Our WhatsApp Virtual Assistant Expands Digital Outreach To Customers: Rajesh Krishnan, BALIC

The Government of India is pushing for ‘Insurance for all’ and has taken a set of initiatives to increase insurance penetration. Operations are the backbone of any insurance company and therefore play a critical role in determining whether the insurance is reaching to the last mile or not. In an interview with BW Marketing World, Rajesh Krishnan, Chief Operations Officer, Bajaj Allianz Life Insurance (BALIC), discussed the nuances of the insurance sector.

Excerpts:

What are the measures your company is taking to reach out to people in regional dialect for insurance penetration in backward areas?
Rajesh Krishnan: We recognise the demand for dealing in vernacular languages and thus, we have developed our website in seven different languages. Our call center supports 12 languages, and customers can chat with us in five languages. Currently, our WhatsApp services are available in English and Hindi, with plans for future expansion. We have trained our team members to maintain high standards of hospitality, ensuring our customers feel like guests when interacting with us. Today, our WhatsApp serves as a digital branch, allowing customers to engage in conversations through our bot. In cases where the query is complex and the bot has limitations, a seamless handover to a human agent occurs without the customer realising it. We have adopted a hybrid model that combines the best of both worlds. Additionally, we have introduced a video call center, providing customers and service agents the option to connect through video calls.

How AI is important in the process of claim settlement and identifying the beneficiaries?
Rajesh Krishnan: Bajaj Allianz’s ultimate goal is to provide hassle-free claim settlement services for their customers. There are two types of claims – survival benefit claims and death claims. In the case of a death claim, the person who has taken the insurance is not there to receive it. Therefore, these are to be paid to the beneficiary nominee. Many times, the nominee is not even aware that the policy exists, leading to a lot of unclaimed funds. Bajaj Allianz aims to make the claim settlement process seamless and stress-free for the claimant and AI plays a crucial role in achieving this objective. AI-powered systems can streamline the claims process by automating routine tasks such as data entry, document processing and initial claim assessment. This accelerates the settlement process and reduces the need for manual intervention.

As the Chief Operations Officer (COO) and Chief Customer Experience Officer, what strategies you are looking forward to for the upcoming years in the insurance sector?
Rajesh Krishnan: We want to be a benchmark with the best-in-class insurance products and services in the market. We have always focussed on doing the things that are beneficial from a customer’s point of view. We would love to have customers vouching for the service delivery of BALIC. We want to be pioneers in the industry with the best processors and the best service assurance. We have continued to innovate our products and will continue to do so. The product is something that everybody copies, you launch a product today and somebody else launches a similar identical product tomorrow, that’s something you don’t have control over. Though, in many parameters, Bajaj Allianz Life is far ahead in terms of its innovation we will continue to innovate and use the latest technologies available. We will continue to build on our productivity, efficiency and scalability.

India has been the biggest receiver of remittances, so are there initiatives that your company taking specifically focussing on non-residential Indians (NRIs)?
Rajesh Krishnan: NRIs invest in India for emotional and economic reasons, driven by a strong connection to their home country and a keen interest in its economic growth. Often residing in countries with high living standards and customer service expectations, we have taken steps to enhance customer service for the NRI segment. This includes revamping our website and mobile applications, reducing documentation requirements, and providing information through frequently asked questions (FAQs) and WhatsApp models. Our customer service executives have undergone training to effectively connect with NRIs, offering personalized assistance to meet their specific needs.

What is the role of AI in the onboarding process and how it influences the entire procedure?
Rajesh Krishnan: AI plays a crucial role in various aspects such as risk assessment and underwriting in the realm of life insurance, which revolves around understanding risks. AI models assist in pinpointing and identifying areas of risk, allowing us to expedite favorable proposals while concentrating efforts on proposals that benefit both the company and the wider customer community. Modern models are trained to emulate underwriters, preparing cases with predictive scores to determine their quality. AI empowers insurers to collect and analyse extensive customer data, tailoring insurance policies to individual needs and risk profiles. This results in more accurate pricing and coverage options, ultimately enhancing customer satisfaction and loyalty.

As a Chief Operations Officer (COO), what recent developments do you observe in the insurance segment and how your company is adapting to that?
Rajesh Krishnan: All the industries including insurance, banking and financial services are evolving to cater to the needs of today’s customers. With over 50 per cent of India’s population aged under 25, customers are more informed and have individualistic expectations. To cater to these changing needs, the concept of hyper-personalisation has emerged. This is the area where companies can make an actual difference. To survive in a modern, fast-evolving world, insurance companies like other industries must adapt, ideate and innovate. The good news is that there are sufficient technological solutions and innovations available. Therefore we recognise the importance of staying updated and are well-positioned to sustain in this ever-changing environment.