With a market share of 50% among online insurers and 90% among aggregators, Policybazaar claims to be the largest online platform to compare and purchase policies. It gives general, corporate, motor, health, and life insurance. Based on the business, ever since its inception in 2008, it’s been witnessing 100% year-on-year growth.
This fast-paced growth was putting huge pressure on Policybazaar’s wedge where millions of insurance purchasers transacted with over 40 insurers. As business figures and conversion rates soared, it started to be humanly unachievable to cater to consumer queries effectively.
“We handle half a million calls each day. The scale at what Policybazaar operated, there were problems related to getting consumer calls, servicing them and updating clients with the proper info. It was becoming hard for our call centers to reply to every single call,” said Rahul Agarwal, CTO, Policybazaar.
With the goal of’ customer first and sustained profitability for the whole insurance eco-system,’ the business determined it was time to deploy cutting edge technology to tide more than operational bottlenecks.
Policybazaar realized the way ahead was lay in leveraging chatbot and callbot technologies driven by AI, ML, speech-to-text technology, and then Natural Language Processing (NLP) algorithms.
For dealing with the half a million phone calls got regular by its call centers, Policybazaar created a homegrown call bot known as Polly. Whenever a buyer calls, the callbot’s speech-to-text (STT) algorithms determine what he/she is thinking and what’s the intention. The program, that is driven by AWS, then changes text-to-speech (TTS) and replies to the query. The product is automated without any manpower.
“The technology algorithms determine what the consumer wants. Polly then will help to voice out the solution to the consumer, therefore, redressing his grievances,” avers Agarwal.
All of the emails are captured and transcribed to text by using Policybazaar’s proprietary speech-to-text technology. The ML and NLP can discover the sentiments of the clients and allow better market segmentation.
The chatbot — PB connect – likewise maximizes these underlying systems to answer consumer queries effectively. Not merely does it help clients with information regarding the claims, also, it tells them the updated status of the new policy that they’ve used for.
Few documents have to be filed again for processes and approvals, the chatbot communicates the proper email, saying “document x has to be filed again” rather than what its earlier idea of “problem contained filing documents.”
Collectively, the chatbot and the call bot have assisted Policybazaar in obtaining its’ customer first’ policy.
During the peak season each year, there’s an enormous spike in two-wheeler insurance. The company utilized to grapple with this particular struggle. With the chatbot and phone callbot, policybazaar has been in a position to resolve 70-70% customer queries.
Earlier when the screen flashed’ problem inside filing documents,’ the buyer had to write an e-mail asking for the explanation. With the integration of these bots, they today immediately get to know exactly where the matter is and what must be completed.
With bot technology, Policybazaar is now a lot more effective. It’s currently in a position to use human resources in a far better way.