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Arushi Pandey

Mar 12, 2025

AI Agent for InsurTech

human and robotic hand reaching out to each other creating magic
human and robotic hand reaching out to each other creating magic
human and robotic hand reaching out to each other creating magic

The Insurtech Onboarding Challenge: Where AI Agents Can Transform the Sales Funnel📈

The insurance industry is evolving, with digital transformation reshaping customer acquisition. Yet, onboarding remains a major bottleneck, with high drop-off rates impacting revenue.

The Leaky Funnel: Where Customers Drop Off

The typical insurtech onboarding journey consists of several key stages:

Application Submission➡️KYC➡️Underwriting➡️Premium Calculation➡️Compliance Checks➡️Policy Issuance

Now, if we just look at the first 2 stages ->

1️⃣Initial Application: The first major drop-off occurs here itself. Complex forms require detailed personal and financial information which overwhelm potential customers, leading to abandonment rates as high as 70% in some cases.

2️⃣Documentation Submission: Locating, scanning, and uploading various documents (proof of identity, financial records, etc.) creates another significant drop-off point. Industry data says that ~45% of applicants who begin this stage fail to complete it within the first 48 hours.

These friction points create a compounding effect on conversion rates, with each stage losing potential customers and revenue.

For many insurtech companies, overall conversion from initial interest to policy activation hovers around just ~15-20%.

This is a common challenge, and many companies are already addressing it. However, AI adoption offers a practical and effective solution—here’s why:


➡️Multi-Channel Engagement🤝: An example - Sam begins filling out a form but gets stuck on a complex question. Without real time support, he abandons it, resulting in lost revenue.

With AI-driven onboarding, Sam gets an instant nudge via WhatsApp/AI call/chat resolving his doubt in seconds.
By enabling seamless, multi-channel engagement, AI reduces drop-offs, improves conversions, and enhances the customer experience.

➡️Multi-Agent Orchestration🤖: Sam uploads his documents, an AI documentation agent provides real-time guidance, reducing delays.
When his application is under review, an AI underwriting assistant keeps him informed, ensuring transparency.
Finally, an AI policy explanation agent simplifies complex terms, boosting his confidence in the policy.

With specialized AI agents at every stage, onboarding becomes seamless, reducing drop-offs and improving customer satisfaction.

The real synergy comes from these agents working in concert, sharing context and creating a coherent customer journey.

AI is cutting drop-offs and driving 30-40% higher conversions in insurance onboarding. More than just improving metrics, it enhances trust, retention, and long-term growth in the competitive insurtech space.

Revolutionize Your Revenue Teams with a
Futuristic AI Workforce

Our AI Agents enable AI Calling and seamless multi-channel engagement, ensuring efficient and intelligent customer experience.

Revolutionize Your Revenue Teams with a Futuristic AI Workforce

Our AI Agents enable AI Calling and seamless multi-channel engagement, ensuring efficient and intelligent customer experience.

Revolutionize Your Revenue Teams with a
Futuristic AI Workforce

Our AI Agents enable AI Calling and seamless multi-channel engagement, ensuring efficient and intelligent customer experience.

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US Office Address:

8 The Green Dover, DE 19901, USA

India Office Address:

761 Urban Vault, 19th Main Rd, Sector 3, HSR Layout, Bengaluru, Karnataka, India, 560102

Empowering Revenue Teams to
Scale Smarter, Faster, Better!

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SOC 2 Compliance:

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Role-Based Access Control

Our platform adheres to the highest standards of data protection and operational integrity, validated by rigorous ISO certifications.

© 2025 RevRag AI All Rights Reserved

Resources
Contact

US Office Address:

8 The Green Dover, DE 19901, USA

India Office Address:

761 Urban Vault, 19th Main Rd, Sector 3, HSR Layout, Bengaluru, Karnataka, India, 560102

Empowering Revenue Teams to
Scale Smarter, Faster, Better!

ISO Certified

Revrag.ai utilizes real-time APIs to fetch the information you need. Your data remains securely in its original location while we provide seamless access across our platform.

SOC 2 Compliance:

Revrag.ai is aligned with globally recognized SOC 2 standards, guaranteeing exceptional data security and management practices.

Role-Based Access Control

Our platform adheres to the highest standards of data protection and operational integrity, validated by rigorous ISO certifications.

© 2025 RevRag AI All Rights Reserved

Resources
Contact

US Office Address:

8 The Green Dover, DE 19901, USA

India Office Address:

761 Urban Vault, 19th Main Rd, Sector 3, HSR Layout, Bengaluru, Karnataka, India, 560102

Empowering Revenue Teams to
Scale Smarter, Faster, Better!

ISO Certified

Revrag.ai utilizes real-time APIs to fetch the information you need. Your data remains securely in its original location while we provide seamless access across our platform.

SOC 2 Compliance:

Revrag.ai is aligned with globally recognized SOC 2 standards, guaranteeing exceptional data security and management practices.

Role-Based Access
Control

Our platform adheres to the highest standards of data protection and operational integrity, validated by rigorous ISO certifications.

© 2025 RevRag AI All Rights Reserved

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