The BFSI sector has been readily and rapidly adopting mobile technologies, and HDFC Standard Life Insurance is no different. With more and more customers switching to apps for a seamless experience, everyone has a need for a ‘when I want it, where I want it’ mindset.
“Mobility 2.0 is one of the strategic initiatives taken up with targeted outcome including decrease the turnaround time at different phases of the sales cycle, provide better customer service and support with a “when I want it, where I want it” experience via mobile,” said Thomson Thomas, executive VP - business systems and technology at HDFC Standard Life Insurance.
Nearly 70 percent of the sales logins are currently done through the mobility - the highest in the industry. In 2015, the company introduced ‘Mobility 1.0’, which provided competitive edge in the market place. It delivered a complete mobility suite that has enabled a lead creation in less than a minute and policy conversion in 20 minutes.
With ‘Mobility 2.0’ conceptualized by design thinking in April 2016, the company aimed to enable more capabilities to enhance sales productivity.
The project enables India Stack integration, GPS capabilities, process automation, supervisor effectiveness, customer servicing capabilities for sales, offline mobile based e-verification and engagement and learning. “The benefit of the project is targeted to get productivity increase by Rs 103 crores over the next one year,” added Thomas.
One of the most important feature is the InstaSuite that will act as a single point place holder for all Insta apps and enable as a single sign on for all apps. . Additionally, InstaServ is a functionality that enables the company to accept and process customer service request through sales reps at the customer/ distributor location. Through it, the customer can request services like receipts, APS, address change, fund switch, fund redirection, and minor alternations.
The InstaFR app is for group claims, where a group partner can upload claim requests and associated documents through a mobile app making the process convenient and faster. Furthermore, an offline and PCVC at quote stage will have the capability to complete PCVC immediately after and a customer need not wait for the system to generate it.
“Also, this can be successfully achieved even in no data network and synced once back in network,” said Thomas.
The company achieved a high number of proposal logins through the apps, with real time underwriting to provide faster policy conversion. By building on the above module, HDFC Standard Life insurance expects several layers of benefits including a dramatic reduction in conversion turnaround time by a reduction in scrutiny time and FR’s.
The work ability of these apps have enabled an effort reduction worth five employees, and helped the company create and additional lead per month.
Also, the project enabled an increase in met ratio by 10 percent resulting in lead conversion ratio increase on overall base for direct, agency and banks.