
Transforming Insurance Sales Training with Generative AI: Boosting Skills, Knowledge, and Performance.
Introduction
- TATA AIA is India’s number 1 insurance company that ranks 6th globally, known for its strong reputation.
- Operates across 18 markets in the Asia-Pacific region, showcasing extensive expertise.
- Offers a range of solutions, including life insurance, savings, wealth management, and retirement planning, tailored to customer needs.
Challenges
- Requirement of platform that supports regional languages to improve understanding of agents from various regions of India.
- Equipping insurance agents with comprehensive product knowledge is challenging; however, it is essential for managing a vast product portfolio.
- Agents struggle to handle complex objections and queries from customers, consequently leading to dissatisfied clients.
- Requirement of effective training of reps in remote areas.
- Difficulties for managers in tracking reps’ progress for identifying areas that need improvement
Approaching the solution
- Awarathon’s multilingual capabilities, therefore, enabled agents to practice and learn in their preferred regional language.
- The platform’s AI personas simulate calm, angry, and distracted customers enabling insurance agents to effectively handle customer objections and queries.
- On-the-go training solutions allowed agents to train anytime, anywhere resulting in consistent learning across different demographics.
- Improved product knowledge through continuous practice with interactive content, quizzes, and video roleplays.
- Managers can track reps’ progress using detailed reports and, as a result, identify strengths and areas for improvement to provide targeted support.
Difference made
- 10% improvement in revenue generation within 4 months.
- 20% improvement in scores before and after training.
- The trained group’s overall scores on various skills were 35% higher than the untrained group.
- 40% improvement was observed in product knowledge and communication skills of trained insurance agents.
- 25% reduction in at-risk agents within three months.