How can an insurtech create value for its customers? Bhushan Sheth, Chief Risk Officer at Zopper Insurance Broker, gives examples relating to customer satisfaction, innovation, distribution, and more:
Manoj Agrawal: Give examples of contributions made by Zopper’s assurance team in helping improve customer satisfaction.
Bhushan Sheth: C-Sat is a parameter that we track extensively. Customer expectations are very high w.r.t turnaround time in this industry. Nobody will be okay with giving their phone for repair and staying away from it for more than 24-36 hours. Real test is to pick up, repair and drop within 12 hours: that’s the challenge and expectation. We have our happy calling team to ensure sales follow up, also helping eliminate mis-selling.
Give examples of how Zopper is converting customer insights into product innovation.
Zopper has always made these decisions based on data while maintaining top customer experience. For instance, mobile is an asset category not known for its long life. General perception would be that mobiles do not last beyond 2 years and problems in usage start cropping up after 18 months of usage. When we spoke to insurance companies seeking 24-month warranty, they were reluctant to offer extended warranty for mobile phones for this reason. However, this is where our experience, market insight and data all helped us create a fantastic product for Mobile Extended Warranty. And it has turned out to be one of our most profitable products. How did that happen? We could never change the performance or lifecycles of mobile phones; but what we figured out is that people have a tendency to change and upgrade their mobile phones often; and in our dataset, the average tenure for which a customer kept his/her phone was a mere 16 months. This data set helped us make an extended warranty program with a lot of confidence because on an average, we won’t get a claim beyond 17th month, as the user has stopped using that phone.
Give examples of how Zopper is making a difference in distribution, sales, client lifecycle, etc.
There are plenty of use cases where consumers increasingly expect their insurance experience to be tightly knit and well-integrated, if not fully embedded into their lifestyle choices. We leveraged this idea of embedding insurance and in this context Zopper took notable strides across multiple formats of insurance distribution such as phygital, bancassurance and embedded insurance to name a few. Having worked with more than 300 partners and clients, we had multiple challenges to cater to, but we were able to design solutions successfully to cater to each of their problems.
One of India’s leading NBFCs witnessed approximately 56% growth just by using Zopper’s Unified Digital Platform which was specially designed for the brand by enabling both real and virtual relationship managers and branches through a single digital platform for supported sales. Zopper assisted with end-to-end client lifecycle management. A renowned bank achieved 2.5X growth in gross premium in the last 3 years because of Zopper’s solutions.
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