Chatbots Offer Insurers Benefits But Don’t Replace Need for People

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Chatbots are a low-cost, low-touch modern channel for consumer interaction: Novarica

Boston, MA (Dec. 5, 2017) – More and more insurers are leveraging chatbot technology to enable rapid and convenient 24/7 self-service for policyholders to supplement their call centers and consumer portals. Chatbots are a low-cost, low-touch modern channel for customer interaction, and will only become more common as the underlying AI and natural language processing technologies continue to mature.

In a new brief, Chatbots in Insurance: Overview and Prominent Providers, Novarica provides a detailed overview of chatbot technology, discusses prominent solution providers working with insurers, and presents multiple insurance industry use cases.

“Although chatbots can offer insurer gains in customer service, insurers should proceed with caution when implementing this technology. While some self-service functions are ripe for chatbot usage, others may require a more human element,” says Jeff Goldberg, Senior Vice President of Research and Consulting at Novarica, and lead author of the report. “As Novarica likes to say: cyborgs are better than robots. A chatbot that enhances and supplements a human channel will out-perform a purely automated platform.”

Prominent providers of chatbot platforms and tools highlighted in the brief include: Avaamo, Elafris, Glib.ai, IBM Watson, Pypestream, Sentimer, SmallTalk, Spixii, and [x]cube LABS.

The full report is available from Novarica.

About Novarica

Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.

SOURCE: Novarica

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