The Covid-19 pandemic has significantly increased awareness about the need for insurance as a crucial part of financial planning. It has resulted in increased demand, particularly for protection category of products. Also, it has been observed that individuals are now more comfortable with digital modes of transacting with distributors and insurance companies, including both sales and servicing. Insurance companies on their part are also trying to further simplify the processes and products through digitisation and analytics. The regulator has also supported the industry in the process of simplification and product innovation. “Overall, the behavioural shift seems to be continuing beyond Covid-19,” says Suresh Agarwal, president, Kotak Mahindra Life Insurance Co Ltd. “And, combined with relatively low insurance penetration in the country, this should lead to sustained increase in demand for life insurance”. During the lockdown, the insurance company has expedited its whole digital transition process in order to ensure business continuity. Backed by digital interventions, it continued uninterrupted services to our customers without the need to visit branches. The company also enabled its distributors to operate remotely through various digital tools. The insurance entity has taken various digital initiatives to significantly enhance customer experience. Towards this end, It has been able to make personalised pre-approved offers to customers using data and analytics as also enabled paperless and hassle free customer on-boarding, easy buying of policy through e-signing using Aadhaar, enhanced servicing capabilities through self-service portals, WhatsApp, insta-servicing bots, etc. For its distributors, the company has completely re-defined its processes. The distributors are today on-boarded digitally and also trained on digital platforms. They manage their sales leads digitally, carry out log-in policies through mobile-based apps, get instant commission, and even track their performance on mobile apps. In line with its principle of ‘Customer first’, the company will continue to strive to take customer experience to the next level through innovative products and processes. “We continue to support our distributors to enhance their capabilities through cutting-edge digital solutions,” affirms Agarwal. “We will also continue to scale up our business through our various existing and new partnerships and grow faster than the industry average”. Growing awareness “We are among the largest recruiters of agents,” he adds. “We also have large number of tie-ups with banks and digital partners. And we will continue to innovate with a view to ensure superior experience for customers as well as distributors”. With regard to term insurance rates, Agarwal is of the view that recently there have been marginal upward revisions at the industry level in certain buckets based on mortality experience and re-insurers’ advice. However, the demand is robust based on increasing awareness. Overall, there is an increase in the demand for protection category of products, in addition to sale term plan.
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Agarwal: ensuring superior customer experience
