Chatbots Mitigate Rising Costs, Customer Expectations For Insurers

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Chatbots could relieve carriers’ stressed internal resources and deliver better customer experiences: Aite Group report

Boston, MA (Oct. 31, 2017) – Aite Group’s latest report examines chatbot vendors in the insurance space and the opportunities that they bring for carriers. P&C insurance carriers have been struggling for the past few years with a dual issue: tepid growth in written insurance premiums and the increasing demands of their policyholders on a number of fronts, including the demand for better underwriting, distribution, and claims experiences. In the midst of this struggle, consumers look for better ways to interact with their carriers.

“Chatbots are not the silver bullet for carriers,” says Aite Group senior analyst Jay Sarzen. “While they do solve a good number of issues, chatbots cannot alleviate all of carriers’ pain points when it comes to interacting with their agents, policyholders, and prospects. However, carriers realize considerable savings and efficiencies with chatbots. And above all, chatbots offer consumers a different choice for interacting with their insurance carriers,” he says.

This Impact Note examines chatbots and how they could help insurance carriers mitigate the dual challenges of rising costs and rising consumer expectations for their interactions with insurance carriers. It is based on 12 interviews with executives at leading chatbot providers in North America, Europe, and Asia, and profiles Avaamo, Conversica, Datalog.ai, Elafris, Nuance Communications, Pack’n Drive, Pypestream, Reply.ai, SaleMove, Spixii, and Tata Consultancy Services.

Chatbot opportunities along the insurance value chain (Aite Group)

Chatbot opportunities along the insurance value chain (Aite Group)

About Aite Group

Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. For more information, visit aitegroup.com.

Source: Aite Group

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