In this modern and digital age, insurance providers face a variety of challenges that are not often seen in other industries. When consumers become more empowered through technological advancements and easy access to information, providers need to look towards innovative directions to improve relations between policyholders and providers.
When it comes to choosing the right policy for their coverage needs, customers have many questions. Likewise, the process of filing a claim can weigh heavily on them. What’s worse is that human support is not always accessible to them.
The future of chatbots in the insurance industry is likely to be very dependent on the development of artificial intelligence. The only way in which chatbots will approach human interaction in the future is through advanced processing of recorded information and improved algorithms for machine learning.
AI is further empowering banking institutions and retail banking customers alike by taking massive amounts of data, and making it easily accessible to the individual account holders, in the form of a chat interface.