2019 will be a year of many new insurance technologies known as InsureTech.
In fact, over $2B is estimated to be invested throughout 2019 in these InsureTech companies. Artificial Intelligence, Automation, and Blockchain are driving the technology disruption in the insurance industry. They are making the insurance shopping experience much better for consumers.
Meanwhile also improving service for policyholders who need help with renewals, claims, and add-on products and services. This is great news for just about everyone, while some insurance agents are getting really worried. Fear of losing their job due to technology is a valid fear. But the good news is that great insurance agents are not going anywhere. Even though AI chatbots are selling insurance and assisting policyholders in 2019, they will always come back by a great insurance agent.
Well, technically insurance chatbots have already been around for some time. Insurance Giants like Geico and Allstate have already been using them in their business. Here are a few more reasons chatbots are being developed and used:
So, now you can see why chatbots are more than just a fad. They are actually really useful to consumers, policyholders, and insurance companies. Saving everyone time, improving the experience for everyone, leading to better relationships and better business. Resulting in serious disruption in the insurance industry.
Although many of these new tech companies aren’t about to give out their secret recipes, here are some things we learned about the new technologies while demo-ing products.
So, as you can see, we didn’t get to view the code under the hood. However, from the chatbot products that we test drove, we can tell that the tech is already powerful. When we talked about the future roadmaps and plans for these technologies, we realized that these bots really are the next big thing in the insurance industry. Admittedly, there was something cool about being greeted by a little humanoid thing on the screen, that quickly warmed me up and learned my name.
It then proceeded to give me a personalized conversation and experience shopping for life insurance quotes. It was engaging. It was quick. It was easy. All important things to the modern consumer, especially in 2019. But like we already said, even though AI chatbots are selling insurance and assisting policyholders in 2019, they will always come backed by a great insurance agent.