Chat support for insurance and banking firms

 AI is rapidly becoming an integral part of businesses around the world.

Today every industry is experiencing an increase in consumer expectations and demands and the best resolution to this on-going challenge is by utilizing the most advanced tech solutions such as chatbots, machine learning, natural language processing, and artificial intelligence.

This is even more valid for the financial sector, where AI has been implemented in various verticals to improve aspects like security, efficiency and the complete customer experience.

Over the years, financial institutions have gone through a complete digital transformation. From e-transfers to contactless credit cards, there can be no denial to  the irresistible shift to digital transactions.

In banking, financial services and insurance sector, customer support is a part wherein the usage of AI is most mainstream. The increasing deployment of augmenting customer service with chatbots, have totally replaced human agents in some cases . Although chatbots are not capable enough to address critical customer queries, most of the time where the customer queries are simple or repetitive in nature, chatbots are able to show great results and thus have replaced customer service representatives.

Alongside this transition, how and where customers access support has also changed. A research notes that 79% of customers prefer live chat due to the immediacy it offers compared to many other channels.

Live chat provides your team a complete host of new capabilities. Mapping your team’s customer experience goals to overall company targets will help you decide which are the most essential features to focus. Here are some tips to Live Chat Best Practices for Financial Services

Design an effective chat button

A well-designed chat button is one of the most vital yet often overlooked aspects of live chat. It can affect a customer’s user experience, but also help you attract and connect with customers better. Your chat button must be easily visible and accessible without being too busy or distracting. It also must be 100% on-brand.

Measure customer feedback

Post-chat surveys are one of the effective tools to gather customer feedback after a chat ends. Listening to your customers opinion is an invaluable part of any customer experience strategy. Keep your survey short and sweet and use Net Promoter Score (NPS) or a five-point scale to get the best responses.

Automate your chats

Set it and forget it with live chat routing rules. Automatically routing inquiries to the right agent in the right department means no more ‘transfer tag’. Transfer credit card queries to the credit department and insurance claims to the insurance department, where they belong. This will as a result save a lot of  time and effort for both your customers and your agents.

Providing personalized service at scale is a huge challenge. Kapturechat, let's you leverage automations, self-service, and AI to extend financial advice quickly and efficiently. Your customers can now get the answers to their queries with the help of a center to confidently make informed financial decisions. A knowledge base can empower chatbots and AI to divert inquiries while also collecting information to route clients to the right agent if required. Since better communication helps you build strong relationships.

Clients keep moving to the bank branches to 24/7 access to their accounts—this insights the need of a seamless support experience whenever and wherever they are. Kapturechat enables easier for you to ensure that your clients are getting an effortless personalized service they expect—on any channel.  With the help of this proactive support, it’s even easier for you to anticipate the needs that may arise which results in quick responses and happy clients.

These technologies are already transforming the industry and the insurance companies are expecting the same as banks: to build customer loyalty in a thriving product ecosystem. Therefore to cope up with the situation they are using artificial intelligence and chatbots making their processes more transparent and engaging the customers. 

The best aspect regarding chat support for insurance companies is that they provide insights into what users really want.

To make sure that the process of buying an insurance policy goes smoothly and without any problems, insurance companies use chatbots to track user data and gather valuable information to cater to those changes and provide the right solutions at the right moment.

Let's look at some of the benefits of chat software for insurance and banking industry - 

• In the insurance sector, chatbots guide customers, file claims, move payment dates and get auto insurance quotes.

•  Chat support for insurance also helps small business owners to answer queries such as “what is a deductible” and “how does the claims process work?”

• Chatbots are also assisting ecommerce companies in resolving unique customer support queries through natural language processing.

• Chatbots in financial services answer customer queries and also help clients to make payments and manage funds from multiple accounts.

• Through chat support, companies are automating replies to frequently asked questions. Moreover, companies are also integrating their chatbots with other management tools for more enhanced customer service.

• Chatbots for banking and financial companies employ it to verify a customer’s credentials for better security. Chatbots are also aiding customers with issues like disputed payments and their individual statuses.

In regard to all these details, we can say that AI and chatbots are depicting a progressively important role in banking and insurance sector, and also beyond those two industries. These technologies have grown as a crucial element of every market in the world and they help render the most excellent way to tend to consumers’ needs but also to educate and empower them to upgrade their entire quality of lives.