Asia Insurance Innovation Award 2017 - Niki
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Niki.ai is an AI-powered chatbot that facilitates sales through a single chat interface. It has over 100,000 users and partnerships with 50+ brands. The chatbot offers higher conversion rates than traditional websites or apps at 27.5%, and users spend an average of 48 minutes per day on messaging through the chatbot. It provides personalized recommendations and end-to-end transactions through an intuitive chat experience. The document discusses how the chatbot can be used in the insurance industry to enable large-scale one-to-one sales and augment marketing channels in a cost-effective manner.
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Asia Insurance Innovation Award 2017 - Niki
- 1. niki.ai It’s that simple! NIKI.AI – A CHAT-BASED UNIFIED TRANSACTIONAL INTERFACE TATA AIG – BUSINESS PROPOSAL
- 2. 2 PRODUCT VISION MISSION Enable one-to-one sales at scale To be the layer of interaction between brands and consumers AI based bot to facilitate sales through a single chat interface 27.5% Conversion Rate 100,000+ USERS 50+ BRANDS ASSOCIATED niki.ai – INTRODUCTION WHAT DEFINES US? *Substantially higher conversion than traditional web/app interface ~ <2% 48 mins AVG TIME SPENT ON MESSAGING PER USER PER DAY ~40% 0.8 USD AVERAGE COST OF PROCESSING A CALL
- 3. niki.ai WHAT DEFINES US? NIKI - HIGHLIGHTS Unique AI capabilities to solve the discovery related concerns in E-Commerce Discovery Made Easy Provide an end-to-end experience coupled with personalized recommendations Transactions Made Easy Experience built on state-pf-the-art NLP and Machine Learning Techniques Advanced AI Capabilities Based on Instant Messaging as a Platform of interaction Instant Messaging Can be extended into any platform – web/app integrations, social media channels, , OS, OEMs, etc Platform Independent Niki.ai ONE STOP SOLUTION - AI POWERED CHATBOT FOR COMMERCE WITH 40+ MERCHANT INTEGRATIONS
- 4. 4 THE PROBLEM HOW CAN INSURANCE COMPANIES ENABLE ONE-TO-ONE SALES AT SCALE & AUGMENT MARKETING CHANNELS Lack of personalized digital sales agents Insurance companies spend millions of dollars on insurance agents, with the average cost per month being over 10,000$ per agent An insurance agent is not as accessible to customers Avg cost per customer query resolution (pre-sales/post sales engagement) is ~4.5$, which over their life cycle becomes ~50$. This may or may not even lead to sales Deployment of manual call/chat agents limits scale of operation and is cost intensive
- 5. 5 THE SPECIFICS HIGHLIGHTS AND ADVANTAGES OF THE CHATBOT Intuitive & Interactive Diverse Text Handling Stateful Dialog Handling Tips & Utterances I II IVIII Highlights Compliance Friendly Consistent Experience Highly Scalable Consumer Friendly Advantages Better RoI
- 6. 6 CHATBOTS IN INSURANCE - POSSIBILITIES OPPORTUNITIES FOR CHATBOTS IN INSURANCE SPACE Discovery Recommendation Sale Post Sale Re-Sale Engagement & Retention
- 7. niki.ai A GLIMPSE OF THE SERVICES TO OFFER ON CHAT SERVICES ON CHAT DISCOVER SERVICES PROVIDE RECOMMENDATIONS CALCULATE/PAY PREMIUM The users can effortlessly estimate the Premiums, Insurance Eligibility criterion over chat. SET UPDATES / REMINDERS The users can track the Dates to fill premium of their insurances through instant reminders Helps users figure out the optimal Insurance plan via recommendation E.g.: “ Suggest me a cheapest Health Insurance ” Discover services (Insurances) offered by just chatting in free text. E.g., “ I’m looking for a Health Insurance ” IN-DEPTH COMPARISIONS Helps users figure compare and contrast the various options available on the platform based on the attributes provided. E.g.: “ Compare by plans (Silver, Silver Plus, Gold, Platinum and Senior Plan) etc.”
