Digital transformation of Maxlife Insurance including digital lead optimisation, digital customer engagement, digital fulfilment and sales force optimisation to build value and a more efficient business model
Max Life Insurance, the leading non-bank promoted private life insurer, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is part of the Max Group, a leading Indian multi-business corporation with turnover of USD 2.3bn, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the leading insurers in the world.
Max Life Insurance is ranked fourth among private life insurers with a market share of 9.7%. it isone of the fastest growing life insurance companies with Gross Written Premium of USD 1.25bn with sum assured of USD 35bn.
Max Life Insurance has a country wide diversified distribution model which is based on three pillars – agency distribution, bancassurance and partnership distribution. Agency and banks contribute more than 80% of new premiums underwritten. These two channels have experienced considerable digital transformation over the last few years to lend significant competitive advantage for Max Life.
Digital Transformation – Bancassurance
Of the multiple partner banks, Axis Bank commands a lion’s share in Max Life sales. To solidify this relationship and enhance customer experience a program “MAXIS 2020” was conceived with the following objectives:
- On the customer front: Ensure ‘right-selling’ through a need based approach
- On the employee front: Build long term capability, increase earning potential
- On the partnership front: Build reputation as a high quality bancassurer, increase bank’s fee income
A team (with members from Max Life, Axis Bank) set out to conduct a diagnostic that spanned sales, operations, marketing, technology and products. A consulting firm was engaged to bring in global best practice knowledge, ensure adequate external provocation and to also provide an independent third party perspective.
A transformative set of outcomes were synthesized from the diagnostic:
- Implement customized analytics on bank database to generate greater and better quality leads
- Create seamless digital purchase experience for customers starting from bank’s CRM system, right up to policy being issued from Max Life’s core system
- Improve product proposition to better suit the bank’s (untargeted) customer base
- Standardize & automate performance management (co-owned by both organizations)
Multiple digital assets across the value chain were deployed to enhance customer experience and sales productivity:
- Lead Optimization: N2S(Need to Solution Engine to warm up the customer and provide algorithm based solutions)
- Customer engagement: M-Sales(Modular tool with intuitive features that will guide, prompt and help the seller to sell better according to customer profile)
- Re-imagined fulfillment: M-App(Online fulfillment tool with 100% paperless journey – Integration of eBCC, Credit Bureau, TPA, eVerify, eSign etc.)
- Sales force optimization: Seller Ecosystem(A comprehensive performance management tool for Relationship Associate)
Digital Transformation – Agency
The Agency distribution channel forms the core distribution channel using an advice based sales process implemented by its well trained and knowledgeable agent advisors. These agent advisors are equipped to engage with prospective customers and offer customized solutions for their various life stage needs. Our 44000 agents in 205 branches in 750 cities across 137 districts of India ensure that protection reaches every corner of the country.
Detailed diagnostic of the overall value chain of agency unraveled following opportunities for digital interventions:
- Agent Recruitment– Funnel visibility and Standardized recruitment pitch for prospects
- Manpower Development– Agency Development Manager (ADM) recruitment and Ongoing agents training
- Prospecting & Solution Generation– Lead funnel visibility and Intuitive customer solutioning
- Customer Engagement– Facilitate an engaged conversation with prospective customers
- Fulfillment– Better Policy Issuance TAT & customer experience, Reduce processing costs
- Servicing– Empower agents with Information and tools for managing their admin tasks
Our approach is to build value by making the core business model more efficient and the customer experience better. At the same time leveraging technology to find smarter ways to acquire, engage and service customers. Digital is the bedrock on which all such initiatives and capabilities will be built.