Now Range Chatbots Back to Top
Analysis by: Kimberly Harris Ferrante and James Ingham
Description: A chatbot is a domain-specific conversational interface that uses an app, messaging platform, social network or chat solution for its conversations. Basic chatbots use simple, decision-tree-based implementations that are always narrow in scope. A chatbot can be text-based or voice-based, or a combination of both.
Sample Providers: Amazon; boost.ai; Hi Marley; Pand.ai; Rulai
Range: Now (0 to 1 Year)
Gartner estimates that insurance adoption of chatbots is approaching 60% of the way to the early majority target. Chatbots in insurance have been predominantly deployed in property and casualty (P&C) insurance, with more limited use across individual and group life insurance. It is worth noting that there are also rule-based chatbots available on the market that scan for keywords, which should not be confused with AI-based chatbots. These first gen solutions will also be superseded by Large Language Models (LLMs). Effective use of a chatbot enables increased revenue through expanded support of online sales of complex products (especially relevant to life insurers) and lower costs by driving sales and customer interactions to a less expensive self-service channel. Chatbots help insurers respond to increasing expectations from their customers when engaging with their provider — which translates to higher financial empowerment and revenue positive actions for policyholders.
Mass: Medium
Product leaders can select from a wide range of conversational platforms to create chatbots for insurance. Some platforms use a complex mix of semantic and machine learning (ML) technology, and most are rigid, menu-based systems with preconfigured responses.
Gartner, Inc. | G00786204
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This research note is restricted to the personal use of abhishek.sharma@fractal.ai.
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