Insurance Distribution

ICTA Nomination: Mitchell & Whale Engages Consumers With An AI-Based Chatbot

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2017 ICTA Nomination.   Technology by ProNavigator.

The chat bot works 24/7 without tiring and without a limit to how many customers it can help at one time. The chat bot provides service and answers to our customers on some repetitive questions, inquiries and services that can now be automated. It allows Mitchell & Whale to provide a better customer experience by presenting it in a chat medium that is natural to the modern consumer. This can be a much better user experience than the static web form.

The chat bot learns quickly, allows us to aggregate and analyze the data so we can make changes and optimize. This type of optimization allows the chatbot to carry a meaningful workload, lightening the workload for our brokers.

The chat bot has already proved its value, with quotes coming through closing at 20% just in its beta release; these were impressive numbers for us. It is already closing better than a number of other online engines we have tried, which closed at half that number, and chat bot is learning and improving with each interaction.

As users continue to interact and use the chat bot, we will be able to strengthen the machine learning component to help our internal teams, by indexing our carrier partners underwriting manuals, our internal procedures and industry rules and regulations providing the best quick reference tool.

Business Impact

These are very early days for chat bot technology as a whole and early days for us using it. It was important for us to be an early adopter on this trend to try and push it as far as it could go in insurance.

Here is what we know so far:

  • Over the last 30 days 100 people have interacted with the bot
  • 45% were getting a quote
  • 20% closed/sold

This alone pays for itself and justifies having it.

Here is what we know about the market and the business case for a bot:

  • Majority of the traffic on line is from a mobile device.
  • Messenger and chat services are the most used apps online.
  • We had web 1.0, 2.0, mobile and many are saying that the chat era is next – people will get increasingly more comfortable interacting with business via chat and messenger.
  • As we look to scale the business we are armed with an increasingly more powerful machine learning, artificial intelligent technology platform that will take on massively increasing roles in the future.
  • Inside 5 years we believe this technology could follow the Pareto principle with the AI being able to handle 80% of the repetitive task we do today.

About Mitchell & Whale

A third-generation brokerage which has grown dramatically – all organically – since 2009 as a result of a culture of sales, competition, customer service excellence and innovation. For more information, visit www.mitchellwhale.com.

About ProNavigator

ProNavigator is an insurance technology company focused on transforming customer expectations and interactions within the insurance industry through our Fintech application. Using Artificial Intelligence and Chatbots you are able to provide 24/7 customer service and support. For more information, visit pronavigator.io.

Source: Mitchell & Whale


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