Over the last 20-odd months, the life insurance industry has gone through a lot of changes. During this time the Company has introduced several initiatives to respond to the changing business environment and customer needs.
During the pandemic, Bajaj Allianz Life has introduced various products and innovative digital initiatives like “Smart Assist” to ensure continuity in customer service even while maintaining social distancing. The Company also introduced a comprehensive set of policy servicing options on WhatsApp and many other digital initiatives for customer ease.
These sustained interventions have helped the Company clock a steady growth through the year. For the YTD Dec FY22 period, Bajaj Allianz Life registered a 38% growth in gross written premium and a 22% rise in renewal premium. The Company continues to enjoy a good claim settlement ratio that stood at 98.48% (for individual claims) as of 31st March 2021.
With the increased demand, insurance has now transformed to a pull–product. Customers are demanding – easy to understand policies, quick issuance and content in native languages to help them make the right choice.
To align the changing customer demands, companies need to digitise the process of Know Your Customer (KYC) from existing/ traditional methodology. Adoption of digital platforms which are technology-driven, would help the insurance companies to reduce paperwork, bring in process efficiency and speed of execution, thereby, giving better insights to help deliver enhanced customer experience.
Speaking on leveraging technology for enhanced customer experience, Kayzad Hiramanek, Chief Operating Officer, Bajaj Allianz Life, said “We are ensuring we offer customers’ a seamless experience with us across all their needs – from offering products to suit their changing requirements to avenues to purchase them and then service their policies. We will continue to invest in technology-led innovations to ensure customers have a seamless experience. Our eKYC and several other initiatives are planned towards this goal.”
Digital services powered by robust backend support along with strong customer service (front end) will help ensure Bajaj Allianz Life delivers to the customers’ needs and thereby enable a stronger future.