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Driving 50% Higher Efficiency with Voice Bots for one of the World’s Largest Insurance Brands

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Suvina

Enterprise Customer Profile

The insurance sector is one of the most data-intensive sectors. With the growing expectations of the policyholders, it is more important than ever for insurers to tackle customers’ need for convenient, personalised, and seamless experiences. Therefore, insurers are moving towards deploying conversational AI technology via text or voice to scale their customer-facing processes.  Yellow Messenger was tasked with automating one of the world’s largest insurance brands’ catering to 15 million customers spread across 167 cities with over 99K agents. It is one of the fastest growing insurance companies that has covered over 30 Million lives as of September 2020.

Business Need

Optimise customer outreach during the pandemic and reduce operational cost. Given the challenging economic climate, the insurance brand anticipated a drop in policy verification and collections in the aftermath of the pandemic. They were looking for an innovative solution that would help them optimise their customer outreach during the pandemic and reduce operational costs while offering superior customer experience.

Solution

Introducing a multilingual voice bot In the insurance sector, adopting voice technology can offer a significant competitive advantage and higher customer satisfaction. Yellow Messenger built a multilingual bot that would help users verify policy details, check policy due date, payment mode, update customer information, share premium due date reminders and more. The core use cases for the voice bot were:
  • Renewing premiums with existing customers
  • Regular collection of policy payments
Manually collecting and filing routine information can take up a lot of time for claim adjusters, keeping them away from  resolving critical customers issues. The insurance brand therefore deployed a multilingual voice bot built by Yellow Messenger to automate these mundane tasks.  The bot identifies and understands the intent of customer inquiries, pulls up policy details from the database or CRM, asks preliminary questions to determine the next-best-action, and routes any complex queries to a live agent. The bot is also integrated with client systems, policy administration, policy management, and billing to offer a seamless customised experience for users. Furthermore, customer behaviour on support calls can provide valuable insights for marketing and sales. Our proprietary NLP models can analyse these interactions to develop new marketing strategies. These along with voice recognition techniques can also detect emotions and ‘intent’  in customer speech to improve personalisation. Our voice bots have superior context-based intent identification to help understand queries better and provide insights from customer interaction to help constantly improve bot performance and understand consumer behaviour.

Delivery and Scope of the Voice bot 

The Voice bot was designed and delivered in 6-8 weeks to effectively handle the following:
  • Verifying Policy Details i.e. Policy Plan, Premium Paying Term, Premium Amount, Premium Paying Frequency, Premium Due Date. This was enabled via extensive integration with systems like policy administration, policy management and billing
  • Checking for Policy Due Date Payment Mode i.e. ECS and Non-ECS
  • Updating customer alternative contact number/email address
  • Multilingual Support - Hindi, and English (easily extensible to other Indian languages)
  • Superior, context-based intent identification for better understanding customers inputs
  • Insight into customer interactions to ensure incremental learning curve
  • A hybrid solution to enable seamless bot and human-agent interaction

Business Impact 

80% Reduction in Operational Cost

Automating end-to-end resolutions of routine policy and claims-related tasks help insurance companies save up to 80% of operational costs, as compared to fully manual customer servicing

12% Higher Bot Efficiency than Agents 

The bot proved to be 12% more efficient than live agents leading to an increase in customer satisfaction.

50% Higher Time Utilisation

Overall effective time utilisation increased by 50% for the live agents of the insurance company. To better quantify the impact, if a human agent can make 30 calls per day, the bot could make 60 calls per day or even more.

5x Scaling Capacity

The voice bot successfully handled over 1.5 million calls over 6 months providing 24/7 support to customers and is equipped to scale and handle 4-5X backlog in case of seasonal demands

In Conclusion

Yellow Messenger's success in meeting and exceeding key business metrics led the insurance brand to enable the bot implementation across two additional lines of business. It empowered the brand to showcase how their product and customer service experience outpaced their competitors. Key highlights such as excellent customer service, quicktime to set up, and unique offerings helped prospective customers see why this particular insurance company was the right solution for their needs. Want to see for yourself?  Curious to learn how Yellow Messenger can transform your business?  Schedule a demo to learn how we can help save cost by 80% and increase CSAT considerably.
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