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The Adoption of Chatbots across Insurance

The global chatbot market is expected to reach USD$ 1.25B by 2025, and generate roughly $8B savings globally by 2022 itself. With chatbots disrupting a wide variety of industries already, the technology is becoming more popular in a variety of business use cases – especially within the insurance sector.

Chatbots are becoming more advanced

Chatbots are a natural extension of the push for self-service capabilities. Yet in spite of its growing popularity, according to a recent white paper published by Cognizant Research, almost 60% of insurers surveyed worldwide are yet to implement a chatbot. According to Cognizant’s research (validated with our own internal findings), bot capability is derived from the maturity of the bot; either basic, moderate or advanced.

What makes chatbots effective

Based on this spectrum, ‘basic’ implies that a bot is mostly rules-based and can follow only simple instructions often deferring to a human, whereas those bots that are closest to a true human-like conversation, are classified as ‘advanced’ in terms of their capability. The maturity level of the bot is determined by their performance and their ability to Communicate, Comprehend and Collaborate with the user, providing utility across the value chain. These three C’s are key factors in distinguishing an effective bot from an unsatisfactory one.

Of insurers that have utilized chatbots in their operations, a majority 68% utilise only a basic form of the technology. While insurers have already benefited by saving costs and reducing customer servicing time using them, there is still significant opportunity for the uptake of more capable, reliable and intelligent bots to be deployed across the insurance value chain.

Europe has the highest volume of basic maturity chat bots among insurers at 60%. Asia along with MEA promises the most potential in terms of size and CAGR to adopt chat bot technologies over the next five years. North America is still the largest consumer of ‘advanced’ bots in insurance compared to all other regions.

Chatbots – leading CONSUMER AI APP for the next 5 years

Limitations to overcome

Insurers need to focus on these limitations faced by chatbots to realize their business imperative.

  • Need of human-centric interface: Most of the time, interactions with chatbot are still robotic, providing the end-user with a frustrating non-human centric experience.
  • Inability to contextualize conversations: Bots are programmed to follow a specific sequence or an algorithm, causing an inability to understand the nuances of human language – that results in an unfulfilling and an inauthentic experience.
  • Scalability issues: Developers need to anticipate and program the bot according to the exponential rise in the amount of traffic that the bot might handle.
  • Privacy and data protection: Data is both an asset and a liability. Since customers often give away personal data while conversing with a chatbot, insurers need to prioritise their privacy and data protection regulations for that region.

Opportunity Landscape for AI-enabled Chatbots

Chatbots can be leveraged for both simple and complex insurance processes in order to create definitive business value. Distinct successes have been noted in areas of:

AI Chatbot in Insurance Report

AI in Insurance will value at $36B by 2026. Chatbots will occupy 40% of overall deployment, predominantly within customer service roles.

Insurtechs will lead the pack

Among other reasons for the large-scale implementation of chatbots, is that insurtechs predominantly target the tech-savvy millennial and Gen Z population who are more open to change and disruptive innovation. Positive customer experiences are directly proportional to twice the referrals, thereby expanding business scope by breaking traditional customer-interaction limitations.

Reimagining Insurance with Chatbots

The insurance industry has reached a revolutionary crossroad that mandates insurers become digitally agile. Over the next few years, chatbots are set to bring about a massive change to the industry and Insurtechs are leading the way in bringing AI-powered chatbots to the insured customer.

  • Lemonade: The NY-based insurtech relies on its app-based chatbots, backed by AI, that can craft personalized insurance policies & quotes for customers, and respond swiftly to a variety of customer queries and process claims.
  • Next Insurance: The insurance provider launched a chatbot via Facebook Messenger through which small businesses can obtain quotes and buy insurance.
  • Trōv: The company has integrated a chatbot into its mobile app that handles customer queries and claims by seamlessly gathering incident related information from the customer.
  • LeO: The insurer recently launched a chatbot which helps schedule calls and meetings, collect leads and answer customer questions automatically – allowing agents to focus on other tasks.
  • Religare: It’s one of the top health insurers in India and a part of major financial service conglomerate. The company has integrated an AI empowered insurance chatbot, that focuses on learning from actual human interactions over a question-answer driven format to build a more intuitive chat based sales funnel.

There is a direct relation between the positive Customer Experience provided by the chatbots and the hike in the revenues. Almost one-third of the insurance business is expected to be generated via digital channels in the next 5 years. The companies that leverage AI-driven customer data for chatbots shall flourish far into the future.


