Axis Max Life uses Voice AI to analyse 6 lakh customer calls, boosts conversions

Axis Max Life Insurance has deployed GreyLabs AI's Voice AI Suite across its telesales operations, enabling artificial intelligence-led analysis of customer conversations that has helped improve sales conversions by nearly 15%, the companies said on Tuesday.

The insurer has analysed more than six lakh customer conversations, representing over 1.4 crore minutes of call time across more than 700 agents, using the AI platform to assess all meaningful sales calls rather than relying on selective manual reviews.

The deployment has also uncovered that the first 90-120 seconds of a sales conversation are a stronger predictor of conversion than customer demographic profiles, allowing the insurer to identify high-intent prospects and refine its sales approach based on customer intent rather than profile data.

Axis Max Life said the insights generated by the platform have improved agent performance, enabled more contextual customer follow-ups and informed product development based on customer feedback captured during calls.

The insurer's digital business has grown tenfold over the past five years, with digital channels now contributing around 15% of its Annualised Premium Equivalent (APE). One in three new customers is acquired digitally, while its online business is growing at nearly four times the industry rate, according to the company.

"As our digital business scaled rapidly, the volume and complexity of customer conversations made it increasingly difficult to extract meaningful insights through traditional review processes," said Vaibhav Kumar, Head of Product Management and E-Commerce at Axis Max Life Insurance.

"The platform enables us to understand not just what customers say, but what they mean, helping us improve customer engagement, product design and sales effectiveness," he added.

GreyLabs AI, which provides voice AI and analytics solutions to financial institutions, said the deployment demonstrates that regulated financial services companies can adopt AI while maintaining compliance and governance standards.

"AI in regulated industries should augment human decision-making rather than replace it. This deployment shows that when implemented with the right guardrails and business focus, AI can deliver measurable outcomes," said Aman Goel, founder and chief executive of GreyLabs AI.

The companies are also exploring broader AI applications across the sales lifecycle, including deploying AI-powered voice agents to proactively engage prospects and assist them through the insurance purchase journey.

GreyLabs AI, backed by Elevation Capital and Z47, serves more than 100 financial institutions, including banks, NBFCs and fintech companies, with AI solutions spanning sales, collections, renewals and customer support.