In an exclusive interview with Express Computer, Ish Babbar, Co-Founder and CTO of InsuranceDekho, delves into how the company is utilising cutting-edge technologies like AI, machine learning, and automation to redefine the insurance industry. Babbar shares insights on AI-driven recommendation engines, streamlined onboarding, real-time claims management, and innovative tools designed to boost agent productivity. The discussion highlights InsuranceDekho’s focus on enhancing customer experiences and operational efficiency, staying ahead in a competitive market while adhering to evolving regulatory requirements. Read on to discover how technology is reshaping the future of insurance.
How has InsuranceDekho integrated advanced technologies such as AI, machine learning, and automation to streamline insurance operations and improve efficiency? Can you share any specific use cases or recent innovations?
InsuranceDekho has been an innovator in using new technologies with AI, ML, and automation to transform and enhance the entire insurance process and decrease the processual efficiency of processes. These also transform how one manages insurance but are further building experiences for customers as well as agent partners.
AI-driven recommendation engine: An AI-driven recommendation engine significantly brings down hassles associated with a customer’s selection process about insurance products. The engine analyses customers’ preferences and historical data to provide customised insurance recommendations that are most suited for the individuals. For agents, ID Plan Pro Genie uses generative AI (GenAI) technology to provide the most suitable health insurance plans from more than 200 options offered by 23 different companies. This actually not only maximises the precision of recommendations but also generates agent productivity by delivering everything, such as claim ratios and network hospitals, within a few seconds.
Digital onboarding process: We have redefined the way of onboarding partners through an automated cKYC system, which cuts down verification times by as much as 82% and therefore keeps the time to onboard a partner below 60 seconds. Our rapid onboarding system is truly something that will change the game, allowing our partners to start selling insurance almost right away after registration and not have to wait days for those usual manual onboarding processes.
Automation of key operations: Our platform has embraced automation in various operations.
Automated booking operation: We have achieved 80% automation in booking operations by making full use of PDF parsers. So we are saved from all the intervention through manual operation. With this efficiency, we can deal with greater volumes of transactions without compromising on accuracy.
Vehicle assessment module: Our AI/ML-based assessment module for the evaluation of a vehicle cuts inspection time to just 25 minutes instead of 24-48 hours, and we are getting real-time vehicle evaluation as part of the motor insurance policies.
Processing endorsements: By processing through digital automation, the process of endorsement has become 99% faster and more efficient for a customer and their partner, thus fewer delays and quicker policy adjustments.
Real-time support & claims management: We have integrated APIs into the platform for real-time claim management. Such an integration has provided a one-click process for partners to initiate claims, reducing manual calls and paperwork. Customers are kept updated live regarding the status of their claims, which has increased trust and satisfaction in huge numbers.
This is augmented with our 24×7 claims support, which provides customers with immediate access to expert consultation and cashless garages nearest to them where claims are settled much faster than the industry average. This is driven by best-in-class TAT and a high settlement ratio, as the system used minimises claim rejection due to proper documentation and consultation by domain experts like doctors in health claims and automobile engineers for motor claims.
Financial empowerment through Anytime Commission (ATC): We introduced the Anytime Commission (ATC) feature for our agent partners, which means they can withdraw at any time their commissions without having to wait for the month-end payout.
Partner engagement innovations: Our IDEdge app can furnish such dashboards to the partners, which can provide insights into sales metrics, renewal tracking, missed income opportunities, and nudging them with conversions. These smart nudges work on data insights that enhance the prospect of cross-selling and upselling and increase the revenue potential for the partners. Also, the automated quote generation and renewal tracking ensure that the agents spend time on those issues where it should matter most—to build relationships—and the app deals with all the operational tasks.
Efficiency data and results – TAT & settlement ratio: These factors significantly reduce the TAT for settlement of claims and minimise the probability of claim rejection due to lack of awareness. Thus, the settlement ratio of claims serviced by InsuranceDekho remains at the best-in-the-industry levels.
Operational efficiency: With our current tech stack pertaining to agents and automation of back-end operations, the bar of efficiency has been more than 75% across the board. This helped us increase the volume of transactions in a way that in no way compromised service quality.
Through such advanced technologies and process innovations, InsuranceDekho continues to lead in transforming experiences for customers and partners alike. Leading-edge solutions drive both operational efficiencies and empower our partners to grow their businesses with unique customer experiences that cannot be matched.
In what ways is InsuranceDekho using technology to go beyond just offering competitive premiums and focusing on enhancing the overall customer experience? How do you ensure personalisation and seamless interaction throughout the customer journey?
At InsuranceDekho, we aim at transforming the insurance experience by using leading-edge technology to do far more than just offer competitive premiums. Instead, we are focused on creating seamless personalised journeys that respond uniquely to every customer’s needs while empowering our agent partners to deliver superior service.
AI-driven personalisation: The most advanced algorithms of AI are used to serve our customers with personalised insurance recommendations. Based on the latest version of AI, our recommendation engine ensures that every customer gets policy options customised according to his needs, financial goals, and risk profile. Thus, a great extent of personalisation will lead to customer satisfaction and ensure relevant coverage.
ID Plan Pro Genie: We’ve launched ID Plan Pro Genie—an AI-powered bot that will assist agents as well as customers in determining the best from more than 200 health insurance plans. With this, not only would the bot recommend the correct plan but also offer a very highly customised and informed choice for the customer.
Comprehensive product range and accessibility: We have more than 690 plans from 49 insurers. This means that customers can sit at one place to compare a wide array of options. This enables them to make an informed decision without hassle navigation across multiple platforms. Through our platform, we help make insurance accessible across geographies and quality products to underserved areas through a digital-first approach.
