The pandemic has accelerated the digital drive across companies and this is expectedly to continue during the new normal as well says KV Dipu, President & Head of Operations, Communities & Customer Experience, India, Bajaj Allianz General Insurance. During an exclusive conversation with Elets News Network (ENN), he talked about the changes brought across the insurance sector due to covid outbreak and how data driven insights and intelligent transformation are leading to hitherto unprecedented business models. During the interaction he also said that amid covid Bajaj Allianz General Insurance was able to seamlessly switch from the contact centre to digital assets, resulting in a 90% dip in complaints & 80% digital servicing.
1. What are your views on InsureTech? What growth opportunities do you see in the domain during the pandemic and after?
Insurtechs can partner with carriers to create win-win solutions for customers. For instance, some of our pioneering launches leveraging AI, blockchain, ioT, photogrammetry et al have been in partnership with start-ups.
The pandemic has given a huge fillip to the digital drive of companies, and this trend is expected to continue in the new normal. Touchless UI, AI-centric CX, phygital experiences et al remain growth opportunities.
2. How has Covid changed leadership across the insurance sector?
Leaders have had to pivot their styles to a new way of working. Production houses have gone virtual. Customer, partner and employee interactions have become digital. So, across the sector, there is a strong accent on a digital way of life at every stage of the lifecycle – be it product launches, customer acquisition, policy issuance, customer servicing, claim processing et al.
3. How did Bajaj Allianz General Insurance convert the challenges into opportunities? What is your take on prioritizing digital transformation?
Our focus on digital transformation & a “caringly yours” approach over the years has helped us convert challenges into opportunities. When the lockdown was thrust upon us suddenly, we were ready. From an employee point of view, we converted adversity into opportunity by shifting gears from employee engagement to family engagement, resulting in solid scores. From a partner point of view, digital enablement of sales along with a caringly yours approach result in business continuity & strong partnerships. From a customer point of view, we were able to seamlessly switch from the contact centre to digital assets, resulting in a 90% dip in complaints & 80% digital servicing.
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4. Why is Intelligent Transformation significant today in the data-driven world?
Data driven insights are leading to hitherto unprecedented business models. Most carriers are revisiting their strategies and have taken to intelligent transformation wherein we are looking at a grand slam home run by creating an ecosystem using data. For example, our “connected schools” product is the result of this approach. Intelligent transformation helps companies offer customized products & services on a real-time basis.
5. How can insurance companies build trust through technology?
Trust and transparency go hand in hand. A live example is our unique & industry first virtual relationship with hospital initiative which is line with the theme of building trust via digital processing.
We strongly believe that we are in the business of paying claims (the right ones) and RM at Hospital is a testimony to that! The “RM at Hospital” employees are trained & equipped with a tab to handle worries with empathy & processes digitally during the hospitalization of the insured. “RM at hospital” has been highly appreciated, with an unbelievable NPS of 90+ with zero detractors.
6. Which technologies will help the sector innovate in 2021?
In 2021, technologies like Touchless User Interface will help firms navigate customer needs deftly while catering to their concerns about safety. Human-centric Artificial Intelligence wherein we blend the science of AI with the art of customer centricity will increasingly play a role. Across the value chain, mobile onboarding & digital claim settlement will establish themselves.