1. How does your business model work and what is your USP?
Enterprise Bot is an Artificial Intelligence company that builds white-labelled cognitive solutions for enterprises and improves customer service experience by providing 85 times faster and high-quality responses at 40% of the cost. Our technology improves customer experience through high-quality responses at reduced cost and improves productivity through digital assistant available 24/7 on all preferred platforms be it an in-app, website or social media channels. Our unique approach is designed for corporate clients keeping in mind their three major requirements for Security, Agility, and Reporting.
Our AI product is built on the strong foundation of extensive experience, knowledge, and research in FinTech domain, which makes it difficult for anyone to duplicate. We pride ourselves in delivering pre-trained, plug and play solutions that fully meet our clients’ requirements with minimal resource effort at the client’s end as compared with platforms such as IBM’s Watson or LUIS.
We offer a SaaS solution whereby we charge a fixed fee for PoC’s/Pilots depending on the depth of the use case followed by licensing and maintenance costs to go live. Depending on the use case there may also be set-up fees involved. We are further working on our product to make it faster and easier for enterprises to onboard themselves to reduce the sales cycle.
We usually follow 5-6 weeks of POC Implementation Plan. This includes assessing the current state of the client through various internal consulting sessions to validate the scope of requirement. This is followed by planning an enablement set up strategy and technology integration. We test our chatbot solution under various stimulation environment before we go-live with the client. We also provide assessment services to the client post implementation of our solution at their premise or private cloud.
2.Why did you join the InsurTech Europe powered by Plug and Play Accelerator Program?
Enterprise Bot resonates with Plug and Play vision of seamless customer experience and process automation through a combination of best technical support and emotional understanding. Customer service in the Insurance industry today is broken; It is plagued with high wait times, inconsistent responses from agents, lack of 24/7 support and extremely high costs to enterprises. Insurances companies spend millions of dollars on L1 (basic level one queries) and still have low NPS scores and response times losing 8% of customer queries and sales opportunities in call drops. Further poor customer service is one of the biggest reasons for consumers to switch to other insurance providers believing for services and quick turn-around time.
Enterprise Bot resolves these problems through an out-of-the-box solution that is catered to the insurance companies’ requirements. Our solution offers insurance companies to enable contact centre automation using AI in a few clicks. We add value to our insurance clients by being a one-stop solution for all customer service on insurance products, claims, and general inquiries. We focus to shape the future of customer service industry and beyond with our breakthrough solutions in customer experience and make it a delightful experience. Being AI enabled, we make Insurance companies available to customers 24*7 and offer instant responses which are smart and precise which is crucial for best customer experience. Our technology can be applied to a wide range of use cases including customer service, sales through our recommendation engine, IT Helpdesk ticketing, HR and email categorization. All you need to do is add your historical chat or voice logs and Enterprise Bot AI will do the rest.
We also expect a strong network of connections to mentor and accelerate our business idea and expect to work with Plug and Play Accelerator Program.
3. What is your biggest takeaway from the program and would you recommend other startups to join?
I was really fascinated by all the interactions I had with the key players in the insurance industry and InsurTech companies which seems very passionate and working really hard to offer their customers best insurance products and seamless customer experience. Everyone seems to be well aware of the drastic transition from “purchase and annual renewal” model to the highly dynamic, usage-based insurance (UBI) products. The insurance companies are now open to tailoring their offerings according to the behavior of individual consumers and constantly adapt to an individual’s behavioral patterns. They are no more shy to implement technologies such as Artificial Intelligence, Convolutional neural networks, other deep learning technologies and Blockchain to have a seismic impact on all aspects of the insurance industry, from distribution to underwriting and pricing to claims.
4. What do you believe is the biggest challenge for innovation in customer communications in the insurance business?
Today’s customers are increasingly demanding and harder to satisfy, expecting organizations to answer every kind of query in a single interaction, irrespective they call a call-center, a sales advisor or use digital channels. When they do engage their expectations of service delivery are extremely high. They expect their wide range of issues to get resolve efficiently without unnecessary delays, period “on hold”, or the need to be transferred to other departments. It’s not an easy time to be an Insurance provider considering cultural, operational and general market challenges. This is the best time for a business transformation especially in customer experience which currently is human-driven. A general query usually takes 24-48 hours for a service agent to respond to the query. At times, the customer receives no response even after multiple follow-ups or the response received is not accurate. The current system allows the customer to submit the query only through email/phone or in a detailed form which is time-consuming and stressful for the customer. Typically, an agent’s performance sets the benchmark for customer experience, shaping perceptions of the business and influencing their likelihood to engage with or remain loyal to a provider, depending on how closely the provider’s services match their expectations.
5. In your opinion, what can established insurance and reinsurance companies do to simplify collaborations with InsurTech startups?
With the global insurance industry entering into an age of disruption, digital innovation and constant customer engagement is the key to transform the market and remain competitive. Implementing an omnichannel communication strategy and operational efficiency in customer service for increasing the quality of customer interactions and deepening customer relationships. Unifying the entire enterprise’s ability to sell, serve and retain customers can mostly be achieved by integrating the core business applications, optimizing the customer interaction experience and bringing in technological innovations to achieve a 360-degree customer view will be the new path to maximize sales and greater retention.
6. Munich provides one of the fastest growing digital ecosystems for insurance innovation. How is your experience here compared to other startup hotspots as Silicon Valley, London or Tel Aviv?
We shifted our headquarters from the UK to Switzerland last year considering the vast impact, a stable economic environment and a high quality of life it offers. Switzerland is one of the strongest economy and currency, the liberal tax system supported by the efficient and reliable administration has been the key factor for our movement to Switzerland. We considered ourselves truly blessed having support and faith of F10, Startup Bootcamp and the Generali’s innovation garage and programs such as Plug and Play which gave us the experience to work with big players in the insurance and financial industry and develop our chatbot in different languages.