Customers have a plethora of questions when it comes to insurance, and seek an instant response. In order to serve this need, HDFC Life, one of India’s leading private life insurance companies, launched a fully Artificial Intelligence enabled chatbot that can automatically read, understand, categorize, prioritize and respond to customer emails.
Artificial intelligence-based platform ‘SPOK’, can read customer queries within milliseconds and address them. It mimics human cognitive abilities in reading, comprehending, interpreting, and conversing. This automation initiative will enable the company to respond to user queries faster, more efficiently and consistently, HDFC Life said in a press release. For behind-the-scenes development of SPOK, HDFC Life has tied up with startup named Senseforth.ai, a humanlike conversation platform powered by artificial intelligence that offers a wide range of enterprise bots.
HDFC Life Senior EVP Subrat Mohanty said, “SPOK will help us increase our operational efficiency and we are excited to see how these interactions with our customers provide us inputs to enrich their future experience with us”. The insurance company expects SPOK to improve customer experience, while providing its support staff with the bandwidth to focus on customer satisfaction and delight.
“We are excited to partner with HDFC Life in this journey to transform their customer interactions using cutting edge AI technologies. The email Bot is built on cutting-edge Artificial Intelligence and Natural Language Processing technologies,” Senseforth CEO and Co-founder Shridhar Marri said. “It functions on A.Ware, our AI Platform. A.ware mimics human cognitive abilities in reading, comprehending, interpreting, and conversing,” he added. Artificial intelligence special purpose bots learn and evolve based on guided learning principles and are proficient with customer emotion. This will help HDFC Life constantly enhance customer experience going forward.
This is simply a case in point. HDFC Bank is giving shape to its digital vision in a number of ways. “Our digital vision is the same as the philosophy with which we run our business. We have a full relationship context in the way we conduct our business,” said Nitin Chugh, country head of digital banking at HDFC Bank, which serves over 37 million customers through more than 4,500 branches and 12,000 automated teller machines across India.
Aiming to be “a completely customer-centric organization,” the bank has been gearing itself up digitally for the past few years. The objective, according to Chugh, is to provide services, interfaces and products in a manner that the customer can “interchangeably consume them on any of the digital channels”—such as online banking, smartphones and social media.
The multiple digital initiatives undertaken by HDFC Bank, as well as similar moves by others in the industry, are indicative of the changing contours of the banking industry in today’s hyper-connected age. In fact, some analysts and consulting companies opine that, in the foreseeable future, non-banks may become as integral to the banking value chain as some of the large incumbent banks.