Let’s Chat: Bot Invasion in P/C Insurance

November 6, 2019 by Jeff Goldberg

The use of chatbots by property/casualty insurers is growing but still limited. While only about 13 percent of P/C carriers have currently deployed this emerging technology, over 25 percent have a pilot in the works, and another 45 percent have expressed definite interest in the value chatbots can bring.Executive SummaryNovarica’s Jeff Goldberg reviews use cases for chatbots in P/C insurance, stressing that hybrid approaches deploying both automation and manual touchpoints work best.

Executive Summary

Novarica's Jeff Goldberg reviews use cases for chatbots in P/C insurance, stressing that hybrid approaches deploying both automation and manual touchpoints work best.

Why are chatbots so appealing?

To start with, they offer a new consumer engagement channel that is simple to use and can be reached at any time. These text- and speech-based bots can be made available to customers on websites, apps, social media, smart home devices and messaging platforms at any time of day. Some chatbots are still basic tools that rely on key words to generate answers (essentially a basic script for limited call-and-response), but a newer batch built upon natural language processing (NLP) capabilities allows insurers to leverage chatbots for much more.