AI slashes insurance issuance from 4 hours to 15 minutes
What's the story
Policybazaar, a leading online insurance platform, has revealed that artificial intelligence (AI) now handles nearly half of its insurance workflows.
The company's latest internal report highlights the significant impact of this technology on turnaround times, claims accuracy, and customer satisfaction.
The use of AI has reduced manual intervention and errors in 45% of insurance workflows at Policybazaar.
As a result, almost 48% of customers now get their policies within just 15 minutes—an improvement from the previous four-hour wait time.
Performance metrics
AI has improved early claims factor by 14x
The report also highlights a 14x improvement in the Early Claims Factor, thanks to AI's early fraud detection capabilities in term and savings plans.
Policybazaar's CTO Saurabh Tiwari said, "AI allows us to serve each customer uniquely—whether it's detecting fraud or guiding a first-time buyer in their native language."
The company's AI-powered chatbots now handle over 30% of first-contact queries, up from 15% last year.
Enhanced efficiency
AI has also improved resolution turnaround time
The introduction of AI has also led to a 15% reduction in resolution turnaround time (TAT) and an impressive customer satisfaction (CSAT) score of 94%.
Policybazaar's AI-based ticket tagging system now routes support tickets with over 84% accuracy.
The company sends over half a million hyper-personalized nudges daily, which have increased engagement and intent-to-buy by 20%.
Rapid processing
Nearly half of customers now get policies in 15 minutes
AI has drastically reduced policy issuance times at Policybazaar.
Between February and March, nearly half of customers got their policies in 15 minutes—an astronomical jump from just 1.3% in January before the deployment of AI.
This drastic improvement highlights how much technology can improve operational efficiency and customer experience in the insurance sector.
Inclusivity efforts
Policybazaar introduces AI support in 9 Indian languages
To make insurance more accessible, Policybazaar has introduced AI support in over nine Indian languages.
The company also offers voice-to-text and screen reader tools to help customers from Tier 2 and Tier 3 cities, as well as visually impaired and elderly users, navigate their insurance journeys independently.