Floatbot allows insurers, agencies, MGAs, and agents to leverage its AI-powered chatbots and voicebots.
Floatbot said this can increase digital sales of insurance policies and renewals by 150%, reduce customer support costs by 40%, automate claims FNOL, and increase customer satisfaction (CSAT) scores by 80%.
Socotra enables insurers of all sizes to launch insurance products in as little as two months with minimal effort and expense. With Socotra’s off-the-shelf capabilities and open APIs, insurers can configure any insurance product and facilitate integration with next-generation technology.
Through the partnership, Floatbot’s chatbots and voicebots will read and write mission-critical policyholder information directly from Socotra, providing customers with a more personalised experience, while streamlining insurance operations. The combined solution will give insurers the ability to enhance the customer experience from quote to claim, while automating customer support, contact centre operations, and claims FNOL.
Jimmy Padia, CEO of Floatbot, said, “Forward-looking insurers face challenges today to deliver superior customer experiences without increasing operational costs. Combining Socotra’s robust backend capabilities with Floatbot’s leading conversational AI technology, insurers can take advantage of efficient product management, omni-channel customer engagement, more sales and renewals, lower support costs, and enhanced customer satisfaction.
“What makes this partnership unique is that it provides insurers with a complete solution that covers product development to sales to customer support.”
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