LIC Insurance
Policy Renewal & Info Agent
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Voice AI for Insurance: Automate Renewals & Reduce Lapse Rates
30% of insurance policies lapse annually due to missed renewal reminders and payment delays—not because customers want to cancel. Insurers lose ₹5,000 crores in premium revenue every year. Manual calling is expensive, inconsistent, and often reaches customers too late.
Voice AI transforms policy management. Intelligent agents send proactive renewal reminders, collect premiums via WhatsApp payment links, assist with claims, and cross-sell riders—all while reducing operational costs by 70% and increasing renewal rates by 25%.
Detailed Use Cases & Automation Workflows
1. Proactive Policy Renewal Reminders
Current Challenge:
Customers forget renewal dates. SMS reminders are ignored. By the time agents call manually, policies have already lapsed, requiring expensive revival processes and medical re-examinations.
Voice AI Solution:
30 Days Before Due Date: "Hello Mrs. Gupta, this is a reminder from LIC. Your Jeevan Anand policy (No. 123456789) is due for renewal on 15th February. Your annual premium is ₹25,000. Would you like me to send you a payment link?"
Payment Options:
• WhatsApp payment link (UPI/Net Banking/Cards)
• Auto-debit setup for future renewals
• EMI option for large premiums
• Branch visit scheduling if preferred
7 Days Before: Second reminder call if unpaid
Day After Due Date: "Your policy is due today. To avoid lapse, please pay within the grace period of 30 days. I'm sending an urgent payment link now."
25%
Renewal Rate Increase
95%
Contact Rate
₹500Cr
Saved Premium Revenue
2. Claim Assistance & Status Updates
Scenario:
Customer files a claim and anxiously waits for updates. They call the helpline repeatedly, clogging call centers. Lack of transparency leads to frustration and negative reviews.
Voice AI Solution:
Claim Filed: AI calls within 2 hours: "Hello Mr. Sharma, your claim (No. CL-2025-12345) for ₹5 lakhs has been received. I'll keep you updated at every step."
Document Request: "We need your hospital discharge summary and medical bills. I'm sending a WhatsApp link where you can upload them securely."
Status Updates:
• Documents received → Instant confirmation call
• Under review → "Your claim is being reviewed by our medical team. Expected decision in 5
days."
• Approved → "Great news! Your claim of ₹5 lakhs has been approved. Amount will be credited
within 3 working days."
• Rejected → Empathetic explanation + appeal process guidance
- ✅ 80% reduction in claim status inquiry calls
- ✅ 50% faster document collection
- ✅ 90% customer satisfaction (vs. 65% manual)
3. Cross-Sell & Rider Recommendations
Opportunity:
Customer has a basic term insurance policy. They're getting married, having a child, or buying a home—life events that create insurance needs. Manual agents miss these opportunities due to lack of data and timing.
Voice AI Solution:
Life Event Trigger: Customer updates address to a new city → AI calls: "Congratulations on your new home, Mr. Patel! I noticed you have a term insurance policy with us. Have you considered adding a critical illness rider? It costs just ₹2,000/year and covers 40+ illnesses with ₹10 lakh payout."
Personalized
Recommendations:
• New parents → Child education plan
• Age 40+ → Health insurance top-up
• High premium payers → Premium waiver rider
• Business owners → Keyman insurance
18%
Cross-Sell Success
₹150Cr
Additional Premium
2.5x
Customer Lifetime Value
Technical Capabilities & Insurance Integrations
🏦 Policy Management System
Real-time integration with LMS for policy details, premium due dates, and claim status. Automated renewal workflows.
💬 WhatsApp Payment & Documents
Secure payment links for premium collection. Document upload portal for claims and KYC.
📊 Predictive Analytics
ML models identify lapse risk, cross-sell opportunities, and optimal contact times based on customer behavior.
🔐 Compliance & Security
IRDAI-compliant call recording. PCI-DSS for payment data. Consent management for outbound campaigns.
📧 Multi-Channel Communication
Automated email with policy documents, payment receipts, and claim status updates.
📞 Empathetic AI
Sentiment analysis detects customer distress (claims, lapses). Escalates to human agents with full context.
Overall Impact: Insurance Voice AI
25%
Renewal Rate Increase
95%
Contact Rate
70%
Cost Reduction
₹500Cr
Saved Premium Revenue
18%
Cross-Sell Success
24/7
Availability