Contact person: Nitin Babel
Email address: firstname.lastname@example.org
Contact number: 8971766452
The Digital Insurer Asian Insurance Innovation Award
We believe that technology creating a massive impact on the lives of millions of people, deserves to win the award. And that is precisely what we have been aiming to do with Niki.
The world is at the cusp of the next revolution, powered by Artificial Intelligence, and we want to ride high on this AI wave. According to many industry experts, bots will replace apps in the next 5 years. A report by Statista indicates that India alone will have over 450 million + smartphone and internet users by 2020. And global researchers have pointed out that the most used apps in the world are messaging apps.
Going digital for insurance with an AI-powered chatbot has great benefits for organisations as well as customers:
Cost effectiveness & convenience: A case study shows that on an average insurance companies spend $10000 a month on agents, and still cannot achieve top-of-the-line experience for customers. With Niki chatbot, we’ll be able to cater to the untouched masses globally, starting with India, right from the platform where they already are (messaging apps like Facebook Messenger, Slack, etc ), thus making AI and insurance accessible to everyone with utmost convenience. On top of that, the reduced costs in the absence of a lot of insurance agents, and increased customer engagement with the help of a chatbot, lead to better conversions.
Not only do the professional charges paid to agents go down, the training costs go down significantly in the long run. The bot keeps learning on its own with the available data and hence eradicates yet another cost factor. Moreover, there is a lot of cost involved due to high attrition rate in the industry, whereas the bot will stay with an organisation for as long as it is deployed on the platform.
Increased engagement: Human capital required to handle customer queries at all hours in a day, can be unmanageable for a company. However, a bot is always available for the customer. Also, the quality of responses from a bot remains consistent, adding to the overall experience. With super-quick and personalised reverts, it definitely competes with an agent who works 9 hours a day. Truly value-adding engagement can be efficiently achieved at all customer touch-points only when it is automated.
Our team completely works on customer-first and tech-first basis. 80% of us are in technology. A good mix of middle and senior management, with experienced professionals from Google, Amazon, Adobe, IBM Watson, Tsinghua University and University of Sheffield. The current talent pool of Niki combined with our advisor's rich field expertise provides us with the much-needed knowledge briefcase, required for us to excel in our domain.
We’re also a part of Swiss Re’s InsurTech accelerator program where we get to work with clients and help them build AI-based insurance bots.
Because of all that’s mentioned above, we believe we’ll very well be able to solve insurance digitally. And winning this award will definitely provide yet another push for us to give in everything and solve this difficult problem with the help of AI.
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