How insurers are reaping the benefits of rapid digital transformationby Elisha Moskel Talent Management Services
The pandemic cornered India Inc. The damage for some sectors was relatively intense In the absence of digital channels and relevant training for the salesforce. Thereby missing the opportunity to utilize the potential of a pandemic.
If businesses have to look for one benefit from the pandemic it would be the accelerated growth of digitization. Banking upon this trend is the financial sector in India, especially the insurance industry.
While the sector takes to technology relatively quicker than others, the insurance sector has been firmly rooted in conventional methods for some time now.
Digitizing takes precedence in a pandemic
A recent report by Forrester states 50 percent consumers prefer digital channels in India. Hence, to accommodate changing customer patterns and navigating the new normal in a post covid world, insurance companies in India have been relying on digital channels to acquire, onboard and service customers for a while now.
Insurance as an industry has three parties involved in it: Customer, distributor, insurer. “A three party conversation with social distancing has to acknowledge the solicitation of the sale to happen and it to take place digitally is the reimagined process all about," says Samrat Das, COO, PNB MetLife.
“We are simplifying the whole process of claim intimation or a service request which otherwise was more templatized. In today's pandemic situation, if you have to intimate a claim there is a standard template to be filled up and then put on the details, signed and sent to us,” says Das.
Mohit Rochlani, Director of IT and Operations, IndiaFirst Life Insurance takes pride in enabling an end-to-end paperless process for the on boarding of a customer. “I have a lead management system on the mobile and the entire process of application of a policy and documents collection for issuing the policy is totally digital,” he says.
A sales person, during an interaction with the customer, can enter all the details on a tab handled by the former and get the policy issued. Also, if you cannot meet a customer one can utilize the OTP option and give the customer a policy.
WhatsApp is a timely savior
Another relief for insurers was to digitize the claims process. Customers and companies are relying on WhatsApp, for its pervasive influence.
IndiaFirst Life’s Rochlani used WhatsApp for wider reach of the servicing options, “The option of sending all the claim-related documents through WhatsApp was made available. On that basis, the processing of claims is possible.
We exposed our chatbot and integrated it with WhatsApp and a specific number. A customer can text a simple conversational ‘Hi’ on the number, post which services will be listed,” he adds.
In a quest to simplify and digitize the claim process, Das too took the same route, “With remote working, a photograph of the claim’s details sent through a WhatsApp message or an email is the only step needed. Rest will be handled by the company. This eliminates the delay of claims and customers are not deprived of their benefits.”
Advisory goes digital
As customers get acclimatized to digital platforms, insurance advisory would move online too. Digital tools have gained prominence in the country as a Forrester report states 86 percent of consumers in metropolitan India believe it is important for agents to use digital tools to help them understand the best products that meet their needs.
Nilesh Parmar, COO of Edelweiss Tokio Life, assured the right training for the salesforce, which in turn proved beneficial for the company.
“Through digital channels like video conferencing and tele calling salesforce is being trained to build necessary skills and communicate the process of onboarding transactions to customers seamlessly,” explains Parmar.
It is also being utilized in providing requisite information on tackling customer concerns and queries, relating to the ongoing disruption and recommending suitable products.
Cloud and analytics pave the way
The cloud migration journey began last financial year for Edelweiss Tokio Life. “It helps us adopt new-age platforms with ease as cloud-based platforms typically auto-update. We are focusing on facilitating platforms rather than tools and cloud provides easy access to such platforms that can be immediately enabled for use,” Parmar says.
A natural consequence then is that the company could rein in infrastructure requirements and implement a server-less architecture and optimise cost.
Samrat Das believes data and analytics is an important tool in the way PNB MetLife grew its businesses. One of the important things he believes is to use analytics to predict a few things on underwriting.
“We have data from eKYC and data from income tax, CIBIL. We are trying to figure out a model to assess risk ahead of time when a customer is virtually getting on board. It is in the early stages but this is how it will work in the sales aspect,” he says.
Created on Jun 8th 2020 06:48. Viewed 142 times.