Voice AI for Insurance: Streamline Inbound Support

Today, the expectations of insurance customers are heavily influenced by the tech first disruptors. In order for traditional insurance companies to continue with their market domination, they will need to take a comprehensive and structural approach to transform their business models to compete with the nimbler tech-savvy entrants- Insurtechs, which are redefining product offerings and customer experience (CX).

The insurance industry is going through a tectonic shift, as more consumers are buying insurance policies online rather than taking the help of agents/brokers, in order to minimize contact – a behavioural change that has accelerated due to the recent Covid-19 pandemic. The online insurance market in India is expected to grow to INR 220 billion by 2024 (Mordor Intelligence report). However, most insurance companies are overwhelmed with the increased surge and face a hard time in resolving queries of leads and customers. 

Since the trend is only going to increase in the future, it’s critical for insurance companies to reimagine their inbound support strategy. With limited resources and increasing support queries, insurance companies need to leverage the right technology and automation to see results.

AI Voice bots, for example, are becoming increasingly popular among insurance companies and are being leveraged by many insurance companies to answer mundane support requests and streamline the claims process. In this blog, we dive deeper and understand exactly how AI Voice bots are driving value for insurance companies when it comes to inbound support –

Role of Voice AI 

Voice AI is a combination of technologies that enables interaction between computers and customers through voice. AI Voice bots that are powered by Voice AI are built using sophisticated and advanced Artificial Intelligence (AI) algorithms. 

With the ability to understand the context and intent and hold human-like conversations they can engage with customers and assist them without any human intervention. 

By connecting with the customer at different stages in the customer journey, be it to remind them about upcoming renewals, lead qualification, answer FAQs or inform about claim submission status, AI voice bots delight the customer while freeing up additional agent bandwidth to take up complex tasks. 

While the solution is equally effective in increasing renewals and for proactive customer engagement, in this blog, we’ll just focus on how it can streamline inbound support – 

Answering FAQs around policy quickly

Insurance companies receive a lot of inbound queries daily around premium payment terms, maturity date, lock-in period and more. A huge chunk of these queries are mundane in nature and don’t need human assistance. However, most insurance companies still resolve these questions manually. 

With limited bandwidth, companies struggle in reducing response times. Also, this negatively impacts the productivity of the agents as they waste their time answering repeated queries each day. 

A great way to fix this is by leveraging AI voice bots to answer these questions. They can easily understand the customer’s query and resolve it instantly 24/7. Customers no longer need to wait in a queue or go through complicated IVR systems. With the right integrations, AI voice bots can easily fetch customer past data to provide a personalized support experience. 

By freeing up agent bandwidth, human agents get more time in resolving complex support queries. Customers on the other hand get immediate answers to their queries which could have otherwise easily taken a few minutes. 

Additionally, AI voice bots are extremely helpful in tackling surges in the number of support queries during certain events such as a flood, earthquake etc. 

Enhancing the claims experience 

The claims process is a defining moment in a policy holder’s life. They expect it to be frictionless. However, most of the time they’re left disappointed. Traditionally, the insurance claims process has been slow and challenging. Getting a claim processed in a few days or weeks with minimal effort is nothing less than a miracle. 

With time, insurance companies have understood this. They know it’s critical for customer retention, sustainable growth and differentiating themselves from the competition. Hence, they constantly employ different strategies and technology solutions to streamline their claims process and make it more efficient. 

But, oftentimes, the reason for dissatisfaction among customers has to do with the lack of information around the status of the claim (especially during life-changing events) than the overall processing time. To fix this, insurance companies can leverage AI voice bots.

AI voice bots can intelligently assist customers throughout the claims process and even proactively inform them about the status of their claims. They can answer common questions around how to raise a claim, claim forms and more. If required they can also seamlessly do handoff calls to agents. 

By engaging with customers at every stage and keeping them in the loop, they prevent any information gap and remove the need for them to reach support. This significantly enhances the customers’ claims experience, thus increasing satisfaction and customer loyalty. 

The road ahead for Insurers

By focusing on convenience, personalization, friction less customer service and building loyalty insurers can stay ahead of the competition and attract loyal customers. But the road ahead for them is not easy. Insurers need to invest in customer-centricity to build and maintain a competitive edge.

