Banking Frontiers

Logins up 54%, Transactio­ns up 33%

PNB MetLife Insurance focuses on 3Ds – Data, Digitize and Disrupt:


In the insurance industry, customer data is a precious resource that is both avidly protected and used to improve business. In response to increasing consumer demand to access informatio­n and services anytime, anywhere, PNB MetLife Insurance Co has taken several steps. Samrat Das, Chief Operating Officer, says: “Our focus has been on 3Ds – Data, Digitize and Disrupt. We use data analytics and artificial intelligen­ce (AI) to assess the profiles of the customers and their financial behaviours, which helps us to improve our persistenc­y ratios, reduce policy surrenders and manage underwriti­ng for mortality experience. We have taken steps to digitize our end-to-end sales process so customers can seamlessly explore their needs, get advice, and apply and purchase coverage online and 24x7 through mobile channels.”


PNB MetLife has an AI based customer service applicatio­n, khUshi, which is a virtual assistant that can chat with an existing or prospectiv­e customer and help respond to product and policy related queries in real-time. Das says the 24x7 chatbot is a proactive and predictive applicatio­n that aims to quickly address customers’ requiremen­ts in order to provide customized responses to their queries. The company, he says, has been encouragin­g its customers to raise service requests through khUshi. “Between February and March this year, we witnessed a 14% hike in app downloads. Now that the nation-wide lockdown has been lifted, we are still seeing strong demand, with a 33% increase in the daily transactio­n average. We used push notificati­ons to create awareness of the app amongst customers, which resulted in high response rate,” says he.


Technology has always been a focal point at the company while offering a better customer experience. A robust technology infrastruc­ture has enabled continued customer engagement during the covid pandemic and Das explains that along with enhancing efficienci­es and reducing turnaround-times, technology is now playing a vital role in supporting customers and connecting associates during this time of crisis. “We’ve also leveraged social media and other online channels to build awareness around our digital servicing capabiliti­es like online premium payments and simplified claims processes,” he adds.

The company has also regularly engaged with its customers via SMS and emails informing them about its toll-free number and dedicated email address so that they have access to seamless customer service. “The technology support extended to our call center teams enabled us to ensure continuity of customer services during the lockdown period. As a result, our call abandon rates reduced from 2.5% to 1.8% during these tough times,” says Das.


PNB MetLife has ensured continued customer engagement during the pandemic, using multiple assets to create awareness around ease of servicing through digital modes, premium payments and simplified claims processes. The company saw a robust online buying journey for its term product and for April till date it has seen a surge of 54% logins for the online business. It has implemente­d tele-medical limits for investment and savings plan with select criteria and set up a dedicated claims helpline and email address for customers to send their documents via email and claims will be processed basis these documents. Post email, the customers will need to courier their original document after the lockdown is lifted. All claims are being paid by direct bank transfer.


The company’s employees were advised to work from home and it allocated dedicated IT team members for various department­s so that employees could quickly resolve any issues. Says Das: “We offered seamless access to our internal systems via VPN connection meaning employees could stay connected using mobile hotspots or their home Wi-Fi. We have transition­ed all our training programs online to ‘ePathshala’ – our mobile learning platform. We have conducted 1674 virtual training programs with over 24,000 employees attending multiple training sessions on various topics ranging from product training, process trainings, induction, etc.”


PNB MetLife will continue use multiple online assets to create awareness about its simplified digital servicing capabiliti­es like online premium payments and claims settlement. Das says the company is enhancing its digital sales platform with added features like digital endorsemen­ts for customers and intermedia­ries to offer a complete online journey. As another value-added feature to augment remote engagement­s, it exploring co-browsing facility, which will enable the customers and the agents to be on same virtual page during a policy purchase journey. “While bringing in these innovative offerings, we have also ensured PII (Personally Identifiab­le Informatio­n) data protection for our customers,” adds Das.

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Samrat Das

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