How a General Insurance Company has Enhanced its Prospect Experience and Increased Customer Acquisition using
AI Powered Chatbot ?
Old World
In the old world, our Customer, a Home Insurance Provider conducted its prospects interactions via:
The Insurance Company’s forward-looking leadership team chose to invest in IT and bring Artificial Intelligence (AI) into the picture to overcome these challenges and outsmart the competition. In conjunction with IBM & Streebo, they employed a Smart Chatbot for their Insurance Service.
- Branch & Head Offices – 1400 Branch Offices
- Call Center – 1150 Personnel
- A Matured Web Portal and Mobile App
- Field Agents – 6500 Personnel (Independent and Captive)
The Insurance Company’s forward-looking leadership team chose to invest in IT and bring Artificial Intelligence (AI) into the picture to overcome these challenges and outsmart the competition. In conjunction with IBM & Streebo, they employed a Smart Chatbot for their Insurance Service.
The Journey to the new world
In conjunction with Streebo & IBM, they employed a Smart Chatbot for Insurance. Prior to the launch IBM & Streebo team trained the chatbot on various back-end systems at the insurance company including Genelco & IBM’s AS/400 and showed it how to fetch information from various siloed systems in a secured, yet scalable fashion. Powered by IBM Watson Assistant, the leading Natural Language Processing (NLP) engine (as per Gartner and Forrestor report of 2022), Streebo’s Smart Chatbot was Trained until 99% Accurate, meaning it would answer at least 99 out of 100 questions correctly.
The Streebo Smart Chatbot for Insurance was added to the workforce after a few rounds of evaluation. The Chatbot was trained in various insurance functions such as
The Streebo Smart Chatbot for Insurance was added to the workforce after a few rounds of evaluation. The Chatbot was trained in various insurance functions such as
Browse Products
Generate a Quote
Purchase Policy
Pay the Premium
Claims & Settlements
Download Receipt
Bot Features
IBM Watson Powered Streebo Bots are omni-channel, meaning they can answer queries from across channels including
and external-facing social media channels like
Streebo’s AI powered bots also support voice assistants such as
In a single stroke, the Insurance Provider has expanded its outreach to new social media channels and put in a smart and highly intelligent employee in place to manage the first line of interaction. The blog below captures the customer journey in the new world after the chatbot was put in place.
Customer Experience in the New World
The blog below captures the journey of a new customer (Farah) once the Bot was put in place.
Browse Products with Facebook Messenger Bot
Farah already has her automotive insurance policy through the Insurance Provider but recently received a reminder from her current supplier that her home insurance policy will be up for renewal soon.
She is checking her Facebook Inbox on Messenger and sees an advertisement message regarding insurance and instantly remembers the marketing email she received from our client – the Insurance Company about lucrative home insurance rates, and hence decides to reply to the advertisement message, which starts a conversation with Facebook Messenger Bot. Her motive is to know about the plans they offer and compare prices with the existing supplier.
Farah asks the bot to search for available products by writing the following statement-
“Please tell me the proudcts availabel in insuarance” (Spelling Mistakes) as input to the bot.
The IBM Watson powered smart bot understands the intent though there were spelling mistakes by Farah and responds with the list of products and their website links.
She starts reading up on the different types of insurance but then is interrupted by a meeting reminder and hence has to stop her research. However, she learns that the Insurance Company also has a prospect-facing website and bookmarks the link for the same to visit later.
The IBM Watson powered smart bot understands the intent though there were spelling mistakes by Farah and responds with the list of products and their website links.
She starts reading up on the different types of insurance but then is interrupted by a meeting reminder and hence has to stop her research. However, she learns that the Insurance Company also has a prospect-facing website and bookmarks the link for the same to visit later.
Educate Prospect on Website
In the evening at her home, Farah decides to visit the Insurance Company’s website on her laptop. When she lands on the website, she sees that there are many tabs on the website, and it is difficult to search directly for a particular product.
She can see a bot icon on the right bottom of the screen and decides to launch it to see if it can help. The bot instantly greets Farah with a greeting message and prompts her to fire up questions about any help she might need.
Because Farah wants to review a home insurance policy, she further asks the bot for details about home insurance. Farah reads through the product description on what is and is not included in the policy and decides to apply for home insurance to see how Digital Insurance prices and features compare to her current supplier. She finds that the home insurance sounds like the right fit for her – just then her mom calls her for dinner, so she closes her laptop and plans to continue her conversation using the mobile application.
Because Farah wants to review a home insurance policy, she further asks the bot for details about home insurance. Farah reads through the product description on what is and is not included in the policy and decides to apply for home insurance to see how Digital Insurance prices and features compare to her current supplier. She finds that the home insurance sounds like the right fit for her – just then her mom calls her for dinner, so she closes her laptop and plans to continue her conversation using the mobile application.
Generate Quote on Mobile App
Farah opens the mobile application and launches the bot on it and decides to Get a Free Quote. Hence, she says using the voice input,
“Want to get a free quote for home insurance.”