Claims management 24/7 support: We understand how important support is in claims processing. Hence, we have a dedicated team of doctors and professionals who ensure that customers get 24×7 claim support along with expert consultation by the dedicated teams. Real-time status tracking is intricately integrated within our claim management process to make the claims experience more transparent, quicker, and convenient for customers.
Hybrid agent-enabled model: While our technology-led platform allows the clients to browse and buy policies online, we also provide an avenue through which the clients will be able to interact with agents using the online-offline channels. Customers will meet agents who can give them a full perspective on the policy being bought, thereby ensuring that everything asked is responded to and one has a depth of understanding about the policy. This dual mode at least lends a human touch to an otherwise web-based process.
Tech-driven efficiency: We have eradicated the usual bottlenecks of paperwork and long processes in the current traditional processes through our automated cKYC onboarding that reduces verification time by 82 percent and web-based AI/ML vehicle assessment, cutting inspection times from 24-48 hours to just 25 minutes.
Continuous engagement & smart nudges: We engage customers throughout the entire journey through data-driven prompts. For instance, smart nudges allow agents to proactively follow up on renewal opportunities and cross-sell opportunities and give time-bound advice based on what the customer policy lifecycle implies.
Dedicated support & expert consultation: For a customer, we provide round-the-clock assistance, ensuring that help is available at the time when they require it the most. With the aid of a doctor-assisted consultation on complex terms of insurance or ease of access to agents, we ensure a smooth experience for the customer at every stage.
Seamless payments and fast settlements: We enable our agent partners with instant access to their earnings through our on-demand commission withdrawal feature. This helps our partners keep their attention focused on delivering excellence in service, which subsequently increases the overall value for the end customer. Simultaneously, our streamlined claim management system will help in getting settled claims at very short notice, thus adding on to trust and satisfaction.
At InsuranceDekho, we believe that technology should not only simplify but also enhance the customer experience. By offering a blend of personalisation, efficiency, and human touch, we ensure that every customer interaction is seamless, empowering them to make informed choices while enjoying a frictionless journey from policy selection to claim settlement.
Could you highlight some of the recent technological innovations and investments that InsuranceDekho has made to stay ahead of the curve in a highly competitive insurance market?
We have been instrumental in making technological investments that will help us keep ahead of others in the cutthroat competition of an insurance market. One of the recent innovations we did was introduce “ID Plan Pro Genie,” a generative AI bot that enables quicker identification of the appropriate health-insurance plans for the agents. It provides deeper insights that include claim ratios and lists of network hospitals, which make recommendations more accurate.
Fraud is immediately detected through AI, while video verification further reduces the incidence of fraudulent claims. This 60-second cKYC-based onboarding process for agents shows that the company does much to satisfy the requirements of regulatory compliance, run efficiently, and produce agent productivity, all whilst offering customers bespoke insurance solutions.
How are you leveraging data analytics to make more informed decisions, both for internal operations and for better understanding customer needs? How is data privacy handled in this rapidly evolving landscape?
Data analytics plays a very critical role in all the different business areas we have at InsuranceDekho. We collaborate with insurers to model loss ratios and get underwriting optimisation so that we are writing profitable policies. And another area where analytics plays an important role is to understand the large scale of the partner network. So, customised nudges for learning and development and cross-sell opportunities will be data-driven so that our agents are supported and the right offers are pushed to our customers.
We also use sophisticated fraud analytics engines that help identify and weed out high-risk partner agents, thus helping keep our distribution network in the best possible shape. On the customer side, analytics-driven fraud detection is imperative in preventing fraudulent activities while purchasing a policy.
In the short term, what are some of the key technological priorities for InsuranceDekho? Are there any features, platforms, or innovations you are particularly excited about rolling out in the near future?
InsuranceDekho’s technological roadmap is so strong on AI and machine learning initiatives. We would be rolling out a lot of AI-enabled solutions through which we could ensure smooth customer onboarding in a safe and secure manner, such as a generative AI assistant that guides the customer regarding complicated queries related to an insurance product, among others. We are also implementing RPA to optimise our operation for efficiency in all underwriting operations.
Other key initiatives include the building of loss ratio modelling engines, which will enable us to fine-tune underwriting processes and collaborate closely with insurers to ensure their books are profitable. We’re building a strong Learning & Development (L&D) platform to empower our agents and partners, while a revamped loyalty program will help strengthen engagement through the agent network.
Other new product lines, including an Employee Benefits app for corporate clients, will be launched and set our focus on AI to have direct positive effects on operational efficiency as well as contributing to renewals to provide a more tailored and timely experience. Constant updates of our product portfolio and the addition of new insurer plans keep us adhering to our leadership position in the insurtech space.
In addition to ongoing AI/ML programs, we recently launched a new SaaS called Heph. We are excited about scaling this platform further by welcoming bancassurance and retail clients so that they could seamlessly integrate and sell insurance products. An important step indeed for further solidifying our digital ecosystem and scaling reach.
The industry is highly regulated. How do you balance the need for technological innovation with the requirement to follow constantly evolving regulatory requirements, and what role does technology play in ensuring compliance?
We have innovation linked in tandem with strict regulatory compliance by hardwiring them into our technology at InsuranceDekho. The AI-driven tools enable us to do real-time compliance checks so that all our solutions are both operationally efficient and set to evolve along the clock-changing standards of regulations. Advanced technology is used for protecting customer data and being transparent about it. Continuous compliance is ensured through automated reporting and AI-powered fraud detection. This will mean our brand can innovate responsibly without compromising its regulatory obligations.