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The State of AI Chatbots in Insurance

Over the last five years, Chatbots have become the leading application of AI within Insurance especially for front-line operations like routine customer service and lead management. AI in Insurance will value at $36B by 2026. Chatbots will occupy 40% of overall deployment, predominantly within customer service roles.

In India and APAC, advanced AI chatbots are primarily used in claims settlement. However, in the more developed markets, the use of bots is evenly split between pre- and post-purchase transactions. In the next four years, Conversational AI alone will be worth $15.7B.

Mantra Market Research on Delivering Superior Customer Service Experiences with Voice and Video-enabled AI Chatbots in Insurance underlines the evolution of Conversational Cognitive Assistants with voice and video capabilities along with core use cases across different operational domains.

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The State of AI Chatbots in Insurance

Key Findings: Bots as Digital-first Tools

Voice Chatbots

Nearly 80% of Insurance chatbots use rule-based AI; primarily driven by decision tree bots to answer specific queries falling within predefined rules. Voice AI is witnessing the fastest growth making human-machine conversations more intuitive. 23% of the insurers surveyed have already experimented with voice-bots.

Cognitive Automation

66% of automation spend will be on post-processing functions; Marketing & Sales will also see increased deployment over the next five years. Insurers need to have the right blend of algorithms, training data and digital process automation pieces in order to scale AI till it is mature enough to handle complex business scenarios.

Video Capabilities

In the backdrop of Covid-19, remote service is the new normal for Insurers. Insurers are poised to roll out Telehealth services within the next 12-18 months. Remote video capability will create 3X more engagement opportunities and deliver better customer experiences value across the entire value chain.

Conversational AI

Personal protection and health have emerged as fast-growing concerns for consumers. Conversational experiences will be the key to providing proactive and friendly risk advice for consumers navigating the long recovery phase ahead. Vernacular is set to bridge the gap between Insurers and native language digital users.

About the report: This report is intended for helping Insurance decision-makers address the critical challenges in implementing AI chatbots for their business processes. Mantra Labs surveyed 102 senior business managers & executives across the auto, home, life and health markets within the Indian Insurance Landscape — to gauge the state of AI Chatbots in Insurance.

About Mantra Labs

Specializing in solving the real-world front and back-office operational challenges, Mantra Labs is AI-first Products and Solutions firm for InsurTechs and Insurance enterprises.

Mantra offers a range of innovative solutions to the Insurance value chain including Insurance-specific Chatbot, AI-powered Workflow Automation Solution, and Lead Conversion Administrator and has worked with some of the World’s leading Insurers like SBI General Insurance, Religare, DHFL Pramerica, Aditya Birla Health, and AIA Hong Kong.

In October 2019, Fintech Global recognized Mantra Labs as one of the top 100 innovative InsurTech companies in the world.

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The world’s most innovative InsurTech Company - InsurTech100

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www.TheInsurTech100.com

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The State of AI Chatbots in Insurance report underlines the decision-makers’ perspectives on Insurance chatbot adoption and implementation challenges.

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