Digitization has disrupted each factor of the coverage region nowadays, wherein everything is now just a click away. With customers more and more searching for custom designed and on the spot services, it has emerge as essential for banks and insurance offerings businesses to address their desires with the aid of adapting to virtual transformation and to improve the customer revel in.
Bajaj Allianz Life Insurance is one such organisation which has been aggressive in taking leaps in digital transformation the use of current technology to conquer technological challenges. It has emerge as the primary lifestyles insurance participant in India to take digital branch offerings to the purchaser’s doorstep thru Mosambee, a virtual department on a hand held device.
Mosambee, a disruptive idea
Bajaj Allianz Life keeps to preserve customers’ life dreams on the middle of the whole thing they do. The Company introduced the virtual branch services platform Mosambee to provide extra convenience to customers, by putting off the want for customers to visit a bodily department and lowering the turnaround time in policy servicing.
With digitization taking up each component of the customer’s life, physically travelling a department for easy provider responsibilities turned into being viewed as redundant. Hence the corporation felt the need for a disruptive innovation to offer customers a continuing service revel in at their desired time and vicinity.
Better patron enjoy and attain
Launched in November 2017, Mosambee offers the services of a virtual department to the clients at their doorstep. Through Mosambee, clients can avail a whole range of services which includes acquiring top rate fee certificate, purchasing account statements, paying insurance renewal charges, checking claim reputation, finding branches, SMS services for updating touch details, acquiring fund cost, account assertion, bonus announcement, claim fame, and many more service-related queries. Customers also can pay their renewal top class through Mosambee via cheque, DD, credit score and debit playing cards and other on-line price modes.
This digital functionality has helped Bajaj Allianz Life Insurance get rid of the want for customers to visit a bodily department for simple carrier requirements. It has empowered them with the ability to carrier their coverage necessities at their handy time and vicinity, therefore using their time better.
Through Mosambee, Bajaj Allianz Life has additionally been capable of beautify its customer attain. Using analytics, the enterprise has identified and tagged places of clients wherein the business enterprise isn’t present thru its branches. This has helped them document clients’ addresses and service them at their doorstep. The corporation is likewise higher placed to pick out suspicious cases all through such home visits.
Mosambee has helped Bajaj Allianz Life construct a long-time period relationship with its valued clients and beautify their experience with the company.
“Customers are looking for increasingly more personalised and immediate offerings therefore it’s far important for us to be agile and revolutionary in addressing the client’s wishes. Our adaption of digital technology in presenting customers seamless offerings is helping us beautify the client’s experience with us, and also in constructing lengthy-term relationship with the customers of their journey to fulfil their Life Goals with us. Mosambee is one such initiative taken by us to offer extra comfort to clients, with the aid of making department offerings reachable to them at their convenient time and location,” says Kayzad Hiramanek, Chief – Operations & Customer Experience, Bajaj Allianz Life Insurance.
Stepping out of doors the comfort region
Using analytics and geo region, Bajaj Allianz Life Insurance identified approximately lakh households in an area of 15 km around its branches, in which a department character may want to proactively move and offer offerings to the patron at his doorstep. Mosambee allows the branch person to do the entirety on the field which he could otherwise do sitting in the branch.
The major grievance of any insurance purchaser turned into that the coverage agent could promote the product and disappear and appear handiest to acquire premiums.
To deal with this, Bajaj Allianz Life driven its local branch employee, to exit proactively and service the clients at their doorstep. This has especially helped the senior residents. Through Mosambee, customers can replace the address, nominee name, purchase new policy, get top class notices, make charge and get receipts – normally what all he may want to on the department can now be accomplished online at his doorstep. Today, the department is no longer sitting in a single vicinity, but spread throughout the area with the bank’s representative servicing the client anywhere he is.
Business of Innovation
Since its release in November 2017, Mosambee’s utilization has extended over time, at around 900 customers these days. Through this digital touchpoint, Bajaj Allianz Life has been able to attain out to many extra customers, thereby enhancing the persistency ratio of the agency. So far, the enterprise has serviced over a hundred and fifty,000 clients via Mosambee and collected renewal rates amounting to greater than Rs. 700 crore, further to assisting customers with different coverage servicing functions.