In a bid to offer superior customer servicing, Max Life Insurance Company has enhanced the ‘Buy Now – Pay at Approval’ feature available on term insurance purchase for customers.
Launched last year for policies bought online, the feature allows customers to apply for a policy through a digital payment method. This helps ensure that the premium amount is not deducted until the proposal evaluation by the insurer. While the feature was only available on credit card payments last year, with the increase in digital transactions and diversification of payment options, the facility now applies to transactions made through Credit Cards, Debit Cards, and UPI platforms.
Manu Lavanya, Director and Chief Operations Officer, Max Life said, “At Max Life, we are committed to creating robust customer journeys in the digital value chain. The ‘Buy Now – Pay at Approval’ feature attempts to simplify policy buying through a digital payment instrument while avoiding the risk of money being withheld in the event of a delay in policy issuance.”
“By extending the facility to wider modes of online transactions, we look forward to delivering hassle-free customer experience and mitigating any negative impact likely to occur due to cancellations/underwriting concerns. Since the introduction of this feature last year, we have seen an uplift in customer experience, with a reduction in grievance and refund-related issues, that we aim to continue with the newer augmentations.”, he added.
Launched last year only on Credit Card payments, the ‘Buy Now, Pay at Approval’ feature saw a 25% customer penetration last year. Introduced across varied payment modes of Credit, Debit cards and UPI for the customers, the enhanced iteration aims to increase its penetration to ~20% over the next couple of months.