Why every insurance business should have live chat

With so many success stories for using live chat for sales and support, the opportunities should not be overlooked

There’s been plenty of studies showing how effective live chat really is, showing how much it is preferred over other channels for customer contact. Surprisingly, however simple it can be to implement the technology on a website; there’s still many businesses that have not yet adopted live chat to engage with customers – and are missing out on opportunities.

Why is live chat so important? Here’s some statistics that can help to answer the question:

Live chat leads to customer satisfaction

Live chat scores the highest satisfaction rates for customer service as a channel. 73% of those who have used live chat for customer service have reported to be happy with their experience, compared to 61% for email and 44% for phone.

It’s what your customers want

Ever heard that phrase that says give customers what they want? Well, it’s quite simple. They want live chat. 63% of consumers have said they are more likely to return to a website if it has a online chatbox available online, so, just image how many potential customers you could be saying good-bye to if they visit your website and find out there is no live chat.

Reports have shown that this is particularly important when it comes to e-commerce sites. 44% of customers have expressed that the availability to chat with an agent during an online purchase is one of most important features a company can offer.

It helps to keep visitors on your site

55% of online consumers are likely to abandon a site if they can’t find an answer to a question. With live chat as the logical resource to tackle this issue and provide instant answers to questions online, it seems like a pretty bad idea not to have it on your website.

Live chat drives results

More than keeping customers happy, live chat helps businesses to improve conversion and sales. The numbers speak for themselves: 49% of companies that use live chat have reported an increase in conversion rates within 2 years of implementing it, and 30% have seen up to a 10% increase in revenue after using live chat for less than 1 year.

How does live chat help insurance companies?

Talking more specifically about the insurance market, and why live chat is relevant – it’s essential to remember that in this industry, trust is a key factor.

When customers buy an insurance plan from a broker, it is usually because it’s someone they trust, someone they know will understand their needs and what is the best solution for them, who can guarantee quality and results. Live chat is well-known as a channel that helps to build trust and customer relationships from the moment contact is established. In the online space, human contact is usually minimised to a mechanical interaction of user and screen – but live chat presents the opportunity to humanise the online experience and add a personalised touch to the customer journey, helping to establish that trust that makes all the difference in the insurance business. 

Through a live conversation, an agent can not only provide instant help and quick answers, but also speak to the potential customer and get valuable insights, in order to offer recommendations and products that are best suited to their needs. It’s a window of human interaction where reliable support can take place, and great service can be delivered. The impact of service and experience cannot be overlooked by insurers; a study found that an enormous 91% of insurance holders say that good service makes them more likely to stay loyal.

Here’s 3 main benefits that insurance brokers and firms experience by implementing live chat on their websites and through the journey:

1- Assistance at the purchase stage

As we’ve said before, an online conversation can go a long way in pre-sales scenarios, for customers in the buying stage. Purchasing an insurance plan is not as simple as buying a t-shirt; there’s frequently a number of questions and uncertainties that can stop consumers from completing the process, and when the information is not easily found online, live chat can be the ideal solution for clearing up any doubts.  

Tip: Automated chat responses can help you by taking care of simple queries and answering basic questions. Use a chatbot to answer when you are offline and to automate quick responses to the most commonly asked questions. The chatbot can also capture contact details for you when you are not available, and get an agent to intervene when it’s most appropriate.

2- Live support to deliver the best solution 

We have talked about live chat provides the space for reliable advice. With insurance, it’s often the case that there’s extras or product features to complement a specific plan, and these that can be overlooked by the customer who is not familiar with the subject. A conversation through live chat can bring light to the gap and enable the delivery of complementary solutions.

Tip: Combining live chat with co-browsing can help insurance agents and brokers to take live support to the next level. You can talk online while navigating on a webpage at the same time as the customer, to point at specific elements on a policy page, for instance, to help them fill an insurance application form or show them where to click to add an extra to the plan they have purchased.

3- Providing instant documentation

One of the major benefits of an advanced live chat tool is that the exchange of documents can happen instantly and with minimum friction.  No more going back and forth via email with required paperwork; live chat is a tool for instant feedback. An agent can request from the prospective customer any necessary documentation right from the chat screen, and when completed, the customer can get their policy instantly delivered.

Tip: Use a live chat platform that will also document every conversation for much valued context and reference for your team, and that can integrate with channels like email and SMS to provide documentation for the customer through other appropriate channels.

Get a web chat platform that has it all

If you’re looking to wow your visitors and revamp your online customer journey, take Ibby for a spin.

You can get started with a 14-day free trial, and quickly discover how easy it is to improve support and boost sales with a live chat platform that combines features like co-browsing and workflow automations.


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