ICICI Lombard General Insurance said it had received tremendous response to its MyRA, a chatbot platform to address customer queries about insurance policy proposals. The tool offers direct interaction for customers/ insurance agents with a virtual assistance robot to seek faster quotes for policy issuance. It has enabled the company to address customer queries in real time. Bases on artificial intelligence, the chatbot has allowed the company to automate the query management process without the need for human intervention. MyRA addresses products such as two-wheeler insurance as well as fire and burglary insurance for SMEs. It provides quotations to customers/ agents with regard to policy purchase in real time and can also complete a transaction including payment receipt thus enabling policy issuance without human intervention. They also address customer queries by using machine learning and artificial intelligence. The platform thereby encompasses all stages of policy purchase/ renewal – starting from product selection, premium calculation and product fitment to online sales closure. Since launch, over 60,000 customers have utilized the two-wheeler specific chatbot, with 10% quotations being generated through the virtual assistance tool. More than 750 policies have been sold through the chatbot without any human intervention. The SME focused chatbot has been utilized in 4,000 cases.
