Mr. Rajeev Chawdhary, EVP, is heading the flagship Agency channel at IFFCO Tokio General Insurance. An insurance veteran with an experience of over three decades in PSU and private sector, he has handled diverse portfolios like corporate and retail marketing, underwriting, claims and also headed a profit centre. He led the set up of Customer Service Centre (CSC) - the exclusive claims processing centre, for IFFCO Tokio, in Delhi that serviced the North region.

Q. What kind of challenges you and your agents’ network have faced in the last 5 months?

The last few months were overwhelmed with a different set of challenges due to the pandemic. Suddenly we had to find a different way of doing things. Fortunately, most insurers, including IFFCO Tokio, had invested in digital tools to keep the business running. The new scenario nudged every stakeholder to adopt digital means to conduct business and serve the customers. 

With the help of our digital tools such as BIMA App, web-based portal, etc. our agents were able to issue policies on a real-time basis even from the remote areas on the go. It digitally-enabled them to provide better customer service with accurate quotes, manage their leads/renewals, manage their commissions, etc. BIMA App slowly evolved into an Agent's digital office. 

Q. What are the challenges you anticipate for the next 7 months?

In the coming months, we should be used to the “new normal” and be ready to face any such eventualities. I am sure that our digital tools will help in managing the business and stay connected to our partners and customers. The main challenge in the coming months will be – how to increase business and take advantage of the increase in awareness of health insurance. Are we prepared to use this opportunity? What are the processes to be further digitised to ensure contactless sales? We have already embraced digital tools, which I feel is a good beginning and hope that we sustain it in the coming months.

Q. Do you think online sales of retail products will take over traditional sales in the next 5 years? 1) If Yes, Why? If No, Why?

Both online and traditional mode of sales will co-exist as each channel caters to a different set of customer segment. For standardised products like motor insurance, customers will prefer online mode. When there is an advisory-led service needed like health insurance, customers prefer a “face-face” interaction that can be fulfilled by agents.

Q. What future do you see for your existing agents’ network? 

Agents will continue to remain the flagship channel for most of the insurers as there are some products which require face-face advisory services. But in this “new normal” they have to enhance their digital quotient considerably to increase their business.  They have to learn to leverage digital technologies and tools to service their customers. Probably this is the biggest lesson that the recent pandemic has taught to all in the insurance ecosystem.

Q. What are your plans for expanding the agent network?

We will continue to grow our agency channel. We are aggressively recruiting agents. We feel that pursuing a career as an insurance agent can be a good source of income to those who have lost their jobs, given the vast potential of the insurance sector. We also plan to equip them with more and appropriate digital tools like Apps, dedicated Portals, etc. so that they always remain prepared to ensure business continuity in case of any such eventualities like the current pandemic crisis.

Q. From the agent's point of view which product do you think will do well in the next 2 years and why?

We will continue to focus on health insurance, as there has been an increase in demand. We will also emphasise on the renewal of existing customers as it is the backbone for any insurance business.