Artificial intelligence is transforming how Policybazaar operates. The platform, co-founded by Yashish Dahiya, now runs nearly 45% of workflows using AI. This change has greatly increased user satisfaction, fraud detection, and speed. The policy issuance time for almost half of the customers has decreased from four hours to just fifteen minutes. Additionally, it helps identify potential fraud in insurance claims, particularly in savings and term plans. AI’s impact at Policybazaar is transforming the digital insurance market due to increased user engagement and expanding adoption of AI-driven tools.
AI Impact Boosts Policy Speed and Accuracy
Currently, AI drives nearly half of Policybazaar‘s insurance processes, significantly lowering errors and manual intervention. After only a few months, the company saw a significant increase. The number of users receiving policies in 15 minutes jumped from 1.3% in January to 48%. Additionally, waiting times have decreased, and confidence in digital insurance has increased due to the use of workflow automation.
AI’s contribution to processing insurance claims is equally impressive. While 11% of term plans are detected early, fraud detection in savings plans has increased by 16%. This proactive approach has increased the early claims factor by 14 times. It ensures that genuine customers receive assistance much faster. AI has become a critical tool in making insurance more reliable and accessible.
Smarter Customer Support Powers Better Insurance Conversions
Policybazaar’s AI chatbots now handle over 30% of customer support interactions, up from just 15% last year. This has led to a 15% drop in ticket resolution times and a 94% customer satisfaction score. Thus, AI tagging allows support tickets to be routed with 84% accuracy through workflow automation.
Additionally, the business sends more than 5 lakh customized messages every day. Engagement and purchasing intent have increased by 20% as a result of these nudges. During product discovery, beta versions of generative AI bots now explain policies in simple terms, increasing conversions by 5–8%. Therefore, it is now simpler to comprehend and purchase complicated insurance products due to the use of customer support technology.
AI tools now support nine Indian languages to guarantee broader access. Users from Tier 2 and Tier 3 cities can complete their journeys independently. It is because of features like screen readers and voice-to-text. Consequently, the platform is now easy to use for older and visually impaired users. This drive for inclusivity highlights AI’s broader effects in India’s developing digital economy.
Policybazaar’s AI roadmap for the future
According to CTO Saurabh Tiwari, AI is transforming insurance into a proactive, customized experience. AI helps guide first-time buyers and flags fraud early, making both insurance claims and issuance quicker. Therefore, Policybazaar wants to increase its use of workflow automation even more as AI develops.
Additionally, the company believes that increasing its voice and regional AI capabilities has a lot of potential. Consequently, support for vernacular languages will increase in reach as mobile penetration rises, particularly in smaller towns. Their objective is to make insurance more accessible, quick, and transparent for everyone, and this path fits that goal.
Policybazaar is probably going to introduce more AI-driven features that streamline customer service and claims procedures as AI adoption grows. Accordingly, preliminary testing indicates that generative AI tools will be crucial in forming tailored insurance recommendations and expediting resolutions.
Bottom Line
Policybazaar’s quantifiable AI impact demonstrates how technology can enhance accessibility, efficiency, and fraud prevention. Therefore, from 15-minute policies to more advanced claims detection, AI is transforming every point of the insurance journey. As this development progresses, businesses that adopt AI will take the lead in transforming digital insurance in India.
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