Case Study: Car Insurance – Customer Listening Analysis

Industry: Banking & Finance

The Client

The customer is one of the largest insurance companies in Japan.

The Business’s Needs

The company sells car insurance to customers through two channels: direct contact or through calls. Current procedure for handling an accident is time-consuming and reduces customer’s satisfaction. Besides, the insurance accounting department also takes time to handle payment processing. This can take more than 1 week to complete one case.

The Solutions

  • Increasing communication channel with customers: creating chatbot module, customers can record accident scene then receive response from insurance company promptly.
  • Using AI to analyze data through data lake and judge the extent of damage and issue compensation amount, the customer will receive compensation upon agreeing to the amount.
  • Gathering customer opinions through social networks thereby obtaining results of the accuracy of AI when making reasonable compensation.

Based on the current need of the insurance company, FPT has detected key problems and proposed a plan to wholly tackle existing pain points of the business: Better Customer Care and More Effective Business System.

Improving Customer Experience

  • Decreased waiting time for insurance claim
    • Allowed customers to record vehicle’s status after an accident by camera
    • Automatic instant assignment of compensation based on photos
  • Tailor service to meet customer’s expectation
    • Matching data of customers on social media
    • Gather customers feedback from online post
    • Update insurance package to reduce negative feedback

Optimizing Business System

  • Reduce cost for insurance issuing
    • Near real time assignment of compensation
    • Decrease insurance paid pending time
    • Significant productivity improvement with less operating cost
  • Enable new source of feedback
    • Naturally collect feedback from SNS
    • Feedback can be used in improvement of AI models, as well as sales and marketing plans

Car Insurance – Customer Listening Analysis

The Benefits

  • Waiting time is reduced considerably: from one week to just within 30 minutes.
  • Customer churn rate is expected to reduced from 3.5% to 1.5%.

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