(Entity Recognition, Speech to Text/Text to Speech)
Bot understands the intent of quote generation and kicks off the free quote’s flow. As Farah has already mentioned the type of insurance, the bot skips that question and continues with the use case.
The bot then asks Farah to enter information like her Name, prompts her to enter her address details, birthdate, and e-mail ID, and specifies the extended coverage status and the policy duration.
Farah provides all the necessary information, and the bot then confirms the request for quote generation after verifying the same with an OTP (OTP integration, PII Masking) and sends out an email to Farah’s registered email address containing appropriate details of the free quote & responds with a message, ‘Data has been submitted successfully. Our Agent will contact you shortly.’
(Entity Recognition, Speech to Text/Text to Speech)
Bot understands the intent of quote generation and kicks off the free quote’s flow. As Farah has already mentioned the type of insurance, the bot skips that question and continues with the use case.
The bot then asks Farah to enter information like her Name, prompts her to enter her address details, birthdate, and e-mail ID, and specifies the extended coverage status and the policy duration.
Farah provides all the necessary information, and the bot then confirms the request for quote generation after verifying the same with an OTP (OTP integration, PII Masking) and sends out an email to Farah’s registered email address containing appropriate details of the free quote & responds with a message, ‘Data has been submitted successfully. Our Agent will contact you shortly.’
Farah learns about the multilingual feature, as she is based out of Saudi Arabia, she explores the bot in the Arabic language and gets the required information. (Multi-lingual Capability)
Farah: “أخبرني عن التأمين على المنزل”
(“Tell me about home insurance”)
Bot: وكيلنا سوف يتصل بك في بعض الوقت
(“Our agent will call you in some time”)
Bot: هل يمكنني مساعدتك في أي شيء آخر اليوم؟
(“Can I help you with anything else today?”)
After some time, she gets a call from the agent who walks her through her quote and informs her about the documents required to upload to successfully apply for Home Insurance. Over the next week, she uploads all necessary documents and renews her Home Insurance through the Insurance Company Portal (Document and Media Upload). On submission, she receives a confirmation email and a message on her WhatsApp Number.
Farah: “أخبرني عن التأمين على المنزل”
(“Tell me about home insurance”)
Bot: وكيلنا سوف يتصل بك في بعض الوقت
(“Our agent will call you in some time”)
Bot: هل يمكنني مساعدتك في أي شيء آخر اليوم؟
(“Can I help you with anything else today?”)
After some time, she gets a call from the agent who walks her through her quote and informs her about the documents required to upload to successfully apply for Home Insurance. Over the next week, she uploads all necessary documents and renews her Home Insurance through the Insurance Company Portal (Document and Media Upload). On submission, she receives a confirmation email and a message on her WhatsApp Number.
Update Profile on WhatsApp
Farah learns from the agent that the solution also provides services on WhatsApp and SMS. Personal details like the contact number through which the user is messaging help the bot establish the user’s unique identity.
Farah realizes that while applying for insurance, she might have mistakenly entered her office address details and wants to change her address. So, she pulls up the bot on WhatsApp and asks:
“I want to change my address”.
Bot understands the intent of “Update Profile” and asks:
“Enter the relevant address details”
In the midway, she asks about her credit score and how it will benefit her. (Digression) The bot replies to her question and continues with the use-case of “Update Profile” from where it left off. The bot updates the database accordingly before closing out the transaction.
Farah realizes that while applying for insurance, she might have mistakenly entered her office address details and wants to change her address. So, she pulls up the bot on WhatsApp and asks:
“I want to change my address”.
Bot understands the intent of “Update Profile” and asks:
“Enter the relevant address details”
In the midway, she asks about her credit score and how it will benefit her. (Digression) The bot replies to her question and continues with the use-case of “Update Profile” from where it left off. The bot updates the database accordingly before closing out the transaction.
Get FAQ Resolved with Single SMS
After some days, Farah wants to ask about her proof of insurance. As she happens to be in a ‘No-internet zone’, she reaches out to the Bot via SMS and types :
“How can I view my proof of insurance?”.
Bot understands the intent of the FAQ and responds:
“Contact your insurance agent or call the 24×7 available helpline number: 800-012-3456.”, which is what she does.
“How can I view my proof of insurance?”.
Bot understands the intent of the FAQ and responds:
“Contact your insurance agent or call the 24×7 available helpline number: 800-012-3456.”, which is what she does.
As you can see from the above experiences, the Insurance Company can now serve the prospects on any and all channels. This results in a great prospect experience and reduced sales cycle, yet it was all automated and hence no additional costs were incurred by the Insurance Provider.
Pricing Options
MVP(Minimum Viable Product) bot includes:
3 transaction used cases.
1 backend integrations
50 FAQ’s
Channels – Web, Mobile App, 1 Social media channel such as WhatsApp/Facebook messenger.Capex Option
You can choose to buy the MVP Bot.Opex Option
You can choose to Subscribe to the MVP Bot for a fixed monthly charge with no upfront setup fee.Pay Per Usage
This is a conversation based subscription and tied to the number of conversations & messages the bot handles. Thus you only pay if the Bot is getting used and is actually deflecting calls.
