Chatbots and Virtual Assistants in Insurance Decision Support

Abstract

Purpose: In this chapter, we have theoretically investigated the role of artificial intelligence (AI) supported chatbots and virtual assistants in reshape the decision support systems in insurance industry.

Methodology: For this purpose, we adopted a theoretical approach to investigate the bounded rationality theory, technology acceptance model, and sociotechnical systems theory, and draw insights to comprehend the intersection between AI and insurance ecosystem. These theoretical insights were used to develop a “AI-nudge framework for insurance decision support” that explains the role of AI for nudging the users toward insurance-related informed decision-making.

Findings: It was found that through the user interaction, conversations, sociotechnical system dynamics technology acceptance drivers, the AI can nudge the user toward the use of insurance support systems such as chatbots for informed decision-making. Thus, AI must be integrated to the user interfaces for personalized decision support, ethical considerations, and continuous learning mechanisms. We outlined the future trends and presented the directions for future research in the context of AI-enabled chatbots and virtual assistants for insurance decision support.

Citation

Purohit, S. and Arora, R. (2024), "Chatbots and Virtual Assistants in Insurance Decision Support", Taneja, S., Kumar, P., Reepu, Kukreti, M. and Özen, E. (Ed.) Data Alchemy in the Insurance Industry, Emerald Publishing Limited, Leeds, pp. 197-209. https://doi.org/10.1108/978-1-83608-582-920241029