Voice Bots In Insurance Sector And The Rise Of Automated Agent

Written by Timey AI

July 30, 2019

In today’s digital scenario, people want quick and personalized responses from the companies. Hence, the use of voice AI and voice bots is on the roll. Different companies are adopting it to be at the top in this competitive world.

If we consider the use of voice based bots, 47% of the people already use voice search devices at least once a day. And if we talk about the insurance sector, many of them indicated that they would like to use voice search. In fact, one in three voted that they would prefer to use it to book an appointment with an insurance agent. And 25% prefer to use voice search to request reviews on insurance agents.

Insurance sector is one of the most data intensive sectors. Considering the growth of this industry, the Indian insurance industry is expected to grow to UD$ 280 billion by FY 2020 which contributes to a major part in the country’s income. Overall the insurance penetration in India reached 3.69 per cent in 2017 from 2.71 percent in 2001.

These numbers clearly show that how rapidly the insurance sector is growing. Moving with the fast pace, companies should also move parallel with it.

In this digital era, it is very important for a company to tackle the customer issues. Along with that provide the on demand convenient and personalized solutions.

Various problems in the insurance industry:


For the last many years, data corruption has been a persistent problem for the insurance industry. For a data-intensive industry like the insurance industry, an AI enabled chatbot is a boon.

Using these bots, insurance services have enhanced their efficiency throughout the insurance industry verticals in healthcare, property, vehicle, underwriting, accident, and casualty.

According to a research survey, 72 percent of the consumers have agreed that the insurance companies use a lot of confusing jargons. Understanding them can be difficult for a simple man who is unfamiliar with such terms. This might even make him feel that going forward with the policy might be irrelevant for him. Losing out on such customers might be harmful for the companies. Since in this era of competition this will surely be a big problem.

Apart from this working only on a particular type of issue makes the productivity low and neglects the other major issues.

Importance of voice bots in insurance sector:

Today the consumers have been using voice assistants in almost all their daily activities like from playing music to shopping everything. Using the voice enabled apps have become more convenient, accessible and simpler for the consumers. Some people cannot read or have trouble in navigating to the great number of navigation menu options of the app or website. The ability to speak and find the solution has made lives simpler.

Voice technology has also impacted the lives of the people who live in isolation. It has now become a part of their lives. With its extra ordinary properties it has the ability to reach to the masses. Because of the distinct advantages of voice over chat bots, the voice interface helps in empowering a more intuitive and engaging experience. It also takes lesser time and effort compared to text. You can get 10X Conversions in Insurance sector using AI Timey.

Coming to this particular sector, adopting the voice technology can be analyzed as a competitive advantage. It will also play a very important role in providing the customer satisfaction.

Nowadays we are entering a new digital era where conversations can take place via multiple modes. Thus for creating a new experience it is important that we understand the customer’s requirements and their daily lives. As per a study done by Accenture, as of 2018, 39% of India’s online population is using Digital voice Assistant (DVA) devices for their business. With such a number, enterprises can definitely can’t afford to ignore this major factor of voice gain power.

Major benefits of using voice Bots in insurance sector: 

  • Bots are available 24X7

Insurance is a sector where the customers can come anytime. Unfortunately we don’t have a control over that. Car accidents, home damage, or any other life threatening event can occur at any hour of the day. Human service might not be available but a bot can be available at any time. Along with the availability it can handle high call volume at once. This helps the customers to get rapid solutions. 

  • Streamline the difficult processes:

A bot has the capability to cut down the redundant and irrelevant paper work. It also helps in removing the unnecessary steps in an insurance claims process. With this the insurance wait time and the overall process duration will be significantly reduced.

  • Finding the best fit insurance:

The installation of the bots (voice or chat) have provided the required information to the customers also. With the ability to scan the massive data at an astonishing speed, they offer the accurate product made for the specific needs of an individual. 

  • Fraud detection:

Bots have incredible capability of data mining and qualitative analysis of data. They help in reducing the cost and data analytics helps in detecting the fraud.

  • Personalized customer service:

Bots have constant support from AI and machine learning. Thus they have the capability to find out the demographics of the customer along with his social details. It is also possible to find out the requirements of the customer from its past interactions. A bot can work as an automated insurance agent that recommends the appropriate insurance for the better lifestyle.

  • Reduce customer confusion:

Voice bots in insurance sector can help in reducing the confusion which is caused by the usage of highly technical terms and jargons. The process can be simplified by explaining the complex terms and taking the customers through a step by step journey.

  • Generating proactive alerts and notifications:

It is very common that consumers often forget about the due dates of payments of premiums. AI-driven chatbots can guide consumers to sync Google calendars accordingly and get proactive alerts/ notifications on time.

With all these major advantages it is sure that voice is the future. Although we should also be clear that voice may not replace screens or other touch points completely. It will play a very crucial role in the technical ecosystem which will provide the companies an additional way to engage with their customers in a simple language and build brand loyalty. Survey results are predicting that by 2020, around 85% of customer relationships will be automated. The insurance sector cannot afford to ignore these changing times.

In the era of extreme competition, it is important that companies don’t leave any chance of converting leads into their customers and provide the best personalized customer service experience. For the insurance sector it is very important that they mold their business models on the lines of the advancing digital world. You can check what are the essentials you need to build a perfect voice bot.

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