Car Insurance Fully Digitalized: Using a Chatbot in a Bancassurance Portal

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May 3, 2021

In need of car insurance? A chatbot can help you get the best quote

 

A Tier-1 bank has joined forces with Verloop.io and Innoveo to further improve their existing Innoveo Skye®-powered bancassurance portal with the introduction of a chatbot, available both via browser and on WhatsApp. This solution does not only fuel the bank’s lead generation initiative but also enables customers to find car quotes suitable for their needs via a familiar and convenient channel.

 

A chatbot developed for our client’s bancassurance portal

 

How does it work? Imagine that you would like to get car insurance for your new car but are unsure about where to start. With the help of this new digital solution, you can start a conversation on the bank’s bancassurance portal with the Verloop.io-developed chatbot that will ask you a series of questions. By answering a few simple questions, the bot will suggest the most suitable insurance quotes for your review.

 

A step-by-step approach to provide the best insurance quote for the end-customer

 

The process begins with the chatbot asking you questions related to the vehicle you would like to insure, such as the brand, the model, the year it was made, etc. Here you have different options to answer, if the brand of your car is listed on the screen – e.g. 1-Audi, 2-BMW, 3-Cadillac, 4-Other – you can just simply type 1, 2, 3 or 4. If you typed 4, you will be prompted to type the name of your vehicle’s brand – this is possible due to the keyword recognition system created by Verloop.io, which helps detect car brands and models from text inputs. In case of typos, the chatbot shows the closest options, e.g. Teska will ask if the user meant Tesla.

Innoveo Car Insurance Fully Digitalized: Using a Chatbot in a Bancassurance Portal

Car Insurance Fully Digitalized: Using a Chatbot in a Bancassurance Portal

 

One of the foundations of this feature is Verloop.io & Innoveo’s collaboration with CarzData who provided a comprehensive list of cars, popular in the Middle East. With the help of this, data is pulled dynamically from the list, which is also constantly updated by CarzData, making sure that the chatbot always has the most up-to-date information.

Once you have answered questions about your vehicle and you are coming to the end of your journey, the chatbot will ask questions about you, such as your name, gender, nationality, years of driving experience, birth date, etc. As the last step, the chatbot will ask if you have any existing insurance plans.

 

A fully digitalized customer journey

 

Based on these inputs of the given user, the Innoveo Skye®-powered portal compiles a list of the most relevant quotes from a variety of insurance providers. In a matter of minutes, this is shared as a link with the user via the chatbot. Once the link is shared, the user can go to the bancassurance portal, select from the quotes, and go through the entire quote and bind journey online. While this happens on the front-end for the user, the Verloop.io chatbot collects the data provided by the user and records it in the Innoveo CRM. This helps the client keep track of all their qualified leads that have requested quotes, allowing their Sales Executives to make informed decisions on which leads they should follow up with.

With this ecosystem, we can provide an end-to-end digital buyer journey that fits the needs of today’s digital consumers and ultimately contributes to a better customer experience.

Péter Orbán, Product Marketing Manager at Innoveo

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