A major roadblock to financial inclusion is the lack of capacity and sustainability to serve the mass market in far-flung areas, where the means of availing financial products and services is a challenge.
To address this, Amihan built for its partners a digital onboarding platform using a chatbot to transform how customers can purchase insurance. This platform is powered by AI and Natural Language Processing (NLP) technologies and
a conversational chatbot that is connected to a marketplace for microinsurance products. Life-like interactions are possible with the chatbot, which helps to quickly scan and process customer application documents using a form OCR
model, automatically create insurance quotes, and initiate claims within minutes. With the platform, the partner’s agents can enroll their clients through apps like Facebook Messenger quickly. The platform also helps in significantly
increasing the number of covered individuals in their markets.
With the use of the onboarding platform, signing up for insurance has become faster and with a lower barrier of entry. The solution has also opened up our partner’s coverage to a much wider market- the number of enrolled clients
grew exponentially, from 995,000 in 2014, to over 18 million clients in 2018. The growth in business was also the result of the training and efforts of the agents, who served as local company representatives and financial advisers
to their communities. Those at the bottom of the financial inclusion pyramid now have access to critical insurance for Life, Health, and Property.