India’s Leading BFSI Companies 2017
According to you, what opportunities would theadoptionof digital technologies offer to the insurance industry? The digital channel is cost effective, addresses a specific segment which prefers to deal in a non-physical manner and has huge potential. The rapid maturing of mobility based technology is making it easier for customers to engage with insurers. The consumer’s decision making and buying pattern is evolving from the traditional Physical-Physical to a mix of Digital-Digital, Digital-Physical and Physical-Digital. The benefit which a consumer gets is immense - standardized sales process, increased transparency, multitude of options, customized solutions and most importantly comprehensive information to take an informed decision. What are your company’s plans for expansion and growth over the next five years? Our vision is “1% penetration of customer base of our distributor banks and 1 million customers by the year 2020.” We are a blue blood bancassurance company and over the past eight years have developed sufficient expertise in this space. We will continue to expand and grow this channel as we believe it has a lot of potential still waiting to be tapped. Our three partner banks have a network of over 9,000 branches and a cumulative customer base of 60 million. We haven’t yet scratched the surface as our current penetration levels are less than 1% of the customer base, and hence there is so much more that we can do. We have aggressive plans to reach out to these customers so that we could offer them our products. The next wave of our growth will also ride on the Digital platform. The e-commerce opportunity is waiting to be tapped and Life Insurance cannot be left behind. The channel is cost effective, addresses a specific segment which prefers to deal in a non physical manner and has huge potential. We have initiated measures to tap this market aggressively, and look forward for opportunities to emerge.
like switching funds, submitting claims, etc. We have created various touch points which are equipped to handle and assist all servicing requests and queries efficiently. We are cognizant that an engaged customer is absolutely critical and hence we have a comprehensive engagement strategy which attempts to establish a constant connect with the customer throughout the policy cycle. What are the specific strategies adopted to reach out to the rural population, the social sector and economically weaker sections of the society? Financial inclusion is an important agenda of the Government of India, which aims to deliver financial services at an affordable cost to the vast sections of the disadvantaged and low income groups who have very little access to banking and other financial products. Since inception, the company has had a very strong focus on financial inclusion and has always exceeded its rural and social sector targets mandated by the regulator on a year-on- year basis. The bancassurance business model has enabled us reach out to the financially vulnerable population, covering channel partner bank customers having no-frill accounts, members of self help groups, micro-credit groups, joint liability groups and tenant farmers’ groups. From our own research, we have seen our banks successfully activate over 90% of their branch networks with a majority of branches in non-metro locations. This demonstrates that the bancassurance model is working well and reaching all segments of the community across the vast length and breadth of the country. In a continuous endeavor to achieve this goal, we have been providing insurance coverage through our micro insurance product, Sampoorna Kavach Plan at a very low and affordable premium of ` 100. The enrolment process is very simple, involving a single page application form consisting of basic member details and declaration of good health signed by the customer. We are also in the process of launching new traditional products in the coming months, which would strengthen the product offering for the customers of these markets. The Indian government is increasingly focusing on adoption of digital technologies in the financial industry.
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