Case Study
Challenges
A leading Indian insurance company with an asset portfolio of ₹100, 000 crore faced significant challenges in their online customer acquisition efforts. Most of the potential customers left the website before engaging in further conversations, decreasing lead generation and conversion. The high customer drop-off rate was due to several factors. The website’s basic Q&A bot proved inadequate for effective lead capture, while the tele-sales team’s aggressive approach turned away potential customers. Furthermore, the absence of lead scoring led to valuable time of resources being wasted on unqualified leads. These issues demanded a complete renovation of the insurer’s customer acquisition process.
Solution Highlights
To address the challenges, the firm partnered with ThoughtMinds to implement a solution leveraging GenAI. The client’s existing bot was significantly improved leveraging AI capabilities with a more interactive and engaging chat. This conversational AI based chatbot helped to understand more about the inquiry and identify whether it was a potential lead. This information helped the client company to identify and contact only the prospective leads, thereby reducing the time spent in calls and emails on every inquiry.
This solution involved several key components:
The streamlined lead management process, powered by intelligent automation and data-driven insights, resulted in a remarkable 26% increase in overall sales efficiency.
Automation and AI-driven tools reduced the manual workload on agents by 37%, allowing them to focus on higher-value activities and personalized customer interactions.
The GenAI-powered solution accurately identified and prioritized high-quality leads, ensuring that sales efforts were directed towards the most promising prospects.
The platform's educational resources empowered customers with product knowledge, leading to more informed decisions and a smoother sales journey. This also reduced the need for manual explanations by sales representatives.