About Skit

Skit is an Augmented Voice Intelligence Platform, helping businesses modernize their contact centers and customer experience by automating and improving voice communications at scale. By enabling preemptive, intelligent problem solving and seamless live interactions, we have automated over 15 million calls for global enterprises across industries. We help our customers streamline their contact center operations, reduce costs, and also enhance customer experience and engagement.

Connect with us if you’re interested in learning more about the platform and how it can streamline your contact center strategy.

Why NBFCs Need Voice AI To Create Differentiated Customer Experiences

Today, non-banking financial companies (NBFCs) are a major force in financial inclusion by offering credit to underserved retail, small businesses and consumers in India. The industry has seen phenomenal growth in the past few years and is expected to grow by 9.5% in FY22. They play a critical role in the development of core infrastructure, employment generation and in helping the weaker section of the society financially. NBFCs have, in a lot of ways, has been instrumental in filling the gap in credit availability that has existed in India for so many years.

According to PwC, NBFCs have outperformed banks in new credit deployment. The ability to scale faster, customize rigid policies and continuous experimentation with the latest technologies has played an important role in their growth.

NBFCs have a deep understanding of different customer segments which is extremely critical for them to be able to effectively attract, convert and serve customers in a personalized manner.

Since the beginning, NBFCs have leveraged technology to streamline their operations and become more efficient. In the past few years, they’ve also heavily invested in data analytics and Artificial Intelligence (AI) for improving the customer journey and enhancing the customer experience – eSignature, eKYC (Know your customer), video chats, IoT-based data collection for connected cards, behavioural analytics and more.

Gaurav Chopra, Founder & CEO at India Lends said, ” The Indian retail borrowing has evolved over the years and in this past year, a paradigm psychological shift has been observed in consumers’ borrowing behaviour. This change resulted in a significant rise in demand for personal credit.”

Growth Opportunities

Even with the increase in the disposable income of consumers and improved access to credit, India is far behind when it comes to the Credit to GDP percentage (refer to the graph below). This clearly illustrates the massive growth opportunity in front of them. Regulatory innovations, government initiatives and convergence of technology in the last ten years are a few of the main reasons for their consistent growth in India.

Reports say that the recent pandemic has further fuelled their growth as more people leverage contact-less and paper-less lending. It has also fast-tracked digital transformation for NBFC companies.

CX Challenges for NBFCs 

Despite the robust growth, NBFCs are facing challenges due to different factors, the primary ones being the increasing competition from new Fintech companies and increasing demand for a superior customer experience. In this article, we look at four customer experience challenges NBFCs are facing and their solution:

Identifying the Right Opportunities 

NBFCs generate a prospective customer base through different channels, be it through the website, partnerships, or inbound calls. While on the outset all the leads might seem good opportunities, in most cases only a few are valuable. Support agents usually end up wasting their important time by speaking to the wrong leads. This greatly impacts conversions and agent’s productivity. 

To solve this problem often brands outsource their lead qualification to a third-party agency. However, this only ends up creating additional challenges. Further, since brands have little to no control over the communication it poses a huge risk to the CX. 

Also, checking the prospect’s interest level is not enough. A person might be interested in taking a loan but if he fails to meet even one of the eligibility criteria, he’s disqualified. Usually, this is verified by an agent manually over call and by going through the submitted documents.

Solution

One very effective and scalable way to automate prospective lead qualification is by leveraging voice bots. Before going deep into how they can help, let me talk a bit about voice bots and how they work. 

Powered using Voice AI, voice bots can converse with customers in a natural and multi-turn conversational style. The experience is very human-like. Voice bots can allow you to engage with your customers 24*7 in a scalable manner. 

Whenever a new prospect enters the CRM, voice bots will make an outbound call to explain about the product, collect important information and check their interest levels. It also answers common questions around the product and suggests other alternatives too. All this information is captured and the prospects are tagged as interested and non-interested. Depending on the interest levels, agents prioritize their engagement with the lead. In case, during the call, a prospect wants to connect with an agent, it can make seamless handovers too. The voice bot can further qualify the prospect by checking their eligibility. This can be done by asking multiple questions to the prospects.

