Publication

The Future of Chatbots in Insurance

In our global assessment of 100 business chatbots, we’ve identified the key elements for insurers to incorporate into these systems. Find out what they are.

Ulrika Mann

Ulrika Mann,

Want to streamline the customer experience, reap cost savings and shift processes from reactive to proactive? Then chat bots are the way forward. 2018 saw a surge in chatbot development for a range of business needs. The global chatbot market is expected to reach USD 1.25 billion by 2025.

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However, when chatbot interactions are mechanical, non-conversational or inferior to human-based conversations, the initiative can lead to a loss of business. Therefore, organizations need to carefully plan and execute these systems to overcome strategic and tactical challenges.

To help insurers create a successful chatbot implementation, we’ve worked to decode the anatomy of a chatbot, based on an assessment of roughly 100 existing systems used around the world today, 20 of which are offered by businesses in Asia Pacific. We focused in particular on the best chatbots in the insurance industry, including those from Lemonade, Trōv, Next and LeO.

This report presents three pillars of an effective chatbot – communication, comprehension and collaboration – and illustrates how chatbots should excel in these areas. We also discuss the potential impact and use cases of chatbots for various lines of business in the insurance industry.

You can also read more about Cognizant's offering and current trends within the insurance industry.