CASE STUDY: How Future Generali India Life Insurance used a chatbot to handle customer service so its live agents could focus on scaling operations

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Chatbots have the potential to help insurers transform their digital experience and customer engagement - but they also hold incredible promise to help enhance the productivity of live staff. This has become increasingly true as advancements in automation, machine learning (ML), and natural language processing (NLP) have enabled conversational assistants to deliver customer engagement that's so on par with live agents that the bots can supplant staff entirely. As such, chatbot implementations can streamline operations, enabling employees to dedicate more time to handling nontrivial tasks - such as customer acquisition, which offers insurers an opportunity to scale their business.

To that end, Future Generali India Life Insurance (FGILI) was overwhelmed by a continued hike in calls from existing clients, and needed to find a better way to manage communications as it scales its business.

To achieve this, it deployed a chatbot solution, dubbed Robotics Enabled Virtual Assistant (REVA) - which includes both basic and complex capabilities - to maintain a strong customer experience, while freeing up live employees to grow its business.

REVA helped the insurer slash man-hours needed for policy administration and improve its Net Promoter Score (NPS) by 10 percentage points at the relevant customer touchpoints.

Business Insider Intelligence spoke to Byju Joseph, chief technology officer at FGILI, and Rakesh Wadhwa, FGILI chief marketing officer and chief customer officer, about why the insurer created a hybrid chatbot that uses menu-based, keyword-based, and contextual elements to make policy administration and customer service more efficient so its live staff could focus their attention on scaling the business.

Challenge: The insurer needed a way to free up its live staff so they could spend less time dealing with customer calls and devote more time to the firm's continued expansion.

FGILI was overwhelmed by a continued hike in calls from existing clients, and needed to find a better way to manage communications as it scales its business. Joseph said that to successfully manage its growing business, it needed a more efficient way to handle the subsequent inbound call growth - the insurer recorded a 56% hike in calls year-over-year. He also noted that FGILI needed to spend fewer resources on training call center workers and free up human employees so that it could continue to add new clients. He added that to achieve gains in efficiency, it was critical to offer customers a self-service option while it scales.

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