Apart from lead qualification, voice bots ensure that all prospective customers are engaged quickly. Lead response times are critical because the sooner you respond to a lead (if it’s qualified) the higher the chances of conversion.

It also provides brands with important customer insights and other data that can help them understand the performance of different channels. 

Creating a good onboarding experience 

Most NBFCs struggle with customer retention. They’re failing to build trust among their users and a lot has to do with customer onboarding. While often overlooked, welcoming the customer and explaining important clauses plays a huge role in creating a good first impression. This is especially important in an industry where the number of customer touchpoints is very few. 

However, calling each customer and onboarding them is a mundane and resource-intensive process. With limited bandwidth, companies find it impossible to assign agents specifically to onboard customers. 

Solution 

A scalable way of welcoming and onboarding customers is through voice bots. They can automatically trigger calls to customers and explain the product, answer common questions, and more. Further, if a customer doesn’t pick up the call, the bot can intelligently re-schedule the call. By automating the complete process, voice bots free up agent bandwidth without compromising on customer service quality. 

Thus, Voice AI can not only help enhance the onboarding experience for customers but also contribute to major cost savings. 

Streamlining Collections

Every NBFC in the lending space is continuously trying different strategies to streamline its collection process and make it more efficient. The primary challenge NBFCs face is in reducing the number of defaulters. To ensure customers make timely repayments, they greatly depend on reminders across different channels and phone calls. In fact, the most common reason for missing a repayment is not receiving any reminders. 

Let’s learn how the process of repayments can be further streamlined for scalability and efficiency by leveraging the right technology. 

Friendly Reminders for Repayments   

While often underutilized, triggering reminders a few days before the repayment greatly helps in reducing the number of defaulters. By reminding them in a timely fashion, customers can ensure that their account has sufficient account balance for payment deduction thereby saving them from the unwanted hassle and late fee charges.

In case the customer wishes to pay instantly, the voice bot can also trigger an SMS notification with a payment link. Further, when a customer is busy, voice bots can make follow-ups as well, reducing the number of defaulters.

Thus, Voice AI plays an important role in improving the debt collection metrics for NBFCs.

24/7 Customer Support

Responding to and resolving customer support requests quickly is everything. Customers today expect resolution irrespective of the day or time or whether it’s a holiday. However, meeting these needs is a huge challenge for NBFCs.

Solution 

Voice bots can help NBFCs provide round-the-clock support. So be it tracking claims or answering questions, voice bots can integrate with the internal systems and provide an instant resolution. Providing personalized support, enhances the CX and promotes brand loyalty.

Apart from this, voice bots can also be leveraged in the case of an unexpected spike to free up agent bandwidth. 

Over to You

Both the new entrants and NBFC leaders need to consistently deliver great customer experiences and keep innovating by adopting new-age technologies for sustainable growth. Looking at the current state, there’s a huge scope for improvement especially when it comes to traditional NBFC companies. 

By leveraging solutions such as Voice AI, NBFCs can not only enhance customer experience but also optimize their operating costs and expand the value provided to customers.

About Skit

Skit is an Augmented Voice Intelligence Platform, helping businesses modernize their contact centers and customer experience by automating and improving voice communications at scale. By enabling preemptive, intelligent problem solving and seamless live interactions, we have automated over 15 million calls for global enterprises across industries. We help our customers streamline their contact center operations, reduce costs, and also enhance customer experience and engagement.

Connect with us if you’re interested in learning more about the platform and how it can modernize and transform your contact center.

Voice AI for E-Commerce: Reimagining the Customer Experience

The Ecommerce sector is the fastest-growing sector in India and is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion in 2017 (IBEF). Most of the growth can be attributed to the rise of online shoppers due to increased smartphone and internet usage. In fact, according to a report, the number of active internet connections in September 2020 was 776.45 million. 

The pandemic and social distancing have further accelerated the usage of online shopping apps like Amazon, Flipkart and BigBasket. The beauty and wellness category, for example, saw volume growth of more than 130% during the pandemic, according to a report by Unicommerce

But the increasing growth has posed multiple challenges for the Indian ecommerce companies, including stiff competition and the demand for a frictionless and superior online shopping and customer experience.

