HDFC Life Insurance
The BFSI sector has been readily and rapidly adopting mobile technologies, and HDFC Standard Life Insurance is no different. With more and more customers switching to apps for a seamless experience, everyone has a need for a ‘when I want it, where I want it’ mindset.
Nearly 70% of the sales logins are currently done through the mobility - the highest in the industry. In 2015, the company introduced ‘Mobility 1.0’, which provided competitive edge in the market place. It delivered a complete mobility suite that has enabled a lead creation in less than a minute and policy conversion in 20 minutes.
With ‘Mobility 2.0’ conceptualized by design thinking in April 2016, the company aimed to enable more capabilities to enhance sales productivity.
The project enables India Stack integration, GPS capabilities, process automation, supervisor effectiveness, customer servicing capabilities for sales, offline mobile based e-verification and engagement and learning
The company achieved a high number of proposal logins through the apps, with real time underwriting to provide faster policy conversion. By building on the above module, HDFC Standard Life insurance expects several layers of benefits including a dramatic reduction in conversion turnaround time by a reduction in scrutiny time and FR’s.
The work ability of these apps have enabled an effort reduction worth five employees, and helped the company create and additional lead per month.
Also, the project enabled an increase in met ratio by 10% resulting in lead conversion ratio increase on overall base for direct, agency and banks.