From personalized services to quicker claim settlements, Bharti AXA is at the forefront of innovation, ensuring seamless and efficient solutions that meet the evolving needs of customers. In an exclusive interaction with Srajan Agarwal of Elets News Network (ENN),
Nitin Mehta, Chief Distribution Officer – Partnership Distribution and Head of Marketing at Bharti AXA Life Insurance, delves into how the company is leveraging cutting-edge technologies like AI and ML to redefine the customer experience.
Bharti AXA Life Insurance has a diverse portfolio under your leadership. Can you
share how your vast experience has shaped your strategic approach to building and expanding distribution channels in India?
It’s been an exciting journey at Bharti AXA Life Insurance, especially now that we are in our growth phase.
Partnership distribution is a critical pillar for Bharti AXA Life Insurance. Could you elaborate on your strategy for exploring and developing new partnerships while fostering synergy among teams?
Partnership distribution is pivotal for us Our mission is to provide ‘Insurance for All.’
To achieve this, we aim to be powered by a strong network of partners who, like us, prioritize customer delight. These partners help us expand our reach across different customer segments by offering product propositions that cater to diverse needs.
Our strategy focuses on certain parameters Customer Experience:
As a customer-centric organization, we believe in providing our customers with the best experience. There is good play of digital technology that comes into play. Leveraging technology platforms to streamline data sharing, track performance, and ensure seamless customer onboarding across channels.
Financial inclusion:
In alignment with the regulator’s aim of ‘Insurance for all’ by 2047, our partnership with various external stakeholders like NBFCs, AMCs, and banks will help us leverage their customer base and help reach a wider audience.
Value Proposition Development:
To cater to the evolving needs of the customers, it is imperative for us to build a diverse portfolio of products along with compelling value propositions.
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Cross-functional Collaboration:
Ensuring clear communication channels and joint projects between our internal cross-functional teams to optimize project efficiency.
As the insurance industry rapidly embraces technology, how is Bharti AXA integrating emerging trends like Generative AI and Machine Learning into processes such as underwriting, customer experience, and claims management?
We are actively integrating cutting-edge technologies to enhance our operations and improve efficiency across the value chain:
Underwriting:
Risk assessment: Utilizing AI algorithms to analyze vast datasets, improve underwriting accuracy, and streamline the application process.
Fraud detection: Employing machine learning models to identify and prevent fraudulent claims.
Customer Experience:
Providing online and offline customer support and personalized assistance through AI-driven chatbots on WhatsApp and other platforms.
Claims Management:
Claims processing: Automating routine tasks like document verification and claims assessment through AI to expedite claim settlements.
Fraud detection and prevention: Using AI and machine learning to identify and prevent fraudulent claims.
With the increasing importance of data-driven insights, how are you leveraging technology to enhance marketing strategies and build stronger customer engagement?
We’re already using technologies such as AI/ML, cloud, analytics, and IoT to enhance efficiency, reduce costs, and improve customer experiences through personalized services and quicker claim settlements. Our services are offered through a dedicated customer portal on our website, our mobile app, and a WhatsApp bot, aiming for a seamless omnichannel experience across all customer interactions.
Furthermore, we are leveraging technology to drive data-driven marketing and enhance customer engagement:
- Utilizing customer data analytics to understand customer preferences, identify high-value segments, and personalize marketing campaigns.
- Content Marketing: Creating valuable and informative content to educate customers about insurance products and build brand loyalty.
- Personalized Communication: Utilizing email marketing, SMS, WhatsApp, and push notifications to deliver personalized messages and offers.
- Customer Relationship Management (CRM) Systems: Implementing CRM systems to track customer interactions, personalize experiences, and improve customer satisfaction.
Looking ahead to 2025, what major trends do you foresee shaping the life insurance industry in India, particularly in terms of consumer preferences and regulatory frameworks?
Key trends shaping the Indian life insurance industry in 2025 include:
- Digitalization: There will be increased adoption of digital channels for sales, service, and customer interactions.
- Focus on Customer Experience: Growing emphasis will be laid on personalized experiences, omnichannel support, and customer-centricity.
- Regulatory Changes: Regulatory frameworks will continue to evolve to promote financial
inclusion, enhance consumer protection, and foster innovation. - Technological Advancements: Continued integration of AI, ML, and other emerging technologies to improve efficiency, enhance customer experience, and manage risks.
- Sustainability and ESG: Sustainability and Environmental, Social, and Governance (ESG) considerations will play an essential role. Customers are becoming more conscious of social and environmental issues, and they will increasingly seek out insurance providers that demonstrate strong ESG credentials.
Also Read | Rethinking Insurance Next Decade Trends & Tools
As India aims to achieve ‘Insurance for All’ by 2047, what role do you see Bharti AXA Life Insurance playing in this mission, particularly in reaching underserved populations and promoting financial inclusion through innovative products and distribution strategies?
We believe in playing a crucial role in achieving ‘Insurance for All’. As part of this mission, we have been commissioned by the state of Orissa, the regulator to enhance insurance penetration. We have been at the forefront of building awareness about life insurance in Orissa.
The insurance penetration in Orissa as of FY23 was 3%, and with sustained efforts, the plan is to increase it to >5% by FY29.
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