With the hyper-accelerated growth of digitization that arrived in the wake of the pandemic, consumer expectations have also changed radically. Countless industries are now forced to rethink the way they present themselves and their products.
The insurance industry is no exception.
In the insurance sector, sales and customer success teams are feeling the pressure to deliver user experiences that are faster and more intuitive than ever. Even for processes as mundane as quoting, policymaking and activation, customers now expect transactions to be much simpler from end-to-end.
With rising premium costs and the often-lengthy wait times to speak with insurance brokers, many carriers have turned to Natural Language Processing (NLP) chatbots to meet growing communication demands and heightened consumer expectations for prompt service. There are good reasons this trend is taking hold: Thanks to chatbots powered by advanced tech such as artificial intelligence (AI), machine learning (ML) and NLP, insurers across the industry will see a staggering $1.3 billion in savings by 2023 due to increased efficiency, up from $300 million from 2019.