MUST-HAVES BEFORE EMBARKING ON CHATBOT

Chatbots are gaining popularity in all the sectors of Service Industry. A chatbot is a computer program that simulates human conversations, they are powered by Artificial Intelligence. Organizations are adopting chatbots to provide customer support and work as knowledge assistants and business advisors. The insurance industry and chatbots go hand in hand. Insurance chatbots are helping the organizations to simplify communication processes and sell products and services.


Chatbot

Chatbot website

In our digital age, it might be hard to keep up with all the advances in technology. So if you don't know what a "chatbot" is, you're probably not alone. Let's begin with defining that term. Essentially, a chatbot is simply a type of computer program that engages in conversation with people, either through text messages or audibly. Popular chatbots include IBM's Watson, LiveChat, and LivePerson, to name just a few. But even if you don't own one of these devices, you have probably interacted with a chatbot without even knowing it. Many companies currently implement this technology, particularly for information gathering tasks or customer service purposes.

Given the global nature of our modern world, as well as the fact that chatbots are already a commonly used form of artificial intelligence, it will probably come as no surprise that one of the most sought-after products in this field is the multilingual chatbot. The technology is still in its infancy, and it's easy to understand why. Programming a chatbot with the capability of simultaneously translating language is extremely complicated and time-consuming. There are rare examples of multilingual chatbots on the market today - such as Language I/O® Chat, a product designed to be a customer support tool - but they are few and far between. However, the day will certainly come when a variety of multilingual chatbots are available to businesses. After all, there are several situations where these programs would be useful.

But today, more often than not, those companies that would benefit the most from multilingual bots are instead opting to build separate bots for different languages. This makes sense considering the complexity of creating a multilingual chatbot. But whether you own a business that would greatly benefit from this type of program or not, it's important to remember that what we're really talking about is machine translation. As much as some of us might like to believe that artificial intelligence is capable of high quality, simultaneous translation of multiple languages, there are many challenges to overcome before that can be achieved

In 2020, the value of the chatbot market touched $720 million. According to Ubisend, around 57% of the UK customers are familiar with the chatbot. In this article, we are going to take a look at some reasons why you need to install a chatbot on your website today. Read on to find out more.


1. Zero-Waiting Time

If the video on your website takes more than 10 seconds to play, you may lose half of the viewers to your competitor. The same applies to your website visitors as well. Just imagine losing half of your prospective customers because you failed to respond to their queries in time. With a chatbot, you can answer most of the questions your customers may ask without any delay.

2. Personalized Experience

Personalization can help you convert your prospects into customers. With conversational chatbots, you can make your customers feel like they are interacting with a real person, not a machine. Moreover, they offer the desired information or services right away. For your retail online store, the chatbot will function like a salesperson that can help customers find the required info about what you offer.

3. Better Customer Service Level

Personalized chatbots powered by NLP can process the natural language at various levels, such as discourse, semantics, and syntax. So, the chatbot gets a deeper insight into human psychology in order to respond to the visitors with the right service and information. The info is provided instantly regardless of the number of questioners.

4. Improved User Engagement

As far as developing the right UX is concerned, designers and developers have to bear extreme pressure. Since there is no limit to the customer expectation, improving the UX is a journey that can end nowhere. And chatbot is just an important milestone in the journey. If designed well, chatbots can help a business makes its customers happy.

5. Targeting a Wider Audience

Social media platforms like Facebook messenger, Slack, Telegram and Skype work with a chatbot. So, it has become a lot easier to target a much wider audience.

6. Business Intelligence

The in-built AI and machine learning make this virtual assistant more powerful. So, it can collect and process a good deal of conversational data for researchers so that they can get a deeper insight into the minds of buyers. For any business, it is of paramount importance.

With the help of chatbots, businesses can improve and innovate their products and services.

7. Performing Surveys

A chatbot can get a better idea of the customer experience when they buy a product or service. The problem is that the survey system via emails and websites is not very successful as most visitors are apathetic due to lack of time and many other reasons.

On the other hand, chatbots engage customers in a real-time conversation making the survey brief and customers.

So, these are 7 reasons why you should install a chatbot on your business website today. After all, you don't want to end up losing a lot of customers. Your business growth depends on it.

Insurance organizations can deploy chatbots for several functions, some of them are:
How to develop Chatbot
Marketing: Chatbots can be used to launch new campaigns to support new products, and services. Chatbots basically help insurers to market their brand.
Information Assistance: Chatbots can be used pre-sales agents as they can educate customers on insurance products and services.
WhatsApp Chatbot
 Simple Claim Process: Insurance chatbots can help a customer to register the first notice of loss, schedule the survey appointment for the field adjuster, offer loss prevention recommendations, arrange emergency assistance during accidents, and offer pre and post disaster help.
Customer Support: Insurance chatbots are an ideal customer support, as they offer 24X7 availability and an easy to use user interface. They can engage in natural conversations as they are more like humans. They offer solutions to customer queries and help customers to choose the products and tailor them to their specific needs. They also remind customers about premium payments that are due and renewals.
Chatbot for customer service With the advent of Chatbots, an increase in human-machine interactions can be seen. Since these interactions are in a simple conversational language, Chatbots have made a drastic change in the customer service domain. Insurance chatbots improve employee productivity as chatbots let them focus on more complex and important activities. Chatbots are helping organisations to achieve maximised customer experience and make the interactions more personalised. Chatbots offer quick and relevant access to information. The way chatbots are transforming Insurance Industry, it is certain that chatbots are here to stay.