Taiping Life Insurance

Taiping Life Insurance is a leading insurer for life and general insurance, with 37 branch offices. A subsidiary of China Taiping Insurance Group Co. Ltd, the company entered the Fortune Global 500 list for the first time in 2018, with its ranking improving ever since.

CHALLENGES

Steep and Complex Learning Curve For New Insurance Agents

New agents joining Taiping Life Insurance are often unfamiliar with the business and need to undergo lengthy and systematic training processes to be equipped with the knowledge and skills for the job.A large part of the training involves learning insurance terminology, operating rules, and calculating insured amounts. Hence, acquiring insurance knowledge poses a steep and complicated learning curve for newcomers.

Lack Of Proper Training For Existing Agents Impacted Customer Service

Besides new agents, existing agents also need to be continually trained with the latest products in the market. As a result, existing agents spend a substantial amount of time learning and understanding the details of these new products and their numerous variants.The lack of proper agent training can lead to agents having poor or no understanding of their client’s situation. This can result in insurance claims being rejected. And when customers are denied payouts, their trust in their agent declines.

SOLUTIONS

In line with its goal to be a modern and international insurer, Taiping Life Insurance wanted to be more responsive to customer needs and provide higher quality and more stable services.Therefore, it turned to Laiye’s Intelligent Automation solutions to streamline its customer experience through Laiye’s Intelligent Dialogue Platform, Laiye Chatbot, to build the “Taiping Insurance Smart Machine Secretary”. The Chatbot works as an exclusive “personal assistant” for every insurance agent to help them familiarize themselves with the business quickly and reduce work pressure.The Laiye Chatbot brings together the capabilities of four robots (Q&A, task, form, and chat), as well as eight auxiliary functions:Omni-channel accessPersonalized Q&A User attributes Effect data Intelligent evaluation Model optimization Cluster mining; Corpus management; Besides the above capabilities, the Laiye Chatbot platform can also be constructed quickly, safely, and stably. In addition, it also offers semantic understanding with up to 95% accuracy, and enables each employee to have their own intelligent robot.

RESULTS

Easy-To-Train Chatbot Provides Extra Support For Sales Staff, Increasing Productivity

Training the Chatbot is straightforward and can be done through a computer or mobile device. This process allows agents to easily modify and configure the robot anytime and anywhere.Agents can collect information and continue to learn independently through the automatic clustering capabilities of robots, which allows them to discover new problems and gain insights into the agent’s needs. The Chatbot uses Natural Language Processing (NLP) technology to communicate, learn continuously, and be smarter.As the Chatbot can store a large amount of knowledge, it also provides additional support for the sales staff, increasing their productivity.

Timely, Accurate and Quality Responses to Customers

Part of the daily work of insurance agents includes communicating with their customers. However, due to the large volume of requests coupled with the agents’ heavy workloads, they might not always have time to respond timely and accurately.With the help of the Laiye Chatbot, insurance-related questions asked by customers can be answered directly by the robot, thereby reducing the agents’ workloads.The robot can also add a personalized touch to its responses according to the characteristics of different customer groups through word cloud analysis and group data statistics. The automated data analysis generated also allows agents to have a deeper and better understanding of each customer group, improving the quality of their sales.

Semantic Understanding With Up To 95% Accuracy Gives Agents Immediate Answers

The “Taiping Insurance Smart Machine Secretary” has an integrated knowledge base built by domain experts, including insurance terms and underwriting details.The Laiye Chatbot technology offers semantic understanding with up to 95% accuracy, allowing agents to ask and get professional replies at any time and ensuring they share the most comprehensive answers with their clients.This innovative solution has helped agents be more knowledgeable, thereby improving the quality of the dialogue with their customers and fellow insurance agents.Overall, the robots have helped the agents be better trained, provide better service quality to customers, improve sales efficiency, and build closer customer relationships. All of these benefits have led to an increase in sales.The robots also allow the agents to customize the knowledge base according to their services, thereby enabling them to reach thousands more customers.Since Taiping Life Insurance launched the first dialogue robot in 2019, the Laiye Chatbot intelligent dialogue robot platform has enhanced daily operations for more than 140,000 insurance agents.

Learn more about the benefits of the Laiye Chatbot by downloading the full case study here.