The AI-powered tool can simplify the entire expense management – from tracking to controlling all expense related issues.
Customer Servicing is one of the great challenges the insurance industry is facing today. The digital customers of today expect transparency and better experiences on any end-to-end transactions like expense claim, its quick approval and payment processing.
The 24*7 customer service chatbot improves efficiency across the claim value chain and helps the companies to empower their customers in a way that inspires loyalty and advocacy.
In any organization, if employees travel for work, they need to submit expense receipts to claim reimbursement. There are some of the common expense reporting issues that organizations face. Keeping track of all expenses that employees incurred is crucial to managing the cash flow. Also, any slip-ups in this process could lead to problems such as inaccurate claims, unclear policies, and even fraud.
AI enabled chatbots for addressing the challenge
Chatbot is an intelligent, lightweight, and rich user interface software which offers a real-time conversational experience using artificial intelligence and natural language processing to mimic conversations with real people. Chabot is an advanced real-time software that learns from past conversations, trains itself and gives excellent and accurate responses to the user queries.
The AI-powered tool can simplify the entire expense management – from tracking to controlling all expense related issues such as detecting policy violations, suspicious expenses and inadequate bills in an automated way. Some of the key factors that are driving the adoption of AI-powered chatbots for claim processing are:
User friendly and quick resolution
Due to the rapid spread of 4G and 5G telecom services, it’s easy-to-get access to the various websites and platforms via chatbots over the internet. Also, the chatbot design or User Interface is the most important factor. UI is the most sensitive and key element where the customer knows the definition, role and expectations of your chatbot user interface. The chatbot UI and its response to resolve the customer query are the key factors for which the customer wants
No geographical boundaries
As With increasing travel & commuting and expanding geographical boundaries, restrictions on where customers can file the claims may not be the best experience insurance companies can provide. It has been said that the language keeps changing every 150 KM you travel, irrespective of your demographics or direction. When it comes to expanding your business globally, we need to be capable of communicating in multiple languages no matter what your geographical location is, and our solution is capable enough to access from anywhere any time. Due to increasing travel & commuting and expanding geographical boundaries customers can claim reimbursements from anywhere.
Personal data security
Chatbots are often used for lead generation and collect information like names, emails, phone numbers, etc. Rule-based chatbots are a great example of such: they ask simple questions and accept inputs just like a regular website form. GDPR requires companies to explain how this data will be used. (GDPR) is a set of rules that gives citizens of the European Union legislative control over sharing, editing, and removing their personal data online
Faster payments and quick settlements
This factor is the heart of the claim processing. If customers feel the claims settlement process is lengthy and time-consuming, it contributes to dissatisfaction. All the claim processing activities need to be taken care of in the backend with very minimal time. The whole business depends upon how fast you finish them and final reimbursement amount transfer to the user bank account.
24×7 customer support required
Chatbots can answer customer queries 24/7. So, once you deploy one on your website, you can expect it to solve customers' fundamental problems round the clock. Users can request his claim anytime, anywhere from the globe. The 24*7 customer service chatbot improves efficiency across the claim value chain and helps the companies to empower their customers in a way that inspires loyalty and advocacy.
Rapid advances in technologies over the next 15 years will lead to disruptive changes in all the industries. Companies that adopt new-age tech to develop innovative products like Chatbots. This is the one solution that can easily be shaped into rapid customer needs and satisfies the modern customer needs, and which is applicable across all the industries and functions. We can harness its cognitive learning insights from a variety of data points, streamline processes, and more importantly, personalize the entire customer experience will be the winners in the AI Space. Hence its popularity has drastically increased day-by-day.
- Abhinay Deshmukh is RPA Consultant at Atos India
Image attribution: Freepik <a href='https://www.freepik.com/vectors/robot-chatbot'>Robot chatbot vector created by fullvector - www.freepik.com</a>