How digitization helps Bajaj Allianz process 20000 insurance policies a day

Bajaj Allianz General Insurance realized early that insurances have a lower rate of selling through websites. But if people weren’t going to visit the website, Aditya Sharma thought that insurance could be taken to their doorstep. The idea was to provide insurance to geographies with lesser awareness and digital penetration.

Sharma explains that Bajaj Allianz first banked on the tab available for instant insurance renewal at the company’s eight major offices. “We thought we could develop the tab to sell the products to newer geographies. The journey that began with 4-wheeler and 2-wheeler motor insurances now has 52 products on the tab with approximately 10000 distributors using it,” he says.

The virtual office employees are on boarded after an initial screening. Post that, the VO advisors get access to this application. The Eezeetab application then opens a plethora of functionalities for the employees and distribution partners. Apart from issuing instant policies, the app assists in the entire lifecycle of insurance purchase. The VO employee through the app can conduct pre-inspection with a turn around time of 10 minutes, auto calculate premium, issue 2-wheeler policy by scanning the OR code and receive payments through receive payments through online payment options.

Eezeetab also aids in expediting the claim process by settling minor claims via another in-house developed app--Motor OTS and Health CDC. Eezeetab is also leveraged internally by VO employees to access HR-related operations like attendance, conveyance module and maintain sales record. Additionally, when the world debates about skill sets, Sharma explains how the training of employees and providing them with a centralized support to answer queries, is a contributing factor to the evolution of the app.

“The central support system works almost round the clock to answer queries of virtual office employees with a turnaround time of 10 minutes. The virtual knowledge center provides training modules and FAQ references on recruiting agents or selling policy, etc,” says Sharma. But the whole process was not without its own set of hurdles. The major challenge the company faced was lack of connectivity in remote areas. Bajaj Allianz also stuck to its philosophy of processing premiums through digital payments only. “We tied up with multiple vendors for the availability and speed of internet. And courtesy the evolution in terms of payment, the failure ratio has decreased to 0.2% from 4%,” says Sharma.

The benefits are multifold though explains Sharma. “The initiative has helped process close to 20000 insurance policies a day and has generated a premium of over 800 crore last year,” he says. And the recent changes in the motor regulation act was a blessing in disguise for the company. “Suddenly, there was a 400% rise in insurance sales and we could process and serve customers because of the already established app,” opines Sharma.

Chatbot BOING

Banking further on the idea of innovation and evolution of the digital initiatives, Bajaj Allianz General Insurance launched a customer service chatbot BOING. The AI-driven chatbot service platform offers 24/7 customer assistance. In keeping with the trend in the industry, the chatbot has also been integrated with Google Assistant and Alexa. The multi-faceted chatbot helps customer in availing a policy soft copy and 80D certificates on email. It also helps register a motor claim and check its status. And locates company branch, nearest empanelled hospitals and workshops.

Source: The Economic Times