutions, utilizing Embedding APIs from Transformer models. Proficient in managing representations within Vector DBs like Pinecone and Weaviate, we employ advanced techniques like Cosine Similarity and Euclidean distances to effectively manage both structured and unstructured information within insurance systems.

Smart chatbot solutions seamlessly integrate with insurance backend systems such as policy management systems, claims processing platforms, customer databases, and CRM systems. They provide omnichannel engagement across websites, mobile apps, SMS, email, and social media platforms like WhatsApp, Instagram, Facebook, etc., enhancing customer satisfaction and driving increased revenue and sales.

Major Insurance Sectors Covered by General Insurance chatbots

Property Insurance

Covering insurance policies for homes, rental properties, and commercial buildings.

Automobile Insurance

Providing coverage for vehicles, including cars, trucks, and motorcycles.

Commercial Insurance

Offering insurance policies for businesses, including property, liability, and workers’ compensation.

Travel Insurance

Providing coverage for travelers, including medical emergencies and trip cancellations.

Cyber Insurance

Protecting businesses against cyber risks, including data breaches, hacking, and cyber extortion.

Specialized Insurance

Catering to niche sectors such as sports insurance, event insurance, and agricultural insurance.

Top use cases of Generative AI Powered Smart chatbot for General Insurance

Customer Bot

Claim Processing Bot

Agent-Bot

Employee-Bot

Policy Inquiries

Assisting customers in understanding policy details, coverage options, and premium rates.

Get Quote

Generating instant insurance quotes based on customer inputs and requirements.

Claims Assistance

Guiding customers through the claims process, including documentation submission and status tracking.

Policy Management

Facilitating policy updates, renewals, and cancellations as per customer requests.

Product Recommendations

Analyzing customer needs and recommending suitable insurance products tailored to their requirements.

Customer Support

Providing round-the-clock assistance and resolving queries related to insurance policies and services.

Premium Payment

Assisting customers in making premium payments securely through various channels.

Emergency Assistance

Offering support during emergencies, such as roadside assistance for automobile insurance.

Policy Comparison

Comparing different insurance policies to help customers make informed decisions.

Policy Inquiries

Assisting customers in understanding policy details, coverage options, and premium rates.

Policy Inquiries

Assisting customers in understanding policy details, coverage options, and premium rates.

Get Quote

Generating instant insurance quotes based on customer inputs and requirements.

Policy Inquiries

Assisting customers in understanding policy details, coverage options, and premium rates.

Get Quote

Generating instant insurance quotes based on customer inputs and requirements.

Claims Assistance

Guiding customers through the claims process, including documentation submission and status tracking.

Business Benefits of General Insurance chatbots

Increased Revenue

Implementing Generative AI-powered solutions for general insurance processes can lead to significant revenue growth. According to a report by Accenture, insurers leveraging Generative AI could potentially increase their revenue by up to 17% by 2024.

Cost Reduction

Generative AI-driven automation in general insurance processes can result in substantial cost savings. A study by McKinsey found that automation of claims processing alone could reduce costs by 30-40%.

Improved Customer Satisfaction

Providing seamless and personalized experiences through Generative AI-powered chatbots can enhance customer satisfaction in the general insurance sector. Research by IBM indicates that 65% of customers are more likely to recommend a brand with excellent customer service.

Faster Claims Processing

Generative AI-powered chatbots enable quicker claims processing in general insurance, leading to faster payouts for customers. According to the Insurance Information Institute, insurers embracing digital technologies could reduce claims processing time by 30-50%.

What Sets Us Apart: Key Differentiators

Insurance Expertise and Claims Handling

General Insurance chatbots possess extensive knowledge of insurance products, policies, and industry regulations, enabling accurate assistance. They efficiently handle claims submissions, status inquiries, and documentation, streamlining the process for customers and insurers alike.

Multilingual Support

They support multiple languages (38+), making them suitable for diverse insurance markets and wider audiences.

Multi-Modal Capabilities

Supporting various modes of interaction, including text-based messaging, voice-based commands, and visual inputs, our conversational interfaces enhance the user experience by processing and understanding images, videos, and documents.

Access to Unstructured Data

Our chatbots gather pertinent data from diverse unstructured sources like emails, social media posts, logs, and public forums, extracting valuable insights and offering a broader perspective on customer sentiment and emerging insurance concerns.

Voice Support

Facilitating voice-enabled interactions, our chatbots allow users to engage through spoken language, benefiting individuals with limited typing skills, a preference for voice-based communication, or visual impairments.

Multi-Channel Support

Our general insurance chatbots operate seamlessly across various channels, including websites, SMS, Email, social media platforms like Facebook and Twitter, messaging apps such as WhatsApp and Telegram, and mobile applications. This ensures that customers can access insurance services and interact with chatbots through their preferred communication channels.

Flexible Deployment Options

Our pre-trained general insurance chatbots can be deployed on-premises or on leading cloud platforms such as IBM Cloud, Microsoft Azure, Amazon AWS, or Google Cloud Platform, offering flexibility and scalability to meet diverse business needs.

In-built Live Agent Support

They allow customers to switch between the chatbot and real agents without disruption, ensuring prompt and effective responses to queries and providing a seamless customer experience.

Integration with Insurance Systems

Our chatbots seamlessly integrate with various insurance systems, databases, and information repositories, including popular platforms such as Ingenium, Genelco, and IBM’s AS/400 systems. This enables real-time access and retrieval of relevant information, facilitating personalized services, transactions, and guidance through insurance processes seamlessly.

Pricing Options

Capex Option

You can choose to buy the product with an upfront amount.

Opex Option

You can choose to Subscribe to the MVP Bot for a fixed monthly charge.

Pay Per Usage

This is a conversation-based subscription and is tied to the number of conversations & messages the bot handles. Thus, you only pay if the Bot is getting used and is actually deflecting calls.