WhatsApp Chatbots For Insurance Industry
Do Insurance Companies Need WhatsApp Chatbots?
In an unpredictable and volatile world, insurance is the financial glue that holds the system together. As every housewife knows, the first check you write is for the mortgage, but the second is for the insurance.
Yet the very same insurance is also infamous for being a devilishly complex financial product, one which requires delicate lead nurturing for an eventual conversion. But this personalized attention that insurance leads require is financially unfeasible if carried out by human agents. That’s where a WhatsApp Chatbots comes in.
WhatsApp Chatbots allows insurance (and insurance-tech businesses) to communicate effectively with millions of leads & policy holders, across multiple touchpoints. It uses insurance chatbots to generate leads, automate claims processing, send renewal reminders, run upselling campaigns and provide customer support. Most impressively — it can do so 24 x 7, at a fraction of the cost of human insurance agents.
What is WhatsApp Marketing Software?
In the public imagination, WhatsApp is viewed (rightfully so) as the most popular instant messaging service in the world. With more than two billion active users — if WhatsApp was a country, it would technically be the most populous one.
But what is often overlooked in the public discourse is the incredible technical infrastructure that WhatsApp provides for businesses, to enhance and upgrade their ⤵️
🎯 Lead Engagement: Pre-sale; includes lead generation and lead conversion
🎯 Customer Engagement: Post-sale; includes transactional messages, customer marketing and customer support.
The technology that enables the automation of these lead and customer engagement process is called a WhatsApp Marketing Software. Example? The Tars WhatsApp Engagement Suite.
What Is A WhatsApp Insurance Chatbot?
A WhatsApp Insurance Chatbot is a chat-based automation solution that enables insurance companies to provide end-to-end engagement across all customer touchpoints — from to
They do so by simulating human conversations based on a predefined set of conditions, that Insurance businesses are free to determine according to their specific use-case.
Benefits Of WhatsApp In Insurance
Since WhatsApp is primarily perceived as an instant messaging app to communicate with friends and family, WhatsApp Marketing Software (like the Tars WhatsApp Engagement Suite) allows insurance businesses to position themselves as much more approachable, trustworthy and personal in all its student interactions.
Moreover WhatsApp Messages have an open rate of nearly 98% and a response rate of nearly 40%! By giving 5x times more visibility and responses than any other channel, WhatsApp blows every other lead & customer engagement channel out of the water.
WhatsApp Use-Cases In Insurance
1. Virtual Policy Assistant
Insurance is a unique risk-management product whose long-term value addition requires an informed & committed customer-base. In other words, insurance companies need a clientele that’s in it for the long run. But this is easier said than done.
To the average consumer, insurance is often a confusing labyrinth of quotes, policy options, terms & conditions, and claims processes. This complexity often intimidates new consumers and turns lead conversion into a real challenge.
What your consumers need is clarity on the insurance products that they are looking to purchase, so any lead conversion cycle must necessarily include ⤵️
🎯 Personalized Insurance Advice
🎯 Personalized Policy Suggestions
🎯 Custom Policy Quotes
🎯 FAQ
This is precisely the promise of a Virtual Policy Assistant built using the Tars WhatsApp Engagement Suite. Much like a human insurance agent, a Virtual Policy Assistant can ask your leads relevant questions and thereby provide personalized advice — the difference being that the Virtual Policy Assistant can do it 24x7x365 with minimal costs.
Thus, by helping consumers navigate the complex catalogue of your insurance offerings through WhatsApp conversations, you can 2x your lead conversion in record time.
2. Automated Claims Processing
A major insurance player can receive thousands upon thousands of claim requests everyday. Why? Because at the heart of the insurance industry lies a promise: a promise to deliver on consumer claims when the time comes.
That’s why success in the insurance industry is directly proportional to a smooth customer experience and swift claims processing. But unless a human army sounds feasible to you, this challenge needs an automation solution.
