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How HDFC Life Moved 60% of Its Salesforce to Tablet, Upped Productivity
The life insurance company enabled its sales force with tablets and apps, which helped them to reduce the overall TAT for Cancer Care policies to minutes from days.
HDFC Life is one of India’s leading private life insurance companies. It offers a range of individual and group insurance solutions and is a joint venture between Housing Development Finance Corporation Limited (HDFC), and Standard Life PLC, the provider of financial services in the United Kingdom. HDFC Life’s product portfolio comprises solutions that span across protection, pension, savings, investment and health. With employee strength of 15,000 which caters to its 64 lac customer base through a network of 414 branches, the insurance company engages with 75000+ financial consultants and over 8300 partner branches as of March 2015. The company distributes its products through channels which include agency, bancassurance, group sales, direct sales, worksite, loyalty, online, and telemarketing. Individual business comprises of business sourced through bancassurance partners, brokers, financial consultants aligned to agency channel and direct sales team. Group sales offers the most comprehensive products for employer-employee benefit schemes. Business challenges ‘There were certain technical and business challenges that came our way but were sufficiently rigorous in defining the problems and articulating why those issues are important,' says Thomson Thomas, Sr VP, IT, HDFC Life. Sales pitch varies from individual to individual which is fine however certain level standardization was necessary, adds Thomas. Secondly, a sales personnel carries papers, leaflets and other working sheets to pass his message to the customer. Carrying a laptop with data card is not always convenient and it leads to non-adherence or delay in many instances. For submitting the supporting documents provided by the customer along with proposal form, the sales person has to travel all the way to branch. Moreover, there is dependency on the branch staff to scan and upload the document for further processing. There is an impact on cost and processing TAT, Thomas says. There was a huge dependency on the call center to enable customer verification post sales. Other challenges with respect to contactability, customer availability, quality of agents, etc further amplify the problem. Any delay in verification has a direct impact on new business TAT and leads to business leakage. Details of the project In the last few years, we have seen a clear shift in customer behaviour and the Indian market especially in BFSI sector where the mobile platform is emerging as the new medium for conducting business and offering services. Mobile strategy has the potential to affect competitive advantage, customer experience, operational efficiency, and profitability in the insurance and some of these statistics support that:
- About 20% of Internet traffic comes from mobile banking.
- Mobile applications influenced up to 8% increase in customer retention
- Companies migrating to mobile solutions experienced accelerated cost savings to the tune of 51%.
- Online brochures, leaflets and videos bring necessary standardization in sales pitch and empower the sales person to make an effective sales pitch.
- Fund performance update helps in providing growth trends for better decision making.
- Q & I tool generates an illustration of benefits a customer can expect for a product basis the premium amount/sum assured selected.
- In fact, mSD, the lead management tool integrates with the online Insurance application form (proposal form) and the underwriting decision engine thus making it a comprehensive form submission app operated through a tablet.
- Unique & simplified form processing experience for Sales representative & Customer through a mobile device.
- It takes 4 minutes (as compared to 7 days earlier) to fill the form, post which the distributor proceeds to payment and the customer is covered. ‘This is the first of its kind solution in the industry in India, says Thomas.
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