Integrated Process Flow for AI-Powered Life Insurance Need Analysis Tool

1. User Interaction & Data Collection

1.1 User Initiates Chat

• User interacts with the AI-powered chatbot to explore life insurance options.
• Chatbot introduces itself and asks preliminary questions to understand user intent.

1.2 User Provides Financial Needs & Personal Information

• User inputs financial details such as income, dependents, financial goals, existing policies, and risk preferences.
• Optional: Upload supporting data (if applicable in future versions).

1.3 Chatbot Validates Input

• Ensures completeness, consistency, and accuracy of user inputs.
• If incomplete or inconsistent, the AI asks follow-up questions for clarification.

1.4 Chatbot Processes Input with NLP

• Uses Natural Language Processing (NLP) to understand user intent, financial objectives, and constraints.
• If the chatbot determines that sufficient information is available, it proceeds to recommendations.

2. Need Analysis & Plan Recommendation

2.1 Analyze User Needs

• Determines insurance requirements based on financial inputs and user goals.
• Classifies users under different categories:
  • Goal-based: Child education, retirement, wealth creation, etc.
  • Risk-based: Low, medium, or high-risk tolerance.
  • Affordability-based: Based on budget constraints.

2.2 Retrieve Plans from Knowledge Base & External Sources