Chattbotz Insurance

How to Simplify Your Health Insurance Application & Claims Processing with AI-Powered Chatbots

The Health Insurance industry has experienced robust growth over the past few years owing to the consistent growth in medical expenditure. The adoption of AI in various aspects of healthcare is on the rise, making processes easier and quicker for patients, hospitals, and the industry in general. In a recent TCS research, it is anticipated that insurers will spend an average of $90 million on AI by 2020. One of the AI developments that are seeing broad adoption in the health insurance sector is Chatbots.

What are Chatbots?

Chatbots are an engaging and personalized way to interact with the customer experience. Chatbots are designed to provide assistance and guidance in all types of customer interactions, including an online chat session. While personal chatbots are designed to provide customer services, knowledge-based chatbots can mix both human and AI, responding to customer queries by automating human behavior. A machine learning chatbot is a software application that has been written to capture keywords, extract knowledge from them and facilitate interaction between the customer and the chatbot. How can chatbots improve customer experience and reduce costs?

Benefits of using chatbots

Large-scale industries have begun to deploy chatbots in their operations. While the use of AI has often received adverse reactions for fears of job loss and negative impact on AI-related jobs, chatbots in the healthcare industry can help reduce manual work in the end. Most AI-powered chatbots have a powerful ability to sense consumer behavior by relying on natural language understanding (NLU) which is the ability to understand the language that humans use to communicate. With the ability to learn and analyze past user interactions, chatbots help insurers increase conversion rates and improve the overall customer experience.

How can chatbots simplify your health insurance application process?

Your health insurance applications can be made online. Here are the basic steps of filling up the health insurance application form. A few significant ways you can benefit from using chatbots in the health insurance application process include Improved customer experience: A chatbot is a virtual helper for insurers. In this context, it’s easier to interact with a chatbot than a human to answer questions and process your health insurance claim. Your chatbot can talk to you in a way that makes you comfortable and enables you to complete your health insurance application online. These virtual helpers improve customer experience in many ways. They help you solve complicated issues with ease. The accuracy with which you can interact with a chatbot can save you time.

When you are applying for a health insurance policy

Chatbots are designed to provide basic information regarding the policy itself and the beneficiary that the policy is being taken up by. Moreover, their information includes the beneficiaries’ ID, address, date of birth, gender, and more. As it is mainly for basic details, it is extremely fast because the insurer gets instant responses to queries without opening multiple windows. Chatbots are capable of dispensing the same information as an insurance company representative. This is important since the type of information given to policyholders varies from insurer to insurer. When it comes to processing claims, various types of things need to be considered when processing a claim.

When you are claiming for expenses incurred while being under the coverage of a health insurance policy

According to the TCS research, the health insurance industry in India is forecast to grow over 2-fold over the next few years. Apart from higher awareness among the customers, adopting technology in the industry has made this sector much more rewarding for insurers. The increasing medical expenditure of patients has led to adopting an approach that focuses on quality care rather than quantity of treatment. This has further increased the need for transparency, practicality, and minimization of fraud. A Chatbot Empowered with AI Chatbots has been utilized as a support system for communication with the customer, especially when handling complex or prolonged insurance policies. This can be considered as one of the most recent advances in the AI domain.