AI cuts insurance policy issuance to 15 minutes and boosts fraud detection at Policybazaar

AI Cuts Manual Effort and Errors in Nearly Half of Insurance Workflows

Policybazaar, a major online insurance platform, reports that artificial intelligence now manages 45% of its insurance workflows. This shift has significantly lowered manual involvement and errors, speeding up processes and improving accuracy.

Insurance Issuance Time Shrinks from Hours to Minutes

Thanks to AI, the average policy issuance time at Policybazaar has dropped from four hours to just 15 minutes for almost half of its customers. Before AI deployment, only 1.3% of policies were issued within 15 minutes in January, but this surged to nearly 48% between February and March.

AI Drives Better Claims and Fraud Detection

The Early Claims Factor has improved 14 times, highlighting AI’s ability to detect fraud early in term and savings plans. Policybazaar’s CTO, Saurabh Tiwari, explained that AI enables personalized customer service, from fraud detection to assisting first-time buyers in their native languages.

AI-powered chatbots now handle over 30% of initial customer queries, doubling from 15% last year. This reduces workload on human agents and speeds up response times.

Efficiency Gains and Customer Satisfaction

AI has trimmed resolution turnaround time (TAT) by 15%, with customer satisfaction scores reaching an impressive 94%. The AI-based ticket tagging system routes support tickets with 84% accuracy, ensuring faster and more precise handling.

Policybazaar also sends over 500,000 hyper-personalized nudges daily, increasing customer engagement and intent to purchase by 20%.

Making Insurance More Accessible with AI

To broaden accessibility, Policybazaar introduced AI support in nine Indian languages. Features like voice-to-text and screen readers assist users from Tier 2 and Tier 3 cities, as well as visually impaired and elderly customers, helping them complete their insurance processes independently.

These steps reflect how AI can improve operational efficiency and inclusivity in the insurance sector.

• Key takeaways for insurance professionals:
• AI can handle nearly half of routine workflows, reducing errors and manual work.
• Faster policy issuance improves customer experience and operational capacity.
• Advanced AI fraud detection boosts claims accuracy significantly.
• Multilingual AI support expands reach to underserved populations.

For insurance professionals looking to integrate AI tools and improve workflow efficiency, exploring practical AI courses tailored for insurance jobs can provide valuable skills and insights.