Etiqa Insurance Singapore wins top AI - Financial Services for innovative customer service chatbot

The chatbot responds to a wide range of customer inquiries.

Etiqa Insurance Singapore has been honoured with the top accolade in the AI - Financial Services category at the SBR Technology Excellence Awards 2024. This recognition is a testament to the company's commitment to leveraging AI to transform customer interactions and support services.

The highlight of Etiqa Insurance Singapore's win is its AI chatbot, launched in 2023. This AI-driven platform has set a new benchmark in customer service technology with its ability to understand and process extensive free-form text, enabling it to respond to a wide range of customer inquiries around the clock. The Etiqa AI chatbot's proficiency in recognising various customer intents and providing comprehensive support across four policy servicing functions has redefined the standard for customer engagement in the industry.

The implementation of this Large Language Model (LLM) chatbot has led to remarkable outcomes, not just in achieving but surpassing its set objectives. Notable is the exponential increase in monthly usage, which surged by 1233%, from over 300 threads to more than 4,000. This dramatic rise in engagement has been accompanied by significant improvements in customer feedback metrics, including a 90% increase in the Net Easy Score (NES) and a 32% rise in the transactional Net Promoter Score (NPS).

Moreover, the chatbot's success is evident in its ability to autonomously resolve 44% of customer queries, significantly enhancing user satisfaction and freeing up human resources to concentrate on tasks that add more value. This efficiency boost is a clear indicator of the chatbot's impact on operational productivity within Etiqa Insurance Singapore.

Looking ahead, Etiqa Insurance Singapore aims to continue its trajectory of innovation by upgrading the chatbot to a Generative AI solution. This move underscores the company's dedication to adopting cutting-edge technologies to meet evolving customer needs and market opportunities. The integration of the AI chatbot with sales acquisition and servicing processes is poised to further cement its position as a critical component in the company's digital strategy, promising to keep Etiqa Insurance Singapore at the forefront of technological advancements in the financial services sector.

The accolades and achievements of the Etiqa AI chatbot exemplify the transformative power of AI in financial services, marking a significant milestone in the company's journey towards digital excellence. 

Etiqa Insurance Singapore’s success at the SBR Technology Excellence Awards 2024 highlights its innovative spirit and leadership in utilising AI to enhance customer experience and operational efficiency, setting an example for the industry.

The SBR Technology Excellence Awards is presented by Singapore Business Review Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's outstanding contributions in pursuit of technological innovation, please contact Jane Patiag at [email protected].