The financial services industry, in particularly insurance sector is driven by escalating needs to fast-track digital transformation as customers expect ai-driven personalized and easy to navigate virtual assistants. IBM watsonx generative AI technology enables high-quality, frictionless self-service, supporting customers to effortlessly select the right policy, file insurance claims or pay bills.
IBM watsonx Assistant chatbots for insurance offers
- No-code conversation builder and pre-built templates for insurance
- Timely customer assistance with accurate, contextual, and up-to-date answers 24/7 for faster decision-making
- Seamless integrations to backend systems to streamline administrative tasks with automation
80% of the Allianz’s most frequent customer requests are fielded by IBM watsonx Assistant in real time.
60% of insurers expect nontraditional products to generate revenue on par with traditional products.
60% of business leaders accelerated their digital transformation initiatives during the pandemic.
Deliver superior customer support
With an AI assistant that eliminates call center holds, reduces costs, and helps put anxious customers on the road to recovery quickly, CodeObjects saves ~USD 1 per minute, greatly enhancing profitability with hundreds of thousands of dollars in total savings.
Nearly 50 % of the customer requests to Allianz are received outside of call center hours, so the company is providing a higher level of service by better meeting its customers’ needs, 24/7.
Frankie, a virtual health insurance consultant, interacts with customers by responding to routine queries, helping live agents focus on more complex issues and improving overall customer experience.
Technical questions
According to G2 Crowd, IDC, and Gartner, IBM’s watsonx Assistant is one of the best chatbot builders in the space with leading natural language processing (NLP) and integration capabilities.
Our enhanced intent detection model is faster and more accurate than our previous ones, combining traditional machine learning, transfer learning and deep learning techniques in a cohesive model that is highly responsive at run time. Based on a study ( link resides outside ibm.com), this model is also more accurate than IBM’s main competitors, outperforming Google Dialogflow by 5.6% and Microsoft LUIS by 14.7%.
Not only does our model surpass the competition, but IBM’s watsonx Assistant makes it incredibly easy to get started with a host of resources, such as templates, one-click integrations, guided tutorials, SMEs and more. IBM watsonx Assistant adapts to the needs of the customer.
watsonx Assistant puts the control in your customers’ hands, allowing them to answer their own basic inquiries and learn how to perform a wide range of functions related to your product or service. It can do this at scale, allowing you to focus your human resources on higher business priorities.
When a customer does require human intervention, watsonx Assistant uses intelligent human agent handoff capabilities to ensure customers are accurately routed to the right person. With watsonx Assistant, the customers arrive at that human interaction with the relevant customer data necessary to facilitate rapid resolution. That means customers get what they need faster and more effectively, without the frustration of long hold times and incorrect call routing.
With watsonx Assistant, no developers are required. This intuitive platform helps get you up and running in minutes with an easy-to-use drag and drop interface and minimal operational costs. Easily customize your chatbot to align with your brand’s visual identity and personality, and then intuitively embed it into your bank’s website or mobile applications with a simple cut and paste. Built with IBM security, scalability, and flexibility built in, watsonx Assistant for Insurance understands any written language and is designed for and secure global deployment. Turn it on today and empower your team to realize the benefits of happier insurance customers, increased sales and retention opportunities, and a more efficient, effective global workforce—without having to hire a specialist.
Yes, you can deliver an omnichannel experience to your customers, deploying to apps, such as Facebook Messenger, Intercom, Slack, SMS with Twilio, WhatsApp, Hubspot, Wordpress, and more. Our seamless integrations can route customers to your telephony and interactive voice response (IVR) systems when they need them.
In today’s fast-paced, digital-first world of insurance, speed and customer experience are two priority differentiators that watsonx Assistant absolutely delivers on. Whether it’s an urgent mobile app inquiry regarding a real-time natural disaster, notifications about bill payments, or just inquiring about rates for a new vehicle, customers shouldn’t be forced to spend time waiting to speak to a human agent when watsonx Assistant chatbots can help in real time.
IBM watsonx Assistant for Insurance uses natural language processing (NLP) to elevate customer engagements to a uniquely human level. IBM’s advanced artificial intelligence technology easily taps into your wealth of insurance system data to deliver the right answers at the right time through robust topic understanding and AI-powered intelligent search.
Can you imagine the potential upside to effectively engaging every customer on an individual level in real time with cutting-edge new technology in insurtech? How would it impact customer experience if you were able to scale your team globally to work directly with each customer, aligning the right insurance products and services with their unique situations? That’s where the right ai-powered chatbot can instantly have a positive impact on the level of customer satisfaction that your insurance company delivers.