Bajaj Allianz Life Insurance Company has rolled out Life Assist, a digital platform that provides 24×7 instant life insurance solutions for its customers. With Life Assist and its virtual branch experience, customers can access the entire suite of services that are available at regular branches on the digital platform to enable round-the-clock access to services and reduce turnaround time. Another digital initiative launched recently is BOING, a 24×7 virtual chat assistant, that instantly responds to customer queries and assists them with an entire range of services. These services include obtaining IT certificates, procuring account statements, paying renewal premiums, checking claims status, locating branches, SMS service assistance for updating mobile number, email ID, fund value and contact details for service-related queries. Since its launch on July 1, 2017, BOING had 27,000 unique visitors and customers used BOING for issuing account statements.
In four months it issued 66,000 account statements. BOING also assisted with 9,000 renewal payments, provided 4,000 IT certificates, shared claims status of 3,000 life insurance policies and 5,000 visitors calculate premium for on-line term plan. Life Assist and BOING are among the many digital investments that Bajaj Allianz Life is making. Bajaj Allianz Life Insurance MD & CEO Tarun Chugh said, “Our digital initiatives are all about giving customers the best experience possible than ever before, and on their preferred devices. So, whether customers are accessing their computers or smartphones, they will have quick and easy access to our services at all times, resulting in a speedier service delivery.”
Sanjiv Bajaj, MD, Bajaj Finserv, says they are investing in technology to take on the disruption from the digital economy. While sharing how his company was preparing for the digital economy at an annual meeting of the Mahratta Chamber of Commerce, Industries and Agriculture in Pune recently, Bajaj said data is the new capital and they are leveraging data in both their lending and insurance business. Take for example, they were looking at using machine learning technology where no human intervention will be required to settle insurance claims, Bajaj said.
In the motor insurance business they started a pilot where customer take photos of their affected vehicle on their own device and load it on to the Bajaj central server where the visuals are analysed and claim settled in 30 minutes. Platforms like Life Assist allows customers to instantly update their profile, including contact number, address, Aadhaar, PAN and bank details, know claim status, change nominee, top-up premiums, choose riders, revive lapsed policies, access policy statements, switch funds and avail several other policy servicing features. In addition to these, customers can access life insurance calculators and monitor the company’s fund performance for making informed investment decisions.