InsurTech and its approach to virtual agents for insurance companies

insurance companies

Modern medical equipment and technology has helped people to live longer lives, yet the inevitable occurs. People get sick, hurt and even worse. To hedge against the unpredictable nature, people tend to look towards insurance. These intangible products have become an important part of today’s routine.

The Impersonal Factor

As insurance is primarily a financial product, institutes offering these services rely on the ability to have premiums being paid more than they pay out claims. On the other hand, there are situations where people try to take advantage of the payout and make fraudulent claims in hopes of roping in money. This has led to the insurance companies developing a very impersonal attitude. The cold-hearted way they deal with claims has become a necessity. Insurance companies are notorious for the way they deal with their customers.

Another factor in the way these companies have developed a reputation is that in their efforts to standardize operational and claim procedures, a bureaucratic red tape process now exists. Handling so many people with issues ranging from changes in their premiums to claims is not possible manually. To bring efficiency in their systems, many insurance companies have automated their systems. This means involvement of technologies such as automated answering systems, chatbots and other claim systems. 

All of these steps mean lesser use of humans and higher dependency on computer systems. These machines have no heart and work under predetermined instructions. Adding the Human Fact is a platform that helps companies and organizations increase their operational efficiencies where there is a human touch involved. For the insurance sector, where it relies heavily on having good customer service, but cannot take the chance of having a manual human operated system at the same time,’s conversational AI is the perfect answer. There is no excuse for bad customer service, especially in an industry where the customer live may practically depend on it.

The  artificial intelligence system allows insurance companies to have the same speed of operations they expect from automated systems. The AI also offers the human touch these automated systems lack, giving the best of both worlds. The AI system is impressive, with customers having a hard time telling if they are connected with a human on the other end or a machine.

Benefits of the Conversational AI

The offers multiple advantages for insurance companies. The whole AI is designed to be as human as possible when it comes to conversing, while the backend services work at the speed of a computer.’s system gives:

  • Automation of Claims: While customers are the most important asset for any organization, the most difficult process is handling them as they are making claims. Emotions can run high, with impatience an inherent character. can help simplify the claims process and at the same time engage with the customers, conversing to keep them at ease.
  • Human Touch: Though automated claims are key in handling increased load of operations, knowing which one should be handled totally by machines and which ones by humans can make all the difference between being efficient and impersonal. This is where’s systems excel. The AI can judge when a customer needs a real human being at the other end and connects the customer with one. The chat log is supplied to its flesh counterpart to bring him or her up to speed for swift resolving of the current issue.
  • Guiding to Right Choices: Insurance has become so complex these days, customers get confused most of the times they connect to get their issue resolved. The Boost AI conversational system can advise and help customers in making the right choice, increasing not only sales, but customer loyalty too.

Why is a Better Option? has a proven track record where it brings in an immense increase in sales and loyalty through efficient handling of customer support. With it, insurance companies can:

  • Increase customer support capacity to up to nearly 150%
  • Customer usage increased by 600%+ in less than a year.
  • Handling of up to 80% customer service issues without the need of an actual human touch.
  • More than 10,000 customer handling on a daily basis.

The conversational AI is tried and tested product that is making actual increases in customer service quality and operations. Danish insurance company Tryg is one firm that is using the system to bring efficiency and speed in its customer services. The conversational AI handles more than 97% of all customer queries with a significant drop in the back end support.

Other major companies that rely on the system include Fremtind, Alka, Storebrand and Gjensidige.

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