Universal Sompo General Insurance offers a range of insurance plans, including health, motor, travel, and commercial policies. Their services focus on a customer-first approach with features like quick claims, 24×7 assistance, and a wide network across India. It partnered with trusted brands, including several Indian banks, and offer specialized government solutions like the Pradhan Mantri Fasal Bima Yojana for farmers. Their ‘Pulz’ app allows users to manage policies, initiate claims, and track claim statuses conveniently.
FRONT OFFICE UPSHIFTS
Upshift No. 1 – Expansion of Customer Touchpoints: Universal Sompo has adopted a multi-faceted approach to expand customer touchpoints and enhance brand outreach. The company currently has over 185 physical offices in India, and with digitally enabled human resources, its overall presence extends to over 300 locations across the country.
Furthermore, Universal Sompo is continuously expanding its hospital and garage network, which currently stands at 10,400+ hospitals and 13,500+ garages. The company also leverages over 14,000 channel partners, 14 bank partners, 16 e-commerce players, including web distributors, and 500+ brokers.
Sharad Mathur, MD & CEO of Universal Sompo, asserts: “These diversified distribution channels helped us increase our market penetration and reach to customers who may not have been traditionally served.”
Upshift No. 2 – Seamless Omnichannel Experience: Universal Sompo has built a seamless omnichannel experience through Salesforce CRM. By integrating various touchpoints and teams, the company ensures that customers enjoy a consistent experience throughout their journey. This integration also allows Universal Sompo to gain a holistic view of customer needs and preferences, enhancing overall customer satisfaction. Says Sharad: “This integration ensures that our valued customers enjoy a consistent experience throughout their journey with us while also allowing us to gain a holistic view of their needs and preferences.”
BRAND UPSHIFTS
Brand Upshift No. 1 – Enhanced Marketing Efforts: Over the past 2 years, Universal Sompo has significantly increased its marketing efforts to build trust and strengthen relationships with both customers and channel partners. This initiative has been crucial in raising customer awareness and fostering stronger connections. On November 8, 2023, the company launched a YouTube and social media video campaign (www.youtube.com/watch?v=YPq7BtCfEE8) titled ‘Gift of Health’ to promote health insurance during the Diwali festival. The campaign quickly gained popularity, amassing over 1.2 million views within just 7 days. Sharad emphasises: “Our aim is to provide a smooth journey from onboarding to settling claims digitally.”
Customer satisfaction remains a top priority for Universal Sompo. The company boasts an impressive Google rating of 4.9, based on over 2633 reviews.
Brand Upshift No. 2 – Digital Technology Investments: The company has heavily invested in digital technology to facilitate easier online interactions for customers. One key project is improving the mobile app, Pulz App, which allows customers to manage, renew, and file insurance claims quickly and easily. In addition, the introduction of an AI chatbot named ‘Olive’ has been a significant step. ‘Olive’ assists website visitors by answering insurance-related questions and helping them navigate the company’s products and offerings.
Brand Upshift No. 3 – Launch of WhatsApp Channel: Universal Sompo has also launched a WhatsApp channel, enabling customers to connect with the customer care team or utilise self-help services effortlessly. This initiative aims to provide a seamless digital journey from onboarding to claim settlement.
HR UPSHIFTS
HR Upshift No. 1 – Nurturing Internal Talent: Universal Sompo has established a robust Learning & Development infrastructure, transforming the organization into a learning powerhouse. With a network of more than 70 in-house ‘Learning Catalysts’, the focus is on peer learning and human skills, fostering a culture of continuous learning. This investment has yielded impressive results, with a 71% year-on-year increase in learning hours for employees and distribution partners in FY23. Initiatives like ‘Knowledge Junctions’ and ‘Unlocking Success Mantras’ facilitate knowledge sharing, cross-functional collaboration, and skill development, ensuring that employees and partners contribute to the organization’s success.
HR Upshift No. 2 – Digital Learning Platform: Usage of the digital learning platform increased from 30% to 91% following the introduction of nano videos, ensuring learning on the go. This shift from content to context aims to further enhance the learning experience for employees. With a focus on building capabilities, Universal Sompo has experienced a 14% increase in gross written premium with only a 4% increase in headcount, which is 23% higher compared to sectoral benchmarks. Sharad points out: “Our focus on continuous learning and development has not only enhanced our employees’ skills but also contributed to our overall growth and success.”
HR Upshift No. 3 – Enhanced DEI Programs: With 25% of top management positions held by women, the company is committed to further investing in hiring diverse talent. Key functions such as underwriting, claims, operations, government solution group, retail broking, company secretary, learning & development, branding & corporate communications are all led by women. This greater representation in decision-making has enhanced innovation and broadened perspectives within teams.
HR Upshift No. 4 – Progressive HR Policies: Universal Sompo’s commitment to diversity and inclusion is reflected in its progressive HR policies. The introduction of Empower Her Leave, Parental Leave, and the Herizon Women Leadership Network has empowered women in the workplace, fostering a more equitable and inclusive environment. This people-centric approach has driven exceptional results, including achieving a 4.35 Gallup Engagement score and being certified twice in a row as a Great Place to Work. Says Sharad: “Our commitment to diversity and inclusion is a moral imperative. Our focus on continuous learning and development has not only enhanced our employees’ skills but also contributed to our overall growth and success.”
HR Upshift No. 5 – Digitized Agent Onboarding: The digitization of Universal Sompo’s agent onboarding process has revolutionised operations. By automating assessments and providing on-demand learning resources, the company has empowered 13,000 agent partners/POSPs to quickly ramp up and deliver exceptional customer experiences. This investment has improved operational efficiency, enhanced customer experiences, and empowered employees to take on more strategic roles, contributing to overall business growth.
DIVERSIFICATION INITIATIVES
Initiative No. 1 – New Insurance Products: Universal Sompo has introduced several new insurance products to cater to evolving customer needs and market trends. These include cyber insurance, eyewear insurance, and pet insurance. Also, the company launched ‘Muskaan,’ a product designed to create a positive social impact by empowering domestic workers and staff such as housekeepers, nannies, caregivers, cooks, gardeners, elderly companions, drivers, and butlers. Often, due to lack of accessibility and limited understanding, these individuals are unable to avail the benefits of health insurance policies.
Initiative No. 2 – Partnerships & Customized Products: Universal Sompo is on a path of hyper-growth, forging strategic partnerships to expand its reach and developing innovative, customised products that address specific customer needs. Collaborations with various e-commerce players have enabled the company to tap into a wider audience.
Additionally, Universal Sompo is penetrating rural areas through its ‘Chalo Gaon’ initiative, successfully conducting 6 joint insurance awareness campaigns in Andhra Pradesh with motor dealers under the ‘Bima Prachar Bima Prasar campaign’. This initiative engages community leaders, Gram Panchayat members, and the public, highlighting the importance of insurance as a fundamental pillar of economic and personal security. Sharad observes that these diversification initiatives have significantly contributed to Universal Sompo’s growth and ability to meet diverse customer needs.
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