Future Generali launches contactless insurance process

Mumbai : Future Generali India Life Insurance Co. Ltd (FGILI) has launched 'Project BOLT' for their existing customers who wish to further secure their lives and take another policy with the company. As social distancing becomes the norm and more customers would prefer to have minimum contact or contactless engagement while making a purchase. Also, customers would be wary of going to diagnostic centres for medical tests. Therefore, the company has re-engineered its sales process to make it completely Data led, Contactless and Paperless. The customers are pre-identified basis risk and underwriting model and the entire sale process is now digitised. So, the journey can be completed via video conferencing where distributor can explain the product adequately and customer can complete the proposal digitally, in less than 5 min with only a few clicks with no paper forms, documents or even medical tests. This also has significant impact on time to process and policy can be issued within 48 hours of submission.

How did FGILI work on this project?

The Leadership team was tasked to draw out a wireframe of the new process and challenge the requirements in the existing process. Thereafter, teams across departments - Sales, IT, Marketing, Operations and Compliance were brought in to deconstruct the process and identify the steps that were redundant and that could be done away with. It was called the "Kill-Build" exercise to identify what steps were to be eliminated (killed) and what new services were to be created using technology (build). This process was important to create an on-boarding journey that would be completed in 5 minutes with just 3 clicks.

"Project Bolt is much more than just process innovation for us. It started with empathy for customers and recognising that in these times they are looking for solutions that will make life convenient for them. It then demonstrated our ability to think differently, challenge norms, break the self-created silos to deliver an outcome that distributors would be enthused about and customers would find useful. This is truly a worthy example of digitalization" says FGILI's Chief Marketing Officer and Chief Customer Officer, Mr Rakesh Wadhwa.

He further added, "Current lockdown has accelerated the digital adoption amongst the sales team as more of them took to the platform to reach out to their customers. We see increased demand for additional protection amongst our customers and therefore, adding more products on this platform. We are training our distribution teams to sell remotely over video call without having to venture out and be exposed to undue risks. The feedback from our customers too has been extremely encouraging."

Source: Business Fortnight