Reported by: banking|Updated: September 28, 2020
IDBI Federal Life is now extending its mobility platform from distribution channels to all its sales channels:
Online policies can be looked at as a distribution channel or as an enabler of remote sourcing of new business. IDBI Federal Life Insurance looks at it more as an enabler than as a channel per se. It has enabled all its distribution channels to source new business using the online platform.
NEW PRODUCTS ON PLATFORM
All its products are available on the digital platform through mobility. During the lockdown, the company has enabled remote sourcing of new business without actually having to meet the customer face-to-face.
Ameet Das, Head – IT & Digital at the company, explains: “We have 3 products available on our online platform currently and we plan to introduce 3 more shortly. The sales team uses tablets to digitally source new business. The customer confirmation is taken via an OTP. This makes the entire sales process touch-less.”
There are various digital touch points that the company provides to its customers, including its website, chatbot, mobile app and partner app. Ameet Das says around 75,000 digital transactions happened in the last financial year through these digital touch points. In the last 2 months alone there were 11,500 transactions as compared to 10,000 for the same period last year. The other interesting development is the use of WhatsApp for customer communication. The company has more than 8000 registered users on its WhatsApp Business Platform in the last financial year.
The company has been using analytics not just to increase business but more importantly to enhance customer experience. To increase business, it is using customer segmentation analytics to identify customers who may have the need for further life insurance. Ameet Das elaborates: “Some important initiatives deployed during the last financial year include our recommendation engine, which helps customers get recommendations on the product best suited for them. Propensity to lapse/surrender is another initiative introduced so that we can reach out to the customer on time and encourage them not to surrender or lapse their policies as this would be a financial loss for them.”
The company looks at CRM more from an aspect of enhanced CX. Ameet reveals that robotics is being used to ensure faster resolution of customer issues – be it service or claims.
The company plans to enable all its distribution channels digitally. It has implemented digital proposal forms instead of physical forms in its leading distribution channels about a couple of years ago. It is now extending that to all its sales channels. Also mobile phones is rather used by all in the country and the company wants to ride this wave to enable its sales team – be it the bank partners or direct sales team or agents or POS partners.
Ameet Das says making the mobility platform available as a downloadable app is the key. “Then we can move to the BYOD space, which becomes critical in current circumstances,” says he. He also adds that the company has several vendor partners all of whom are important for it.
IT & DIGITAL TEAM
The current IT & Digital team at IDBI Federal Life Insurance is 17 member strong. The teams are supported by onsite and offsite resources from its vendor partners. The count of these vendor resources is close to 100. Other than specific technical skills, what Ameet expects from the team is (i) understanding of business needs, (ii) keeping an eye open for the latest developments in technology and their deployment by other companies in the sector, (iii) a sense of keeping costs under control and (iv) maintaining a constant vigil on cyber security threats. IDBI Federal is also hiring on a need basis. Ameet indicates: “We are also evaluating gig players and the start-up ecosystem for project-based support.”
The company’s digital approach for risk management is two-fold. Explains Ameet Das explains: “One is aspire for best-in-class cyber security and the second is preventing anti-selection by potential customers. The first parameter has become critical in the current lockdown / WFH scenario. We try to maintain a balance between last mile connectivity and security. For the second,it is an on-going process. We have integrated our systems with CIBIL and DRC recently and plan to integrate with IIB in the near future.”
The lockdown has brought about a sense of urgency in implementation or fast-forwarding of some initiatives at the company and Ameet Das believes while the company had a digital focus for some time now, the road map is clearer and it will have stick to it. Technology enablement will continue to be a focus area for a significant time from now, says he.