- 8. niki.ai KEY POINTERS OF NIKI CHAT SDK • Small plug-n-play SDK (under 500 kb) • One-time authentication (needed for personalized experience) • Powered via Artificial Intelligence (Machine intelligence) • Instant replies (completely automated) • Human-like conversation (dialog manager) • Personalized recommendation (based on user preference) • Chat with multiple users simultaneously (SOA to handle scale) NIKI SDK – THE SPECIFICS HIGHLIGHTS OF THE CHAT INSTANCE ON WEB
- 9. niki.ai NIKI SDK – CURRENT IMPLEMENTATIONS CURRENT INTEGRATIONS OF NIKI SDK Oxigen Wallet Coho Resident App Intex OEM Chat Interface - Discovery
- 10. niki.ai NIKI – THE MESSENGER BOT SUCCESS STORY OF THE MESSENGER BOT HIGHLIGHTS • Offers Cab Booking, Recharges & Bill Payments • Extends presence to Web, iOS platforms • First-of-its-kind In-chat payments • Driving 10x more transactions than mobile web interfaces RECOGNITION • FB has recognized Niki as one of the best Messenger bots • FB has extended an early access for its new features • Special mention of Niki by Mr. David Marcus, VP of Messenger as one of the superior bots • Featured as one of the 10 best bots globally by The Guardian
- 11. niki.ai BETTER MONETISATION PIPELINE BENEFITS TO PARTNER MULTIPLE PLATFORMS INTEGRATION Backend architecture is platform independent. It can be integrated with Mobile App (Android and iOS), Website, Facebook Messenger or any other chat platform TECHNOLOGY IMPROVEMENT Chatbot needs constant improvement and training on machine learning model. Niki being a product company strives to improve the experience and will avail the same on a regular basis. PLUG AND PLAY SDK One chat SDK that brings in everything together in a clutter free and natural interface. No development efforts required from the Merchant end. INCREASED PLATFORM UTILITY Increased utility of your platform will ensure better user engagement and improved retention rates hence resulting in greater user loyalty towards the brand.
- 12. B.Tech Electrical Co-Founder, Innovaccer Oracle NIKI.AI Co-founder SACHIN JAISWAL IIT-KGP 2011 Dual Electrical IndiaReads.com Energo NIKI.AI Co-founder SHISHIR MODI IIT-KGP 2012 M. Sc. Economics, 2013 Ipsos NIKI.AI Co-founder NITIN BABEL IIT-KGP 2013 B.Tech Computer Science Amazon NIKI.AI Co-founder KESHAV PRAWASI IIT-KGP 2011 INVESTORS UNILAZER VENTURES (RONNIE SCREWVALA) Strong team of 21 members comprising developers, designers and growth hackers. MR. RATAN TATA niki.ai PROF. ASHWIN ARAVINDAKSHAN Prof. in University of California, Ph. D. in Marketing, IIT Madras VP, New Initiatives – Ola Cabs Co-Founder & Managing Director – Lazada Group SUNDEEP SAHNI ADVISORS WHAT SETS NIKI APART TECHNOLOGY & CONSUMER OBSESSED MANAGEMENT TEAM
- 13. No 862, 1st Floor, Prabhat Arcade 80 feet road, Koramangala 8th Block, Bangalore 560095 OFFICE ADDRESS PHONE EMAIL +91 8106932532 [email protected] niki.ai
Editor's Notes
- #5: Conversion rates <-> highlight Avg. cost of processing an order % + % time ppl spend on a chat platform
- #7: Customer Life time value Up sell + cross sell Re-engage – cross sell, up sell, life event (marriage, divorce,..) Post sale – soft sell + happy anniversary(policy review) cross sell Major painpoint is communication between sale to sale and leverage this engagemet by better communication (that too happens with an agent). Agents aren’t incentivized for consumer engagement and only for next sale.