Mobility-Reinventing the Realm of Servicing in the Insurance Sector
By Ashu Gupta, Head-IT, PNB MetLife India Insurance Co.Ltd.
There is enough and more data around how mobile devices are penetrating the Indian market and the rate at which the Mobile Apps segment is growing. With e-commerce taking the industry by storm, mobility is also very important for the insurers. Insurers want to be able to support them in a comfortable way across all channels.
Mobility is transforming the insurance business through various means. At PNB MetLife, we are exceedingly proud of our eBranch mobile solution that greatly helps our agents engage customers in a convenient, interactive and friendly manner. Gone are the days where our agents needed to carry reams of documents and forms when all one needs is just a tablet. It also allows the agents to be rapidly supported by the back office team as we extend access securely via the mobile device.
Customers today are highly intelligent and aware. They are looking for value when visiting an insurer’s website. Therefore, we are relentlessly building our website to attract customer responsiveness and have a convincing.
“call to action”. Through our website, we are charming our Gen Y customers by launching products that they can buy directly from the website. This allows them to do their need analysis, compare our products with other insurance products in the market and make an informed decision. We recently launched two online products for the customers
MetLife Mera Term Plan and MetLife Major Illness Premium Back Cover (critical illness with return of premium). With the Mobile tool, we are able to provide better illustrations anytime, anywhere. For example, projected ROP earnings and value back to the customer, better data points and statistics on risks of critical illnesses, informative content on eating well and keeping healthy, among others.
The holy grail of Mobility is to be able to “know” the customer across all touch points. With the use of CRM and Analytics tools at the back-end, customers feel special because Service representatives know them well versus being frustrated at having to restate his issues at various touch points.
Having said that; these initiatives are only tip of the iceberg as our long term goal for mobility is to encourage positive customer behaviors that are beneficial to both the insured and the insurer. For example, via mobile health tracker applications that encourage exercise and healthy eating, we can create solutions that reward our policy holders as the risks of sickness are lowered. We could potentially even lower our premiums while our customers enjoy a better and healthier lifestyle and yet still be protected by insurance, so we all win.