So, How Does an Insurance Chatbot Help Me?

PUBLISHED ON march 3, 2021

Santosh Vakil, Director of Business Development

Montreal, March 3, 2021 – So, how does an Insurance Chatbot help me?

Olivo. Derived from the Olive tree. Or simply – a tree. Thomas Jefferson once famously said “The Olive tree is surely the richest gift of Heaven. I can scarcely expect bread”.

Reminiscent of a tree, that offers us shade, wood, food and practically everything essential to sustain life on earth; Olivo provides the Insurance industry with all the necessary tools and services to thrive successfully in the new era. The question is – What does the new era focus on? What has changed over the past decade? Why do we need Olivo? Answer – Customer centric approach.

Let’s face it, Insurance Brokers have always been the pillar of this industry. They advise, customize and provide you with the best quote!

Imagine the 80s or the 90s. You want to buy insurance. You approach your broker. You provide them with all the documents. The broker gets back to you after a week and asks for some more. You provide them. You wait for a couple of days. The broker gets back with a quote. The quote seems high, but you begrudgingly agree. You don’t have a choice.

Imagine the 2000s. You want to buy insurance. Everything is now online. You submit your details and documents online. The firm assigns you a broker who validates the details and gets back to you with a quote. The quote seems high, but this time you have a choice. You compare the quotes from various insurance firms and buy the most suitable for you.

Fast forward to 2021. It’s 10pm. You are riding a bus back home. You want to buy insurance. You browse online and painstakingly provide your details to the chatbot on your broker’s website. At the end, the bot thanks you and assures to get back to you. But this is 2021! Why do you have to wait? You want your quote right away. You want to speak to someone, but most insurance brokers cannot provide you 24/7 service. They simply don’t have the resources to do that. Frustrating!

Notice the gradual shift? Commonly referred to as Digitally enabled Customer Centrality.

How do we achieve this? Olivo, Koïos’ flagship product, can help. Easily the most advanced Artificial Intelligence enabled Robo-advisor, Olivo is available 24/7. From an insurance broker’s point of view, Olivo aids with variety of tasks, from underwriting to insurance claims to customer service. There is a very good probability of humans making mistakes. Olivo makes sure that it creates a perfect audit trail to avoid mistakes and acts as the last line of defense. With enough training, it can provide potential clients with an accurate quote or general advice even when you are not available. It is advanced enough to answer your phone calls to provide this information. From a customer’s point of view, the biggest pain point of not obtaining a quote, advice or information at your leisure is addressed. It is surely a win-win scenario.

But what makes Olivo – the Robo-advisor, different from the numerous chatbots present on your broker’s website? Koïos’ Chief Scientist and Founder, Mohamed Hanini explains that Olivo is an innovative, futuristic tool, presently accessible, built with the extensive strength of intelligent machines, flair of Artificial Intelligence and the experience of Operational Research. At the heart of Olivo is its in-house designed and built, Natural Language Processing’s Conversational AI. In simple terms, it’s “almost” human. It will listen, speak, and aid like a human. No errors, never offline. Present era chatbots will at the most direct your query to a sales agent. Olivo IS the sales agent, broker, and your friendly customer service executive, all bundled into one.

Reliable as ever, Olivo never lets you down.