Insurance Chatbots – A CX CRM Solution Must Have
Chatbots have always been the unseen miracle workers, foot-soldiers who are on the fore-front ground level connecting with the “common people”. Enabling businesses from local SMEs to expand their horizons, and allowing International players to connect with the local markets, speaking the same local lingo.
Here in Malaysia, Chatbots have been found to be under-implemented in the Insurance Sectors. Why such a waste of talent? Implementation of these tiny bots who are able to work round the clock is a viable solution in sowing the seeds in educating the wider audience of the different types and benefits of Insurance available here in Malaysia.
Why is Insurance important for the greater fellow Malaysians? It’s a safety net for the many Malaysians who might not be able to afford to cough-up an up front amount, should they run into accidents, calamity and et cetera. Many Malaysians are found to have inadequate savings both in banks and in the retirement savings EPF, as proven by the article excerpt below:
“EPF chief executive officer Datuk Seri Amir Hamzah Azizan mentioned, from the survey we have been running for years, we have seen that finance literacy in Malaysians remains very low,” he noted.
To illustrate this point, he said EPF members’ financial literacy rate stood at 29%, while Malaysians in general stood at 36%, which was lower than neighboring countries such as Singapore, whose population had a financial literacy rate of 78%.
What better opportunity to leverage, and offer genuine help with the information above? Here are some reasons why Insurance Chatbots can help Insurance companies in a huge way.
💡Providing Multilingual, Round The Clock Assistance & Cost Saving Measure.
Consumers are now spoilt for choices, and want to have an immediate response. When the potential customer thinks of a question in regards to insurance matters, and begins to search your company info online they would expect to find some answers, if your site does not provide it instantly, they will proceed to another seeking the answer.
Having a Rule-Based Insurance Chatbot on your page enables you to take this inquiry further one step with the inquisitive customer at any time of the day or night 24/7. Captivating your audience with a conversation starter-type bot, a list of FAQ’s which can satisfy their query, or resolving simple issues which normally might take more than an hour.
The beauty of an Insurance Chatbot is that it can be tailored into multilingual support. Therefore serving communities from all walks of life allows your insurance brand to connect intimately on a cultural level. Especially here in Malaysia, a melting pot of cultures and different dialects. Educating the local communities on the different types of insurance on a deeper level of understanding, will allow them to share with their peers, once they have experienced how good your product and services are.
They are proven to also help save cost in the long-run. On average a Customer Service agent can handle 40-50 calls per day. Imagine if you have double or triple the amount of Insurance Chatbots acting as your first-to-greet agents? Thus being able to save cost, as they replace the mundane task of repetitive FAQs, reaching out to more customers at one go. Helping to match these customers to the right human-agents for more complex query or helping to close the deal. Leaving Human Resources to mitigate the budget saved with upskilling your agents as a passive sales team for example. In directly helping with revenue gains.
💡Fast Claims Processes and Settlement with Bolstered Security.
44% has responded they are open to processing insurance claims through a chatbot, Source Statista, in exchange for a more affordable insurance premium. However, it will be foreseen as a norm in the near future with Gen Z “The children born in the internet age.” Hence now is a crucial time to adopt Chatbots for insurance claims.
Companies are able to start with straightforward claims below “X” amount of value for an example. This could be a good pilot platform to educate the masses to go through chatbots for claims. When the adoption of the technology has taken flight, perhaps the more complicated claims can also take place through chatbots, having humans as the approval to the final release of payment.
Many concerns for security can be laid to rest. With technological advancement in the tech-finance industry, software’s has been built to ensure the rules of PDPA are adhered to. Having a freehand in controlling what your agents can access is also possible, thereby protecting customers’ sensitive information. Chatbots are able to process and read on these sensitive info, limiting human error or having them leaked.
For example, insurance companies are able to opt for On-Premise Deployment installations instead of Cloud, thereby allowing companies to have full control of their own Omnichannel contact center. While compared to other SMEs that prefer monthly subscription based on Cloud, On-Premise offers companies a planned capital investment, as well as having their own IT team to manage the system.
💡Enhancing agent productivity while Keeping customers engaged.
Enhancing your agents productivity with a Chatbot is the right first step to take. A repetitive task causes the mundane to set it. Before technology, there’s no excuse but for agents to follow the SOP steps of qualifying questions. These are repeated with each new call-in inquiry. Now, these mundane tasks can be off-loaded to Chatbots, saving agents time for the more complex problem solving skills they are employed to perform.
At the same time, a Chatbot allows customers to be more engaged by a series of questions with the need to answer by a “yes or no selection”. Helping your marketing team to collect more data on each customer, be it for customer service or product and services enhancements. Capturing these data in real-time more accurately than that of what a human can do.
💡Customer Satisfaction + Lead generation opportunities.
Chatbots have been proven to increase customer satisfaction. Not surprising, with time-saving conversations as well as being easily accessible as long as one has a device and internet connection. Access to payment updates by a Chatbot can help alleviate the stress of being penalized for a late premium payment. This also can contribute to a higher customer satisfaction for insurance companies.
At the same time, it’s an awesome Lead generating tool. Capturing potential customers data with every enquiry, and being able to introduce your insurance products specifically based on his or her preference. Based on the statistics chart by GlobalData, the Malaysian insurance written premium is set to see a rise of up to MYR 109.64 billion by 2026.
What better way to capture this market with Insurance Chatbots deployment? As we are approaching the mid-year of 2022, don’t wait any longer to implement Chatbots on your platform. Integration of this latest CX technology to your current CRM is the key in capitalizing the market feedback. Chat with our Chatbots Expert today!
