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Can Augmented Reality be a gamechanger for Insurance?

3 minutes, 48 seconds read

In the event of unexpected or unforeseen instances, getting instant customer support and claims settlement reduces the potential for customer churn during critical customer touch points. However, these processes are iteratively long and cumbersome. For example, typical claims settlement involves inspection, documentation, submitting documents and proofs, and finally the settlement. Fortunately, all these stages can be transformed with nearly real-time analysis using Augmented Reality (AR) technology. Augmented Reality makes use of real-time digital content like audio, video, text, and images to enhance the real environment. 

In fact, not only claims, but AR can also enhance other aspects of insurance like- customer service, damage estimation, remote guidance, and customer education.

Augmented Reality: a solution to the timeless insurance concerns

Augmented reality technology has been in existence since 1968; however, it is only recently that industries have realized its true benefits. Many industries have already adopted AR and VR technologies commercially. For instance, we see VR flight simulators, virtual tours & workspaces, and even AR advertisements.

Now is the time for insurers to leverage this technology to resolve the pressing concerns.

Risk assessment & mitigation

Augmented reality and virtual reality opens several new avenues to minimize cost and loss ratio through risk assessments. While augmented reality adds elements to the visual environment, virtual reality replaces the original visuals with the projected ones. Both technologies are useful to analyze customers’ behavior and intent.

For example, Ready-Assess™ developed by the Center for Injury Research and Prevention (CIRP) and Diagnostic Driving Inc. assesses a driver’s ability to drive safely and avoid collisions. The Ohio Department of Public Safety plans to use the system as a pre-qualifier to taking the on-road exam.

Auto-insurers have started to consider virtual driving tests to determine whether someone is a safe driver before insuring. Similarly, actuaries can navigate a building before it’s built through AR and propose better insurance estimates. 

Marketing/customer education/customer engagement

AR simulation is a new marketing tool for insurers. It serves the two-fold purpose of educating customers as well as marketing. 

For example, Liverpool Victoria- one of the UK’s largest insurance companies interacts with customers coupling newspaper flyers and augmented reality technology. 

When someone scans the flyer, a 3D model house appears. Customers can further explore insurable things in the house. This simple playful experience gives an idea to the customers about insuring their belongings, which they might have never thought of.

Another interesting augmented reality use case in insurance is that of Allianz, a German international financial services company. They’ve built an immersive experience for users about the possible risks in day-to-day life. 

Customer service – claims settlement and remote assistance

The claims settlement for property damage is often cumbersome. It involves a member from the insurer to visit the property, inspect the damage, estimate, and process the claim. Some insurers like ICICI Lombard attempted to speed up the process by approving claims through video calls. Augmented reality can, however, give a new dimension to remote customer service by delivering more accurate details. 

For instance, with PNB MetLife India’s ConVRse application, customers can speak to a virtual assistant- Khushi in a 3D simulated room. It hosts a number of services like easy access to information, service requests like account updation, claims, and feedback.

Damage estimation

Augmented Reality can help insurers to address the operational challenges due to physical distance. 

There was a time when Farmers Insurance used to send adjusters on the field to train damage assessment due to catastrophes. Today, with VR and AR, employees can learn six different floor plans and 500 different damage scenarios, without actually visiting the affected zone.

Symbility Video Connect is an AR-based live collaboration tool, that initiates documentation at the first notice of loss. Policyholders can interact with adjusters through tablets and smartphones. Through the app, an adjuster can measure the damage, file them, and thus improve the settlement time.

AR could be used through the claims lifecycle might be to explore different options for fixing damages.

Image: claimsjournal.com

Remote guidance to agents and employees

Dr. Daniel Neubauer, Former Global Head of Learning Design and Lead of Zurich Leadership Development Curriculum says – “The challenge with training 50 people is how you direct them. Augmented reality allows people to self-direct.

Zurich Insurance uses AR glasses to help field workers and risk engineers work more efficiently, safely and collaboratively. It is a great wearable alternative to finding instructions on laptops and papers.

AR in Insurance: Potential Benefits

Accenture estimates that Insurers can reap 10-20% more profit annually by investing in intelligent solutions. Working with augmented reality can transform the ways agents interact with customers, enforce policies, and assess claims. 

Also read – Top 25 Augmented Reality use cases across industries

We’re technology solution providers for the new-age digital insurer. Mantra Labs specializes in AR-based experiential solutions for the insurance industry. Drop us a line at hello@mantralabsglobal.com to know more.


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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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