Top Insurance Org Grossed ₹39Mn in under 6 Months with Conversational AI

The Company – A Leading Insurance Provider

Our client is a leading service provider in the Indian health insurance sector with more than 15 years of experience having a national presence handling 600+ branch offices. The client aims to be the largest health insurance provider ensuring financial security for healthcare management for the average Indian.

• Industry – Insurance sector
• Employee Strength – 13,000+
• Solutions implemented – CAI bot as a web application and on WhatsApp

The Problem – Improving Revenue during the ‘New Normal’

In the last two years the pandemic turned the world upside down in terms of accepted business practices, especially interacting with other businesses or customers. As the pandemic wreaked havoc all over the world, many businesses worldwide struggled to streamline operations and sustain during the crisis.

Insurance sales, an activity heavily dependent on field agents to drive conversion is a complex process having multiple human touchpoints. Adding to the woes, there was an unprecedented increase in service call volumes during this period.

Our client, one of India’s leading insurance service providers, was no exception to this predicament. To reinvent their business gains, they turned to us and our expertise in the Conversational AI space. The following were their requirements for this project.

• Contactless Commerce: Drive business and revenue generation through multiple digital touchpoints
• Tech Driven: They wanted to attract their tech savvy customers who were looking to buy policies without the hassles of the traditional buying process and associated delays
• Improved CX: Provide instantaneous support across channels through multiple touchpoints for new and existing customers
• Digital Renewals: Renewals have to be a seamless digital experience for users instead of the traditional way of going through multiple approvals

The Solution – CAI bot as a web application and on WhatsApp

We identified WhatsApp to be a major communication channel in India and its use peaked during the pandemic. We implemented a Conversational AI bot, both as a web application on the client’s website and also leveraged WhatsApp as a channel.
The solution involved a couple of major components.

• Automate the information capture workflows for different general insurance products using conversations. Use conversational powered bots on the website, WhatsApp, and other channels to execute a certain set of actions including but not limited to document fetching, policy renewals, etc. These conversational apps are also integrated with the quote engine to deliver the price to the customer, service application for call-backs, and in completing the sale.
• A low-code platform to convert existing and new business process workflows into conversations. This helped the customer with simpler migration and adoption strategy for the new conversation channels.
  The benefits included significant operational efficiency gains for the customer support teams in the form of offline information capture by the BOTs and additional sales from the newer conversational channels.

Benefits to the End Customers

• Multilingual support where customers can interact using their native tongue or other languages of choice
• Ease of use for new customers where the bot contextually understands requirements via advanced NLP
• Policy renewals are not dependent on the help of agents or customer support executives
• Support staff spending a huge time on renewals were redrafted to more value-added tasks
• Customers renew policies 24/7 from anywhere in the world and download renewed policy documents at a moment’s notice

Benefits to Insurance Agents/ Partners

• Create new policy proposals with their smartphone and share them via WhatsApp or the customer’s preferred channel of communication
• Generate a policy renewal link and share it with the customer along with the reminder to renew policies through WhatsApp

Benefits to the Client

• Increase in digital policy enquiries improved the overall lead pipeline for the organization
• Improved conversion of customers, especially millennials and Gen-Z who prefer contactless sales channels
• Multiple touchpoints to capture new sales like website bot, WhatsApp, and other channels
• Faster sales cycle for the agents where new policies were created in shorter timeframes as opposed to the traditional sales cycle taking days for approval