Overview
Axis Max Life Insurance Ltd., formerly Max Life Insurance Company Ltd., has implemented GreyLabs AI’s Voice AI Suite, a solution designed for BFSI enterprises.
Deployment Scale
The system analyses every meaningful customer call, covering more than 6 lakh conversations amounting to over 1.4 crore minutes, handled by over 700 agents.
Impact on Sales
The AI‑driven insights have produced an almost 15 % uplift in sales conversion rates. The analysis identified that the first 90‑120 seconds of a sales call predicts conversion propensity more strongly than any demographic profile, enabling the telesales team to focus on high‑intent customers.
Digital Business Growth
Axis Max Life’s digital channel contribution to Annualised Premium Equivalent (APE) has risen to roughly 15 %. One in three new customers is now acquired digitally, and the online business has expanded tenfold over the past five years, growing at about four times the industry growth rate.
Operational Enhancements
Post‑call, contextual follow‑up messages tailored to what customers actually said have generated significantly higher click‑through rates. Product design decisions are now directly informed by voice‑derived customer intelligence.
Executive Comments
Aman Goel, Founder & CEO of GreyLabs AI, stated that the partnership shows AI can be deployed in regulated BFSI with appropriate guardrails and that AI should inform, not replace, human judgment. Vaibhav Kumar, Head – Products, E‑Commerce and Enterprise COE at Axis Max Life, highlighted that the Voice AI Suite allows the insurer to listen at scale to both what customers say and what they mean, improving service, product relevance, and conversation quality.
Future Plans
The two firms are exploring further AI applications, including a Voice AI Calling Agent that will proactively engage prospects and guide them through the purchase journey.
Company Background
GreyLabs AI, backed by Rs 100 crore Series A funding from Elevation Capital and Z47, serves over 100 institutions such as Axis Bank, RBL Bank, IDFC FIRST Bank, among others, providing voice analytics and AI calling agents. Axis Max Life is a subsidiary of Max Financial Services Limited, with Axis Bank and its affiliates as shareholders, and reported a gross written premium of INR 38,877 crore for FY 2025‑26.