Kore.ai Case Studies 100-year Old Insurance Major Deploys ‘My Policy’ Virtual Assistant that Handles 50% of Informational and Payments Queries

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	100-year Old Insurance Major Deploys ‘My Policy’ Virtual Assistant that Handles 50% of Informational and Payments Queries Kore.ai

100-year Old Insurance Major Deploys ‘My Policy’ Virtual Assistant that Handles 50% of Informational and Payments Queries

Kore.ai

Technology Category	Analytics & Modeling - Natural Language Processing (NLP) Application Infrastructure & Middleware - API Integration & Management
Applicable Industries	Finance & Insurance
Applicable Functions	Business Operation Sales & Marketing
Use Cases	Chatbots
Services	Software Design & Engineering Services
Challenge	The insurance company operates in 8 US states and receives over 450,000 customer calls around the year. Over 65% of these calls are routine queries related to policy renewal, payment options, coverage details, and so on. The company wanted to transform customer-agent interactions, from being a purely transactional experience to a more efficient customer-centric engagement. The insurer wanted to provide its customers a way to access this information in an efficient manner without having to wait in line to speak to an agent. Read More
About Customer	The customer is a North America based auto Insurer with over 60 million active customers. The A+ rated insurance company offers automobile, homeowners, and other personal lines of insurance, including roadside assistance, through partnerships with its clubs in 23 states in the US. The company has 3,500 total employees across all of its locations and generates $2.80 billion in sales. Read More
Solution	The insurance company evaluated various technology solutions and decided to opt for an AI-powered virtual assistant as a long-term scalable solution. The company believed that virtual assistants would help address the repetitive queries conversationally and increase its call handling capacity. The company found Kore’s ‘no-code’ platform the most suitable to meet its requirements. My Policy, a virtual assistant was built using the Kore platform and was deployed on its website for customers. The assistant was trained with 26 key intents and 1500 trained utterances and integrated with backend APIs. It intelligently extracts information from backend systems, helping customers find resolutions to policy-related queries. The customers could use it to request adjustments and deferments to auto insurance payments as well. Customers can pay premiums at flexible terms - monthly, quarterly, or yearly. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Natural Language Processing (NLP)

Application Infrastructure & Middleware - API Integration & Management

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Sales & Marketing

Use Cases

Chatbots

Services

Software Design & Engineering Services

Challenge

The insurance company operates in 8 US states and receives over 450,000 customer calls around the year. Over 65% of these calls are routine queries related to policy renewal, payment options, coverage details, and so on. The company wanted to transform customer-agent interactions, from being a purely transactional experience to a more efficient customer-centric engagement. The insurer wanted to provide its customers a way to access this information in an efficient manner without having to wait in line to speak to an agent.

About Customer

The customer is a North America based auto Insurer with over 60 million active customers. The A+ rated insurance company offers automobile, homeowners, and other personal lines of insurance, including roadside assistance, through partnerships with its clubs in 23 states in the US. The company has 3,500 total employees across all of its locations and generates $2.80 billion in sales.

Solution

The insurance company evaluated various technology solutions and decided to opt for an AI-powered virtual assistant as a long-term scalable solution. The company believed that virtual assistants would help address the repetitive queries conversationally and increase its call handling capacity. The company found Kore’s ‘no-code’ platform the most suitable to meet its requirements. My Policy, a virtual assistant was built using the Kore platform and was deployed on its website for customers. The assistant was trained with 26 key intents and 1500 trained utterances and integrated with backend APIs. It intelligently extracts information from backend systems, helping customers find resolutions to policy-related queries. The customers could use it to request adjustments and deferments to auto insurance payments as well. Customers can pay premiums at flexible terms - monthly, quarterly, or yearly.

Impact #1	The virtual assistant on the website improved customer engagement by providing relevant updates and allowing live agents to focus on complex queries.
Impact #2	When the virtual assistant is unable to handle a query, it seamlessly connects the customer with a live agent passing on all the discussion history, thereby equipping the agent with the contextual background to take it forward.
Impact #3	With the Covid-19 pandemic, the US government rolled out various policies such as lower interest rates and deferred payments. The My Policy virtual assistant was quickly augmented with additional Covid-19 specific intent to provide information. This helped the insurance company to seamlessly handle higher call volume during the pandemic.

Impact #1

The virtual assistant on the website improved customer engagement by providing relevant updates and allowing live agents to focus on complex queries.

Impact #2

When the virtual assistant is unable to handle a query, it seamlessly connects the customer with a live agent passing on all the discussion history, thereby equipping the agent with the contextual background to take it forward.

Impact #3

With the Covid-19 pandemic, the US government rolled out various policies such as lower interest rates and deferred payments. The My Policy virtual assistant was quickly augmented with additional Covid-19 specific intent to provide information. This helped the insurance company to seamlessly handle higher call volume during the pandemic.

Benefit #1	The virtual assistant will be able to handle between 40%-50% of routine queries without passing them on to agents once more business intents will be added e.g. claims, policy cancellations, change/update, etc.

Benefit #1

The virtual assistant will be able to handle between 40%-50% of routine queries without passing them on to agents once more business intents will be added e.g. claims, policy cancellations, change/update, etc.

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Overview

100-year Old Insurance Major Deploys ‘My Policy’ Virtual Assistant that Handles 50% of Informational and Payments Queries

Operational Impact

Quantitative Benefit