Axis Max Life Insurance has implemented GreyLabs AI’s Voice AI Suite across its telemarketing operations, enabling artificial intelligence to analyze customer conversations and helping increase sales conversion rates by nearly 15%, the companies announced Tuesday.
The insurance company analyzed more than 600,000 customer conversations, representing more than 1.4 billion minutes of call time, across more than 700 agents, using its AI platform to evaluate every meaningful sales call rather than relying on selective manual reviews.
This implementation also revealed that the first 90-120 seconds of a sales conversation is a stronger predictor of conversion than the customer’s demographic profile. This allows insurers to identify high-intent prospects and refine their sales approach based on customer intent rather than profile data.
Axis Max Life says the insights generated by the platform have improved agent performance, enabled more contextual customer follow-up, and enabled informed product development based on customer feedback obtained during calls.
The company’s digital business has grown 10x over the past five years, with digital channels now contributing approximately 15% of annual premium equivalents (APE). The company says one in three new customers is acquired digitally, and its online business is growing nearly four times faster than the industry.
“As our digital business has rapidly expanded, the volume and complexity of customer conversations has made it increasingly difficult to derive meaningful insights through traditional review processes,” said Vaibhav Kumar, Head of Product Management and E-Commerce at Axis Max Life Insurance.
“This platform allows us to understand not only what customers are saying, but also what they mean, helping us improve customer engagement, product design, and sales efficiency,” he added.
GreyLabs AI, which provides voice AI and analytics solutions to financial institutions, said this deployment demonstrates that regulated financial services companies can implement AI while maintaining compliance and governance standards.
“AI in regulated industries should augment human decision-making, not replace it,” said Aman Goel, founder and CEO of GreyLabs AI. “This deployment shows that AI can deliver measurable results when implemented with the right guardrails and business focus.”
The companies are also exploring a wide range of AI applications across the sales lifecycle, including deploying AI-powered voice agents to proactively engage with prospects and assist them in the insurance purchase journey.
GreyLabs AI, backed by Elevation Capital and Z47, provides AI solutions spanning sales, collections, renewals, and customer support to over 100 financial institutions, including banks, NBFCs, and fintech companies.
