Indian life insurer HDFC Life has partnered with chatbot platform Haptik to launch India’s first life insurance chatbot.

The chatbot will act a financial guide to help users choose the most relevant insurance plans and solutions.

This chatbot aims to assist customers with insurance advice – ranging from health to tax planning and retirement, based on a simple 60-second quiz which enables it to compute their insurance quotient.

Calculated using different parameters under each insurance category, the insurance quotient is an indicative score for each individual, based on which, HDFC Life can recommend the best-suited insurance plans for the user.

HDFC Life said the chatbot not only works as a personal financial adviser, but also brings to the forefront the universal need for life insurance.

Millennial focus

Suresh Badami, CDO – HDFC Life, said: "Many of us in our country, particularly the millennials, are under insured and need a simple platform to access relevant information about insurance. We at HDFC Life have invested heavily in the adoption of cutting-edge technology to offer insurance solutions across customer segments through multiple touch points.

“One such initiative is to pilot the use of artificial intelligence to act as personal assistant to the discerning new age customer.  Haptik’s chatbot enables us to do this and reach the millennials through the medium that they are most accustomed to and are comfortable with."

Haptik CEO Aakrit Vaish said: “We are extremely excited to partner with HDFC Life to build the India's first Life Insurance chatbot. We believe chat as an interface simplifies tons of complex everyday experiences, and nothing gets more complex than the process of understanding Life Insurance. HDFC Life was the ideal partner who understands the value a bot could bring, and timing it the financial year end made a lot of sense."

The life insurance chatbot will be live on the Haptik App, which is available on both iOS and Android. until 14 March.