For those unfamiliar with Takaful, it’s an Islamic insurance system rooted in mutual cooperation and shared responsibility. It provides a Shari’a-compliant alternative to conventional insurance. The global Takaful market, valued at $30.5 billion in 2022, is anticipated to surge to $97.17 billion by 2030.
Some of the challenges and opportunities for the takaful industry include regulatory frameworks, product innovation, customer awareness, and social responsibility. Watania Takaful, a company headquartered in Dubai, UAE, and with branches in Sharjah, Deira, and Abu Dhabi, encountered comparable hurdles.
But before we tell you more about their challenges and how they were able to overcome it, let me quickly tell you about Watania Takaful.
About Watania Takaful
Watania Takaful provides a range of takaful products, including motor, health, travel, home, and personal accident coverage. It operates in compliance with Islamic Shari’ah principles and UAE Federal Law. In 2021, Watania Takaful merged with Noor Takaful, solidifying its position as one of the foremost takaful providers in the UAE.
Striving for Uniform Customer Support: The Watania Takaful Challenge
As a prominent takaful provider, Watania Takaful consistently encounters a multitude of inquiries ranging from claims processing, policy renewals, purchasing new insurance policies, to general queries, and even the registration of complaints. This diverse array of customer interactions is a testament to Watania Takaful’s widespread presence across the UAE region and the diverse needs of its clientele.
With no presence of a unified platform, customers had to rely on either visiting the branches or IVR systems for the needful. Thus increasing the resolution time of any query or sales.
Watania Takaful Launches Omnichannel Customer Support
Considering the encountered challenges and the diverse customer base, Watania Takaful, in collaboration with Verloop.io, introduced an omnichannel, multilingual customer support system across various platforms:
- Website
- WhatsApp
- Facebook
They unveiled the Conversational AI platform, offering seamless interactions in both English and Arabic. This bilingual capability significantly broadened their accessibility and catered to a wider audience base, ensuring that customers could engage comfortably in their preferred language.
The conversational AI solution was launched to resolve the following queries:
- Claim Requests: For any takaful purchased by the customers, they could apply for claims through the conversation AI platform.
- New Takaful Enquiries and Renewals: Customers could transfer to agent transfer to enquire about new products and apply for renewals.
- Suggestions and Complaints: Customers could connect with agents to register any complaints and register their suggestions on services.
- General Enquiry: Customers can connect with agents to enquire about products, or about their own policies.
- Emergency Roadside Assistance: During any roadside emergency, customers can connect with agents for assistance regarding their takaful information.
- Buy Motor Insurance: Customers can buy insurance for their old or new cars by just conversing with Ameena, the conversational bot.
Watania Takaful Improves Resolution Time and CSAT with the Conversational AI Omnichannel Support
Average Bot Deflection Improved
The average bot deflection rate showcases the number of queries resolved without the aid of agents. And for Watania Takaful, the bot deflection improved by 54.36%.
Recurring Users
The average number of returning users across different platforms, seeking assistance or purchasing new insurance policies, experienced a notable improvement of 14.89%. This signifies an enhanced engagement and satisfaction level among their customer base.
Resolution Time Reduced
Previously, the typical resolution time for takaful queries spanned several days. Now, this duration has been dramatically shortened to an average of just 13.09 hours, vastly enhancing the efficiency and responsiveness of the process.
Customer Satisfaction Improved
As a result of enhancements in both bot deflection and resolution time, the overall customer satisfaction score saw a remarkable improvement, surging by an impressive 47.7%. This indicates a substantial rise in customer contentment and successful query resolutions.
“Watania Takaful’s adoption of Verloop.io’s Conversational AI Platform resulted in a transformation of customer support, demonstrating the potential of AI-powered solutions in the takaful industry. This success story showcases how technology can revolutionise customer experiences in the insurance sector.” – Watania Takaful
