Banking Frontiers

Universal Sompo

Plans to increase market share using product innovation, process automation, customer engagement and social responsive­ness:

- mehul@bankingfro­ntiers.com

The digital strategy of Universal Sompo General Insurance (USGICL) has been created and implemente­d well in 2018-19. The insurer has implemente­d a number of technologi­es to facilitate business and speed up the communicat­ion customers. It has implemente­d chatbots, an aggregator platform, a banking interface, live streaming and a business intelligen­ce tool. As a part of digital strategy enhancemen­t, the current plan for FY 2019-20 includes AI and ML predictive analytics, RPA and WhatsApp integratio­n. It had circulated a feedback form among its customers and received a positive feedback acknowledg­ing the effectiven­ess of the digital strategy initiative. The business has grown 3-fold in the last 4 years.

Anupam Singh, DGM, IT at the company, says the total business acquired by the company from all online applicatio­ns and platforms is approximat­ely 15% of the total, amounting to `4.2 billion.

NEW PRODUCTS

Universal Sompo General Insurance is offering long term coverage for motor products. “During FY 2018-19, we have filed and received approvals from IRDAI for 16 new products, 8 CSC products, 17 PoS products and 61 add-ons. As part of our continuous efforts towards rural developmen­t, we have introduced 8 new products through the Common Service Centre (CSC) channel, which enables us to explore the untapped rural market along with enabling digital initiative, which aims to empower rural population in India. Thus, we are improving insurance penetratio­n by reaching to the furthest corners of India,” says Anupam Singh.

DISTRIBUTI­ON: AGENCY PORTAL

For the last financial year, business garnered through online channel is 15% of the total. The agents and distributo­r channels of the company have been integrated into the digital strategy under an ‘agency portal’. “All the intermedia­ries, brokers and agents are now able to punch policies for the major LOBs through a dedicated platform where the policies are issued on real time basis and this is synced with the core system for the major LOBs like motor, health, travel, WC, office package, shopkeeper package and specific marine products,” says Anupam Singh.

DEPLOYING ANALYTICS

The company is gainfully using analytics to increase business by sharing different MIS reports with crucial decision makers. It is also using predictive analytics tools to generate reports and showcase business growth as well as understand opportunit­ies. Explains Anupam Singh: “This helps our marketing and sales teams in generating leads to increase premium bucket by upselling and cross-selling, which eventually increases our profitabil­ity. We also offer chatbots for the convenienc­e of the customers, we have mobile apps and an interactiv­e corporate website, which all we feel have helped to enhance customer experience.”

MAJOR VENDORS

The company has several l eading IT companies as its ser vice providers. Anupam Singh says it is using TCS’ Genisys Configurat­or, date warehouse system of IBM (IBM Cognos). Deloitte is advising it for Sun System. Vendors are normally selected on the basis of recommenda­tions of the OEMs to provide updates for existing technology tools. This ensures that the company is able to keep pace with the latest technology trends and devices. Says Anupam Singh: “For the last FY, our opex for IT was of `20 million and capex was `30 million, which have increased by `10 million and `20 million respective­ly for the current FY.”

The company sends its employees for external training conducted by National Insurance Academy, Pune and Institute for Developmen­t and Research in Banking Technology, Hyderabad. It has some 45 people in its IT team, who together handle applicatio­ns, infrastruc­ture, digitizati­on and security.

SOCIAL MEDIA PRESENCE

Universal Sompo is present on major social media platforms like LinkedIn, Facebook and Twitter. It also runs special campaigns like Women’s Day, National Road Safety programs. It has also created awareness programs in relation to natural calamities. Says Anupam Singh: “We try to educate our customers about our offerings and products through social media platforms. I believe our market share can be increased using product innovation, process automation, customer engagement and social responsive­ness.”

NEW INITIATIVE­S

The company plans to IT and digital initiative­s in the realms of eCommerce, artificial intelligen­ce, RPA, workflow management system for operationa­l activities, WhatsApp, personaliz­ed marketing, predictive analytics and middleware. Anupam Singh says the intention is to provide cutting edge technologi­es to enhance business, understand the needs of the customers and the various upcoming trends in the market.

 ??  ?? Anupam Singh indicates that USGI will be able to provide cutting edge technologi­es to enhance its business
Anupam Singh indicates that USGI will be able to provide cutting edge technologi­es to enhance its business

Newspapers in English

Newspapers from India