Policybazaar and IISc Partner to Develop Automated Speech Recognition Algorithms to Efficiently Meet Consumer Needs

Gurugram, Haryana, India (NewsSee) Policybazaar, one of India’s leading online marketplaces for insurance, has collaborated with the Indian Institute of Science to work together on automated speech recognition algorithms to improve the experience customer. In the first-ever initiative of its kind, the two parties have signed a contract to develop algorithms capable of accurately interpreting human speech. With these algorithms, the company intends to take advantage of significant information from millions of calls between customers and its advisers. As part of the project, Policybazaar would work with Dr. AP Prathosh, assistant professor in the Department of Electrical Communications Engineering, IISc, to gain deep expertise in automated speech recognition (ASR) algorithms, improve the accuracy of current ASR algorithms and develop out-of-domain adaptations. Dr. Prathosh, who previously worked at IIT-Delhi, has expertise in deep representation learning and deep generative models. He also co-founded a start-up that builds learning algorithms for behavioral health. Santosh Bhat, Head of Data Science at Policybazaar.com, said, “As the accuracy of the ASR engine improves, it would improve our downstream deep learning models for NLU (Natural Language Understanding). This in turn will help us get to the heart of customer issues and provide them with the best possible solutions. Advances in deep learning have made it possible to explore state-of-the-art solutions that go beyond the ordinary approach and we want to leverage this to better understand our customers and ultimately serve them better. Policybazaar handles a volume of over 1.5 lakh interactions via calls between its clients and advisors every day. These conversations include clarifying doubts about buying a new insurance product or questions related to existing policies. The idea of ​​this collaboration is to analyze these millions of conversations to obtain relevant information on customer needs, in order to improve the productivity of advisors and, ultimately, to improve the customer experience. ASR is the technology that allows computers to recognize and translate spoken language into text. Through this collaboration, Policybazaar also aims to create state-of-the-art algorithms for speech recognition of Indian languages ​​in a robust way. This will help to effectively address the uncommon quantum of customer needs and, in turn, contribute to better consumer engagement. About Policybazaar (www.policybazaar.com) Policybazaar.com is one of the largest insurance marketplaces in India. It is the flagship platform of PB Fintech Ltd. Policybazaar.com began with the goal of educating people about insurance products and with its offerings has reached out to the vast, highly under-tapped online insurance markets.

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Sharon D. Cole