The Bots Will Help You Now

The Intelligent Takeover of Insurance

Kumar Patel
Nov 27, 2018 · 3 min read
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The chatbot is your new best friend. It answers all your questions.

It knows all.

Or does it, really?

The types of chatbots vary — see here. There are the basic widgets that greet you on practically every website nowadays and quickly transfer you to a real, live person. Then, there are the more advanced bots that interact with you in almost the same way a human would — the ones you can ask questions to and expect well-formulated answers in return.

Everyone from UPS to Sephora to Pizza Hut is using chatbots to improve customer experience. It’s a craze that’s sweeping all industries.

But the insurance industry, surprisingly, outspends all others when it comes to the utilization of chatbots. The Global Trends Study reports that in the insurance industry, companies spend an average of $124 million (per company) on artificial intelligence.

Surprising? We know.

Artificial intelligence is sexy. VentureBeat has deemed the insurance industry as one that is “typically perceived by outsiders to be one of the more decidedly unsexy industries today.”

Poor insurance. At least it doesn’t have to have a Tinder profile.

There’s even an annual summit — the Insurance AI & Analytics USA Summit. Their website says, “AI and machine learning are proving to be the only methods in which insurance carriers will be able to meet customer demands at scale.”

On that note, let’s take a look at some bots with jobs in insurance.

Customer Help

GEICO’s Kate — Kate is an intelligent assistant, currently available within the GEICO app for iOS and Android. According to their website, Kate can help with questions about policy coverages, billing information, or help you get a faster answer to other inquiries.

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Credit: Geico

Agent Help

Co-operative Banking Group’s “Mia”This internal assistant was created to answer banking and insurance questions. Mia was built with Natural Language Interaction (NLI) technology, meaning that it interacts in a more human way than most chatbots.

Bonus

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Omnidya utilizes chatbots in insurance, too. But we’re a bit different. We have two bots: Omnibot and Consumer Bot.

Consumer Bot. Consumer Bot makes it possible for you to be in two places at once. The intelligent bot is tailored to each consumer’s background, then utilizes machine learning to become perfectly customized for each individual — even syncing with your calendar and emails. Consumer Bot does all the dirty work for you: analyzing data and searching for the best deals, so you don’t have to.

Omnibot. This intelligent assistant communicates with Consumer Bot, pulling information as needed to answer your questions and help manage your insurance or trips. If Omnibot needs additional information, it’ll ask you through your smart home assistants.

Yep. We have bots that talk to each other. Pretty cool, right?

Want to find the most cost-effective deal on home insurance? Sign up here.

Omnidya AI

Artificial Intelligence. InsurTech. Future.

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