Understanding customer’s needs is vital to developing any business strategy in Insurance Industry. Customer interactions if kept short, relevant and productive can yield better results. Carefully designed customer interactions while helping the customer choose/change the plan, or while advising the existing customer to understand their coverage can prove as beneficial in the long run. Preventing customer churn is possible by tactical deployment of Nuvento AI chatbots. The churn prediction model comes to use while predicting the tendency of customers to churn. Information criteria like household and financial data, transactional data, behavioral data, competition metrics etc. are integrated with chatbots to frame churn pattern and intervene in conversation to prevent customer churn at the right time.

Insurance Chatbots has huge potential to be more efficient to deliver personalized experiences than any other customer service solution in a data intensive industry such as Insurance. AI powered chatbots from Nuvento help you anticipate your customer needs at the right time and at the right pace. Prompt responses can yield greater result in terms of retention.

How Insurance chatbots help retain your customers:

1. By Generating proactive alerts/ notifications:

Forgotten due dates of premium payment is a key indicator where customer churns to competition. Negligence from a human agent who converses with the customer based on system generated data can be eliminated using AI chatbots. AI chatbots can automate this reminding task by generating proactive payment alerts/notifications and avoid human agent intervention thus minimising errors.

     2.Intelligent Virtual Insurance Advisor:

Busy customers may not always entertain repeated telephone calls from your human agent who calls the customer for cross-selling purpose or reminding about premium due-date. Chatbots on the other hand can do all these; explaining policies, clarifying doubts and more importantly chatbots can lead customers to fill online forms which may help in cross-selling a plan. A chatbot who acts as an intelligent virtual assistant can prevent frustrating the customer and thus prevent churn.

    3.Reducing Claim processing time:

Increased claim processing time is a cause for higher churn. Nuvento AI claims solution noticeably reduces claims processing time. Speed and efficiency of operations is one area which benefits the most with Artificial intelligence deployment in Insurance business. Our chatbot not only reduces claims processing delay but also minimizes time required in other operations as well. Speed in operations and grievance redressal is a key area where chatbot can contribute. A human agent may not always be available to reply to numerous customer queries and non-response can lead to customer moving out to competition. Chatbots are available 24/7 and ensure each customer query is addressed.

     4.Flawless product knowledge:

Your best human agent can forget vital information about an insurance plan but AI chatbots gather data from each customer interaction and business knowledge database, stores records and help the customer with their product queries.

Last but not the least, instant and proactive customer service using Nuvento Chatbots is the crucial factor in retaining your valuable customers who maybe lost to competition at any point of time in the customer lifecycle.

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