Why Choose Us

Digital platform with a seamless experience for customers/distributors

We have made significant investments in technology to strengthen our sourcing channels and our business processes from lead generation and customer acquisition through the customer lifecycle management, including payment of insurance claims, to improve the customer experience. In Fiscal 2020, 2021, 2022 and the three months ended June 30, 2022, 92.94%, 99.46%, 99.07% and 99.13% respectively, of the applications we received were logged in through tablets available with our personnel and staff at bancassurance branches using our assisted customer acquisition system ‘Simplify’. Further, we have increasingly automated the underwriting process to a great extent to optimize use of time and resources, and in Fiscal 2020, 2021, 2022 and the three months ended June 30, 2022, 32.40%, 43.80%, 55.98% and 64.75% of cases were decisioned through auto-underwriting, where no human intervention or decision-making is required and the process is system-driven. In Fiscal 2020, 2021 and 2022 and in the three months ended June 30, 2022, our information technology expenses were ₹ 444.15 million, ₹ 518.69 million, ₹ 561.82 million and ₹ 99.43 million, which represented 1.23%, 0.80%, 0.78% and 1.36%, respectively, of our total income in such periods. Our technological capabilities follow a three-pronged approach: (i) streamlining processes for enhanced customer service; (ii) improving operational efficiency; and (iii) strengthening engagement with, and distribution through, our distribution partners, collectively directed at enhancing sales productivity. 172 we have consistently added technological capabilities across the customer experience, through purchase, payment management and processing of insurance claims. We have digitized the process of renewals, receiving customer queries and requests, receiving complaints, and claims processing through our website and digital modes. Our website is designed to ensure ease of access for customers, providing comprehensive product information, plan brochures, premium calculator and office locator. We use data analytics to prepare an optimal plan for communication to the right customers. Through our website, customers can purchase policies, make premium payments, update address changes, register personal information, odify ULIP funds, alter mode of payment, register grievances as well as online service requests. In the three months ended June 30, 2022, 96.01% of claims intimations took place through email and on our website, while for PMJJBY claims, we have created a claims portal available to our distributor branches. Our focus on digital initiatives, including instant issuance and ‘Smart Scrutiny’ of policies and faster and seamless customer onboarding has resulted in improved customer purchase experience. 92.94%, 99.46%, 99.08% and 99.14% of our NBP in Fiscal 2020, 2021, 2022 and the three months ended June 30, 2022 respectively, was generated through digital modes, being account transfers, online payments and cheques deposited with banks, while the rest was received in cash. Similarly, in Fiscal 2020, 2021 and 2022 and the three months ended June 30, 2022, Renewal Premiums through digital modes represented 99.09%, 99.42%, 99.51% and 99.58% of premium payments of retail policies with renewal premiums. Focusing on ease of transaction management and paper-free sales, we have developed solutions on low code or no-code platforms that includes third party service integration, in-built OCR and AI/ML. We leverage predictive analytics model to prioritize our collection efforts and improve overall persistency. We have implemented various technology initiatives to increase the efficiency and effectiveness of our internal operations, including our customer acquisition process. Leveraging robotic process automation (“RPA”) and AI/ML has allowed us to streamline core administrative operations and reduce personnel expenses, , including in the form of business development manager (“BDM”). We have also introduced digital automation elements to the underwriting process, including creation of a customer checklist, in order to determine premiums payable, verifying risks, and determine the policy price. Further, we have introduced hyper-automation through smart scrutiny by leveraging RPA and vision AI to enable scrutiny and review of supporting documents of insurance claims on an automated mode.