Introduction
Revolutionizing how India’s insurance providers operate today, chatbots have garnered a deeper sense of appreciation in today’s customer experience (CX) landscape. For starters, 2024 marks a heightened increase in chatbot adoption for key insurance services such as onboarding, policy issuance and claims processing.
Hence, understanding how India’s top insurance providers operate today in detail is key to unlocking greater success across the insurance industry as a whole. This report encompasses a CX benchmark that examines how they maximise their chatbot capabilities both on their public website and WhatsApp channels.
Through this comprehensive evaluation, we aim to shed light on the current state of India’s insurance industry and highlight potential CX innovation opportunities to help insurers ace their chatbot journeys.
Twimbit research methodology
The first area of priority involved adopting a systematic approach that focused on identifying providers that provided public website and WhatsApp chatbots. Through this, we shortlisted 10 Indian general insurance companies and 3 international insurance providers based on their availability of both BOT types.
Out of 10 insurance providers in India, only 7 were finalized in the evaluation due to their availability of chatbots in both their public websites and WhatsApp channels. The international providers were excluded from the scoring due to chatbot limitations but were still included for best practice analysis.
Benchmarking criteria and framework
We developed a diagnostic framework with 8 key success metrics to evaluate what constitutes a successful chatbot experience:
- Discoverability
- Pre-purchase experience
- Onboarding experience
- KYC experience
- Ease of policy renewal
- Ease of filing claims
- Policy servicing efficiency
- Overall BOT experience
Each factor was evaluated on a scale of 1-5, based on availability, journey completion, time taken, and visual design. Weighted scores were assigned to identify the top-performing BOTs.
Top 7 general insurance providers to ace chatbot experience in India
The following general insurance providers stood out for their excellent chatbot experiences
Through our analysis, we identified 32 opportunities to enhance chatbot journeys, improve responsiveness, personalise interactions, and integrate omnichannel capabilities. These recommendations target both lead acquisition and post-policy servicing.
Conclusion
Chatbots resemble the pathway to the future, indicated by the success India’s companies have experienced in innovative chatbot strategies. Through masterful adoption, these companies have experienced improved customer satisfaction, streamlined operations and reduced costs.
Furthermore, the 32 CX innovation opportunities outlined provide a roadmap for insurers to enhance their digital journeys, ensuring they remain competitive in a rapidly evolving market. Through continuous improvement and a customer-first mindset, insurers can maximize the potential of chatbots to redefine CX in insurance.