That’s where WhatsApp comes in. Using our Tars WhatsApp Engagement Suite, the following processes are made hyper-efficient and user-friendly⤵️
3. Personalized Customer Marketing
Customer marketing is a term that refers to any marketing activity that’s aimed at your current policy-holder. While channels like Email & SMS have been traditionally used for customer marketing campaigns, they tend to have extremely low open-rates and non-existent response rates.
Where Emails & SMSs fail, WhatsApp shines. Using the Tars WhatsApp Engagement Suite – any insurance co. can drive more revenue from their existing customers by upselling them on personalized offers on different insurance products and services — straight into the customer’s WhatsApp inbox.
4. Payment/ Renewal Reminders
Life Insurance, Car Insurance, Home Insurance… the list goes on and on. Keeping track of every premium payment and every insurance renewal can be quite the hassle for your customers; and they need timely reminders to keep investing in their risk-free future.
That’s where we come in.
Using the Ongoing Campaigns Feature in the Tars WhatsApp Engagement Suite, your insurance co. can automatically trigger interactive notifications when customers meet predefined conditions.
From reminders about premium payments to insurance renewals, you can now automatically create these hyper-personalized touchpoints that reduce late payments and create a more engaged customer-base.
5. Immediate Customer Support
The insurance sector runs on competing levels of customer trust. And trust requires speedy resolution of all queries, claims & support tickets, not once — but constantly.
Since hiring an army of live agents is cost-ineffective, you can get all your commonly-asked customer support queries — about benefits and coverage, claim submission, beneficiary changes, policy add-ons etc. — answered automatically, 24×7, through the Tars WhatsApp Engagement Suite.
Web Chatbots For Insurance Industry
What is an Insurance Chatbot?
An insurance chatbot is a simple widget that insurance businesses can add to their websites (or web-apps) to dramatically improve their patient experience. Using chat-based automation, they can effectively deal with all repetitive & mundane insurance queries — freeing up insurance agents to focus on L2 & L3 tasks.
Think of insurance chatbots as a hybrid between an insurance agent & a claims manager: they provide personalized insurance advice, policy suggestions and custom quotes; while simultaneously automating claims processing and customer support. Only difference? The cost a whole lot less than an army of superhuman insurance agents.
Benefits of Insurance Chatbots
Here’s a brief overview of the various benefits that AI chatbots offer to the Insurance sector:
✅ Boost lead conversion up to 2x, reduce agent costs
✅ Higher customer satisfaction (CSAT)
✅ Build customer trust, reduce turnaround time (TAT)
✅ Personalize Customer Experience (CX)
✅ Fraud reduction
Chatbot Use-Cases For Insurance
1. Virtual Policy Assistant
The business of insurance is the business of trust. It’s unique long term commitments require absolute transparency and a guided customer journey. Yet legacy insurance players have typically struggled with creating user friendly landing pages and have instead birth an interlinked maze of webpages covering quotes, policy options, terms & conditions, and claims processes.
What prospective policy holders desperately need is a website navigation assistant - one that can help direct leads to their queried info, depending on their stage of the customer journey. The best part? The chatbot need not redirect to a webpage at all: policy assistance can be conversationally configured right within the chatbot, such that it provides⤵️
🚀 Personalized Insurance Advice
🚀 Personalized Policy Suggestions
🚀 Custom Policy Quotes
🚀 FAQ
2. Automated Claims Tracking
When it comes to claims processing, insurance holders are all ‘Nervous Nancies’. Given the situations of misfortune in which insurance claims are typically made; insurance claimants are bound to be anxious.
What they really need is a claim tracking chatbot, one which can seamlessly pull up the customer’s claim status from the insurer’s database or CRM system, simultaneously explaining what the claim status actually means. This part educational, part transactional content goes a long way in building a relationship based on trust & transparency.
3. Customer Support Helpdesk
The insurance sector runs on competing levels of customer trust. And trust requires speedy resolution of all queries, claims & support tickets, not once — but constantly.
Since hiring an army of live agents is cost-ineffective, you can get all your commonly-asked customer support queries — about benefits and coverage, claim submission, beneficiary changes, policy add-ons etc. — answered automatically, 24×7, through insurance chatbots.