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Enhancing digital patient experience with healthcare chatbots

5 minutes read

Chatbots are fast emerging at the forefront of user engagement across industries. In 2021, healthcare is undoubtedly being touted as one of the most important industries due to the noticeable surge in demand amid the pandemic and its subsequent waves. The Global Healthcare Chatbots Market is expected to exceed over US$ 314.63 Million by 2024 at a CAGR of 20.58%.

Chatbots are being seen as those with high potential to revolutionize healthcare. They act as the perfect support system to agents on the floor by providing the first-step resolution to the customer, in terms of understanding intent and need, boost efficiency, and also improve the accuracy of symptom detection and ailment identification, preventive care, feedback procedures, claim filing and processing and more.

At the outset of the COVID-19 pandemic, digital tools in healthcare, most commonly chatbots, rose to the forefront of healthcare solutions. Providence St. Joseph Health, Mass General Brigham, Care Health Insurance (formerly Religare), and several other notable names built and rolled out artificial intelligence-based chatbots to help with diagnostics at the first stage before a human-human virtual contact, especially while differentiating between possible COVID-19 cases and other ailments. The CDC also hosts an AI-driven chatbot on its website to help screen for coronavirus infections. Similarly, the World Health Organization (WHO) partnered with a messaging app named Ratuken Viber, to develop an interactive chatbot for accurate information about COVID-19 in multiple languages. This allowed WHO to reach up to 1 billion people located anywhere in the world, at any time of the day, in their respective native languages.

For Care Health Insurance, Mantra Labs deployed their Conversational AI Chatbot with AR-based virtual support, called Hitee, trained to converse in multiple languages. This led to 10X interactions over the previous basic chatbot; 5X more conversions through Vanilla Web Experience; Drop-in Customer Queries over Voice Support by 20% among other benefits.

Artificial Intelligence’s role in the healthcare industry has been growing strength by strength over the years. According to the global tech market advisory firm ABI Research, AI spending in the healthcare and pharmaceutical industries is expected to increase from $463 million in 2019 to more than $2 billion over the next 5 years, healthtechmagazine.net has reported. 

Speaking of key features available on a healthcare chatbot, Anonymity; Monitoring; Personalization; collecting Physical vitals (including oxygenation, heart rhythm, body temperature) via mobile sensors; monitoring patient behavior via facial recognition; Real-time interaction; and Scalability, feature top of the list. 

However, while covering the wide gamut of a healthcare bot’s capabilities, it is trained on the following factors to come in handy on a business or human-need basis. Read on: 

Remote, Virtual Consults 

Chatbots were seen surging exponentially in the year 2016, however, the year 2020 and onwards brought back the possibility of adding on to healthcare bot capabilities as people continued to stay home amid the COVID-19 pandemic and subsequent lockdowns. Chatbots work as the frontline customer support for Quick Symptom Assessment where the intent is understood and a patient’s queries are answered, including connection with an agent for follow-up service, Booking an Appointment with doctors, and more. 

Mental Health Therapy

Even though anxiety, depression, and other mental health-related disorders and their subsequent awareness have been the talk around the world, even before the pandemic hit, the pandemic year, once again could be attributed to increased use of bots to seek support or a conversation to work through their anxiety and more amid trying times. The popular apps, Woebot and Wysa, both gained popularity and recognition during the previous months as a go-to Wellness Advisor. 

An AI Wellness Advisor can also take the form of a chatbot that sends regular reminders on meal and water consumption timings, nutrition charts including requisite consultation with nutritionists, lifestyle advice, and more. 

Patient Health Monitoring via wearables 

Wearable technologies like wearable heart monitors, Bluetooth-enabled scales, glucose monitors, skin patches, shoes, belts, or maternity care trackers promise to redefine assessment of health behaviors in a non-invasive manner and helps acquire, transmit, process, and store patient data, thereby making it a breeze for clinicians to retrieve it as and when they need it.

Remote patient monitoring devices also enable patients to share updates on their vitals and their environment from the convenience and comfort of home, a feature that’s gained higher popularity amid the pandemic.

A healthcare chatbot for healthcare has the capability to check existing insurance coverage, help file claims and track the status of claims. 

What’s in store for the future of chatbots in Healthcare? 

The three main areas where healthcare chatbots can be particularly useful include timely health diagnostics, patient engagement outside medical facilities, and mental health care. 

According to Gartner, conversational AI will supersede cloud and mobile as the most important imperative for the next ten years. 

“For AI to succeed in healthcare over the long-term, consumer comfort and confidence should be front and center. Leveraging AI behind the scenes or in supporting roles could collectively ease us into understanding its value without risking alienation,” reads a May 2021 Forbes article titled, The Doctor Is In: Three Predictions For The Future Of AI In Healthcare. 


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