The Rise of AI Enabled Chatbot aka Automated Agent in Insurance

Consider a scenario where a potential customer is looking to get an insurance policy quote on a website at 1 a.m. He is confused about which plan is suitable for his family and just then a chatbot pops up on his screen and asks, "Hey, may I help you?". It, subsequently, has a conversation with the prospect using natural language and helps him shortlist plans based on his inputs keeping the customer engaged all the way through to sale. Over the past few years, several insurance companies in India have rolled out AI-enabled chatbots. Bajaj Allianz General Insurance, ICICI Lombard General Insurance, Birla Sun Life Insurance, PNB MetLife India Insurance and HDFC Standard Life Insurance etc. are using bots for either customer support or sales. Most of these bots work on NLP (Natural Language Processing) and keep learning as they interact with more customers.