Bajaj Allianz Life Insurance Co. Ltd has undergone a digital transformation with the development of applications including INS-tab, BALIC Genie and Life Assist. They are providing a technology solution to make their customers life hassle-free and offering them a seamless experience throughout his policy life. With these apps they were able to reach out to their customers who are in remote locations and provide service to them at any stage of his life insurance policy through device.
Going the digital way @BajajAllianzLIC
Selling insurance is a difficult job – strict guidelines, complex calculations, endless client meetings, document collections, etc. Considering all these factors we at Bajaj Allianz Life conceptualized and developed some of the most comprehensive tools which will equip our agents and sales managers to address the customer queries at their doorstep. These apps have built in keeping with our commitment to offer value to our customers and to help them serve better.
The idea of developing mobile apps was to reach out to as many customers as possible and with the help of technology in a way to reduce the time taken in issuing and processing the policy of the prospect customers. The challenge was to demystify as to why the customers let go of their investments thinking it as a time consuming in filling in all the policy documents and also to win – back the customers. With the introduction of these apps, we aimed at servicing our customers and provide them with enhanced customer experience.
People often find Life Insurance to be a complex financial product and buy a policy with hundreds of unanswered queries in mind. Also, it takes time for the intermediary some time to answer a question about the policy and explain what is in it for the customer. A customer while buying a life insurance policy goes through different stages. In order to reduce time substantially and make this process hassle-free, Bajaj Allianz Life Insurance initiated development of INS-tab, a Sourcing to Servicing Android-based application.
This is how the Company digitalized the first of leg a customer’s journey with Bajaj Allianz Life Insurance.
In the process, the Company also realized, after getting feedback from sales and operations teams, that the major reason for non-collection of complete documents against a new policy has been lack of knowledge and absence of a tool to find out the exact premium amount or documents to be submitted for underwriting. BALIC Genie was ideated to solve this issue. This app also works offline and guides the sales force on underwriting requirements on-the-go, thereby reducing time for both the customers and intermediaries.
It is equally important for a customer to initiate service or maintain details of his or her policy. Here, again the Company thought of providing a technology solution. Hence, Life Assist application was developed. The app serves the purpose by showing policy details, premium payment status; allowing download of receipts and access to fund performance & NAV details etc.
These apps ensure our sales force to enable faster policy purchase. And on the other hand it indicates that we as a Company were moving from a paper-dominated world we are shifting towards a digital world, and the customers expect better communication and knowledge.
What makes INStab unique is its capability to address customer’s queries and doubt instantly. For a normal case, where a sales intermediary usually takes 2-3 visits to close a lead, INS-tab helps to close the same in the first meeting itself. INStab app has revolutionized how Insurance was sold and it is accepted by our sales intermediaries as the most innovative point of sale tool due to transparency it has in while doing business.
- Lead Management System: INS-tab is integrated with BALIC Lead Management System which captures, distributes, tracks and generates leads and reports automatically. User or the
intermediary can create leads, search and manage assigned leads.
- Paperless New Business process: The app captures customer’s details through Digital Proposal Form on tablet/smart phone screen even in offline connectivity zone which is a challenge in the Tier 3 and rural parts of the country.
- Multiple Payment Avenues: INS-tab has multiple payment options for acceptance of New Business and Renewals Premium
BALIC Genie is a unique App across the life insurance industry which calculates premium in offline mode and also suggests the first level underwriting documents to be submitted including Medical requirements specific to the Life to be assured at a click of a button. It is compatible with Android platform in an offline mode without internet connection after installation. The app has ability for doing a comprehensive calculation of premium including any extra premium or service tax. It is developed keeping in mind the end users i.e. Sales team members who generally have to visit deep rural pockets, where internet connectivity is not there, to procure business. Various algorithms were worked out before coming to a final product which was developed within 1 MB of mobile space. Option to download product-wise premium tables and validations were introduced to facilitate the users with 2G internet.
- Offline: BALIC Genie works at Android platform for all Active Bajaj Allianz Life Insurance Consultants and Sales Managers/Employees in offline mode – without internet connection after installation
- User Friendly: Assists in accurate Premium Calculation including service tax and Non-Standard Age proof/Thumb impression Loading, wherever applicable
- An enhanced piece of technology to ascertain first level underwriting requirements based on details of the Life to be assured at a click of a button
Intending to provide a secure and location-independent insurance tool to our customers, we leveraged technology and developed Life Assist. With this desktop version and mobile application our customers are equipped to monitor their BALIC policies and make informed decisions regarding the same anywhere and anytime.
- Policy Details: Customer can view all his policy related details like inception date of the policy, status of the policy, premium amount, premium due date, payment frequency, sum assured, maturity date etc.
- Product information: Information of all the products offered by Bajaj Allianz Life Insurance Co. Ltd is available. This will help the customer to know more about the product he is insured with and also plan his insurance better with other products offerings.
- Fund performance and NAV details: Customer can see the performance of various BALIC funds and make an informed decision for fund switching, apportionment, etc.
INS-tab is used by more than 2900 registered Agency Channel users, mostly from Tier III and Tier IV cities, and they collected worth more than Rs 29 crore premiums though this in the last fiscal and serviced more than 6000 customers. BALIC Genie has been installed 11379 users. Life Assist is downloaded by 39,072 customers.
The objective of developing these apps were to ‘Do Simple Things To Achieve Big’ – in other words, we aimed at providing a technology solution to make our customers life hassle-free and offering them a seamless experience throughout his policy life. With these apps we were able to reach out to our customers who are in remote locations and provide service to them at any stage of his life insurance policy through device.