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Kotak GI: Boosting products, visibility & geography

Kotak General Insurance caters to the customer needs through integrated quote systems, portals and apps:

Kotak GI: Boosting products, visibility & geography

Kotak Mahindra General Insurance, established to service the growing non-life insurance segment in India, values customer service, quality, and innovation above everything else. N. Ravichandran, Senior Executive Vice President & Chief Technical Officer, has a long and diverse career, spanning more than 30 years across banking and insurance domains. He started his career with Karnataka Bank, eventually moving on to the insurance space with United India Insurance Company.

Mehul Dani: What is covered under corporate insurance policies at Kotak General Insurance?

N. Ravichandran: KGI started focussing on corporate space 2 years back and we are gaining entry into corporate accounts by deploying capacity leveraging our ecosystem as well as our relationship with clients as well as intermediaries. In the product space, we are competing with other players offering bouquet of products in spite of being latest entrant. We have various product lines catering to the requirements of corporates namely property and project polices, marine, health and speciality lines like liability. Based on the understanding of risk profile of corporates, we tailor-make products basis the bouquet we have and engage with customer with value added services such as risk management activities, loss prevention studies.

What is your growth in customer base? How have you achieved this growth?

We have been growing quarter on quarter. Continual engagement with intermediaries and clients from our side across functions as customer as focal point. We have been growing in the corporate insurance segment by about 50% in the current financial year. However, as the base is small, we believe we have immense potential to grow manifold. For corporates, we are expanding our footprint across geographies hence the present customer profile is mixed across various customer segments. We are moving towards instant policies issuance catering to larger customer base directly through portals and other applications.

What is the impact of digital initiatives like mobile apps, digital platforms, chatbot, etc, on business growth?

We provide range of tools like agent portal, mobile apps and quotation systems for providing services to our customers. Mobile apps, portals are being used for claims in giving better experience to our customers. Our website has chatbots embedded to provide simple query response to customers. Further, for large corporates, we also provide infrared thermal imaging services to identify hotspots in electrical installations & equipment to determine electrical faults as a loss prevention exercise.

Which new products has Kotak GI introduced in the current FY? How do they differ in features, processes, TAT? What do you expect from the IRDAI wrt introduction of new products?

We have introduced liability lines of business in the current financial year. The product has been framed considering Indian and global scenarios and offers distinct coverage. We are being seen in comparison by channel partners on a positive note, we expect a gradual pickup considering long tail. Reforms have been happening in rapid phase facilitating ease of doing business which will bring in innovative products to increase penetration.

How extensively is technology deployed for employees? Which electronic gadgets are deployed for employees, agents, distributors for providing services to the customers?

We have a ‘Knowledge Bot’ which helps employees familiarize/ resolve process and product related queries. All our employees are enabled to function 100% from either WFH or WFO. We have a robust data and analytical platform, which is used by employees for various reporting and analytical purposes. The situation is normalized now in the wake of covid pandemic. We will continue to cater to the customer needs through integrated quote systems, portals and apps.

What new innovations and initiatives has Kotak GI undertaken or is planning in order to grow corporate insurance policies? What are your targets and plans for the medium to long term?

We focus on client engagement in terms of providing customer centric solutions and value-added services for risk improvement and management. We are working on initiatives for enhancing our visibility and product and service offerings. We are also expanding geographically to be nearer to the customer at all times. We are positioning ourselves as the emerging leader in this segment with long term commitment and customer first approach coupled with technical expertise.
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