CX in Ecommerce 

In Ecommerce, CX is a combination of all the experiences across the customer journey, right from when the customer installs the application/visits the website to product returns/refund.

Today, every company is obsessing over creating delightful customer experiences and it’s for all the right reasons. Take the example of the ecommerce giant, Amazon, which has been successful in providing customers with the best experience for multiple years now. It is also a leading company in the American Customer Satisfaction Index (ACSI) in the category of Internet Retail.

With increasing demand and customer needs, technology has a critical role to play in helping companies achieve customer experience goals. Let’s take a look at voice technology and how it’s transforming CX for the ecommerce industry. 

Rise in voice technology 

Today, voice technology has become an integral part of our lives. We use it right from playing our favourite music track, switching on lights to ordering a product online. Companies have also been very quick in leveraging it to provide a personalized customer experience across the customer funnel. 

Ecommerce companies, for example, are using AI-powered voice assistants for everything including triggering personalized product recommendations, creating a shopping list, tracking order status and raising a complaint. It’s as easy as saying “Hey Alexa, add tissue papers to my cart”.

According to a Capgemini Report, “By 2022, for each activity across the ecommerce consumer journey, the consumer uptake of voice is expected to increase by 15 percentage points or more compared to today’s levels.”

Here’s what consumers are performing using voice assistants –

  • 51% of users research products
  • 30% of users track a package
  • 18% of users contact support



Let’s look in-depth at how voice is impacting a typical customer journey and assisting companies in providing personalized customer engagement and faster service.

Increase in Voice Commerce 

Imagine having a dedicated salesperson guiding you through a product purchase at the comfort of your home. Sounds too good to be true?

Today, with voice commerce you can do exactly that. You can speak with a voice assistant to buy a product without browsing through the web or opening a shopping application on your phone. Just as you check the weather on your phone using voice commands, you can ask questions, check ratings, product details and more.

While there are multiple advantages, the biggest one for voice commerce is convenience. This helps consumers save time and maximize ease. Juniper Research forecasts that voice commerce will be over USD 80 billion by 2023. 

Voice AI for customer engagement and support 

The customer journey for any ecommerce customer is very complex and involves multiple touchpoints, more than any industry. For example, on mobile, only 15% of the customers who’ve added products to their cart end up making a purchase. Cart abandonment is not something new to the ecommerce industry and they’ve been employing different strategies to tackle it including triggering emails and push notifications. 

To further reduce cart abandonment and tackle other similar challenges, companies are increasingly adopting Voice AI solutions. For example, whenever a user abandons a cart, an outbound call can be automatically triggered to a customer after a certain period to understand the reason for cart abandonment. Depending on their response, ecommerce companies can take appropriate action. For example, if the customer was facing a payment issue, the company can suggest alternative payment methods and so on. This can drastically help in reducing the number of cart abandonment.

Similarly, Voice AI can help with customer reactivation, promote offers/new launches and update customers on product availability and price drops. When it comes to customer support, Voice AI can allow customers to raise complaints instantly, answer frequent queries and collect important feedback interactively. 

Future of voice in Ecommerce & opportunities 

The rise in the usage of voice-enabled devices in the recent past has clearly shown how comfortable consumers are becoming when it comes to engaging with conversational assistants. According to a report jointly released by Kantar Millward Brown and IBM, “There are already 33 million voice-enabled devices installed globally.”



Apart from few challenges, voice technology is a game-changer for ecommerce companies. Be it voice commerce, customer engagement or support, voice has a huge role to play across the customer journey. When used at the right time and situation, it can create unforgettable experiences for customers.  

This is a huge opportunity for ecommerce companies to reimagine their strategies and customer journey across different stages. By doing this, companies can not only enhance CX but also stand out in the competition. 

Brands providing a good experience with their conversational bots are driving higher levels of customer engagement (Capgemini Report). 

About Skit

Skit is an Augmented Voice Intelligence Platform, helping businesses modernize their contact centers and customer experience by automating and improving voice communications at scale. By enabling preemptive, intelligent problem solving and seamless live interactions, we have automated over 15 million calls for global enterprises across industries. We help our customers streamline their contact center operations, reduce costs, and also enhance customer experience and engagement.

Connect with us if you’re interested in learning more about the platform and how it can modernize and transform your contact center.