Plug and Play's corporate partner, Tokio Marine, a leading insurance provider, collaborated with Plug and Play's program startup, WIZ.AI, to create an automated telemarketing and aftersales initiative in Indonesia. The initiative aims to mitigate the cost of setting up telemarketing teams and to improve conversion rates of outbound marketing efforts.
About Tokio Marine
Tokio Marine was established in the year 1879 as the first insurance company in Japan and has grown over the decades, now offering an extensive selection of General and Life insurance products and solutions in 46 countries and regions worldwide. They have been a corporate partner since July 2019.
About WIZ.AI
WIZ.AI is an AI speech agent for enterprise services in industries such as banking, healthcare and insurance. Their AI call agent is able to perform various functions such as telesales, marketing, aftersales customer care and support, and training. WIZ.AI empowers enterprises to take back control from outsourced call centres, to deliver customer service that is always consistent with their own brand.
The Partnership
Tokio Marine is a Founding Anchor Partner in Plug and Play APAC’s Insurtech program. WIZ.AI was part of Plug and Play APAC’s Insurtech program. Tokio Marine Asia’s Digital Strategy team met with WIZ.AI in Singapore through the Insurtech program.
Tokio Marine’s Indonesia team also met WIZ.AI through a curated Plug and Play Deal Flow, where Plug and Play sourced for chatbot solutions with Bahasa Indonesia capabilities for Tokio Marine Indonesia. After their meeting with WIZ.AI, Tokio Marine Indonesia was interested in partnering with WIZ.AI to enhance their telemarketing and aftersales processes and later on, expanded their original project scope to include a new voice-enabled campaign for their pilot.
WIZ.AI enables the deployment of natural sounding conversational AI for specific scenarios. For this partnership, WIZ.AI’s voice bot was used to help qualify potential customers, and to gauge the customers’ interests for upselling and cross-selling opportunities. This enabled Tokio Marine Indonesia to avoid the costs of setting up a full-scale telemarketing team, and to instead focus on improving their communications with customers which had been qualified using WIZ.AI’s voice bot.
With the successful completion of the pilot project, Tokio Marine Indonesia is determining their next steps, and evaluating the feasibility of scaling this project to a wider range of products and campaigns.
Timeline
Jul 2019: Tokio Marine signed as a Plug and Play Founding Anchor Partner
Aug 2019: Deal Flow between Tokio Marine Indonesia and WIZ.AI
Jan 2021: Commencement of pilot project between Tokio Marine Indonesia and WIZ.AI
Sep 2021: Commencement of pilot project (Phase 1) for policy information and renewal campaign
Aug 2022: Scaling up pilot project to Phase 2, with an improvement to add more products and aftersales services
Key Takeaway
Pre-planning of the pilot project can help corporations to maximise the benefits of the startup partner’s solutions. Tokio Marine Indonesia was able to maximise their benefits from the AI- driven voice-bot solution.
Since they had planned and mapped the entire end-to-end customer journey, they recognised that the integration of the voice-bot with their direct-to-consumer (D2C) website’s landing page was one of the key factors to boost the click-through rate (CTR). Tokio Marine Indonesia is in the midst of revamping their customer website, and has established a new sales channel by leveraging the AI-driven voice-bot as an automated telesales agent. This has resulted in a high customer conversion rate of 54%. Tokio Marine will continue to enhance the customer experience on their website, and leverage the data obtained from their pilot project for future digital marketing strategies.
How Plug and Play Can Help
Plug and Play is a global innovation platform that has been bridging the gap between startups and corporations for over a decade. With a presence in more than 35 locations across the world, Plug and Play provides a unique ecosystem that connects the most promising startups with the world's largest corporations, facilitating innovation and growth for both parties.
Collaborating with startups has become increasingly important for corporations, as it allows them to tap into cutting-edge technologies and fresh perspectives that can help them stay ahead of the curve. However, working with startups can also be a challenge, especially for corporations that are used to a more traditional way of doing business. That's where Plug and Play comes in, providing a framework for open innovation that helps corporations to leverage the power of startups to drive growth and success.
Through its various accelerator programs and corporate innovation services, Plug and Play helps corporations to identify the most promising startups in their industry, providing them with access to mentorship, resources, and investment opportunities. At the same time, startups benefit from the expertise and resources of corporations, gaining access to valuable partnerships and customers that can help them scale their businesses.
At Plug and Play, the concept of open innovation is central to everything we do. We believe that by working together, startups and corporations can achieve more than they could alone, and we're committed to helping our partners navigate the complexities of collaboration to drive innovation and growth. Whether you're a startup looking to take your business to the next level or a corporation seeking to stay ahead of the competition, Plug and Play is here to help you succeed.
Tokio Marine is one of our Corporate Partners from our Insurtech program, which enables the world's largest insurance institutions and corporations to work with our startups.
WIZ.AI is one of our startups from our Insurtech program, which enables startups to work with the world's largest insurance institutions and corporations.
Find out more about our Insurtech program here.
Find out more about our Corporations here.
