From Siri to Alexa and other sophisticated chatbots in customer care, there is no doubt that we are living in the future with how far the Conversational AI technology has come. Chatbots simulate human conversation through auditory or textual methods and are beyond capable of handling routine customer inquiries even with large volumes of queries and requests. This technology has not only made it easier to expedite customer issues, but has also enabled and empowered customer care representatives to handle more crucial and complex tasks.
As per the Global Chatbot adoption statistics, over 800 million people in more than 190 countries will be using chatbots to accomplish various tasks by 2023. Chatbots and virtual assistants have now become an integral part of marketing strategies for brands seeking to acquire and retain customers. Several sectors, including banking and financial services, e-commerce, retail, healthcare, real estate, education, and travel have been at the forefront of utilising conversational AI technologies to engage better with customers.
When it comes to the financial sector, a market where policies, coverage, and pricing are heavily competitive, chatbots give insurers a tool to offer great customer experience (CX) and differentiate themselves from the competition. Chatbots act as a financial guide to help users choose the most suitable plans and solutions based on their requirements. It also enables them to respond to policyholders’ needs while delivering a wealth of extra business benefits.
For instance, Elle, HDFC Life’s Virtual Assistant caters to existing policyholders and essentially works as an interface between the company and the customer. Without human intervention, Elle addresses policyholder’s queries such as policy details, requests for premium receipts, and other statements, and is available 24/7 with an objective to provide responses to frequently asked questions with minimal effort on the customer’s part.
One can access Elleeven without logging in, as existing policyholders can use it by entering their policy number, date of birth and mobile number. Thereafter, a policyholder can access information on their fund value, premium amount, premium due date, premium frequency, sum assured, payment history, annual premium statement, annual unit statement, premium receipt in no time.
One of the key advantages of the technology from a costumer point of view is that it reduces the chain between a person and their insurance policy, which is often wide and complex as there is a series of middlemen who examine information between the insured and the carrier. A lot of this information can get lost due to human error and manual work. Conversational AI can reduce human error by analysing documents and data for you, minimising the friction and possibility for inaccuracies. It has simplified customer interactions as it provides a quick and easy resolution to their queries.
These are things which were impossible to even imagine a decade ago. However, in the context of today’s world, buying an insurance policy online has become ever more convenient and quick with the help of these virtual assistants, so go to the HDFC Life website now, and get a policy customized to suit your needs.
