Digitization has disrupted every aspect of the insurance sector today, where everything is now just a click away. With customers increasingly seeking customized and instant services, it has become important for banks and insurance services companies to address their needs by adapting to digital transformation and to improve the customer experience.
Bajaj Allianz Life Insurance is one such company which has been aggressive in taking leaps in digital transformation using modern technology to overcome technological challenges. It has become the first life insurance player in India to take virtual branch services to the customer’s doorstep through Mosambee, a virtual branch on a handheld device.
Mosambee, a disruptive idea
Bajaj Allianz Life continues to keep customers’ life goals at the center of everything they do. The Company introduced the virtual branch services platform Mosambee to offer greater convenience to customers, by eliminating the need for customers to visit a physical branch and reducing the turnaround time in policy servicing.
With digitization taking over every aspect of the customer’s life, physically visiting a branch for simple service tasks was being viewed as redundant. Hence the company felt the need for a disruptive innovation to provide customers a seamless service experience at their preferred time and location.
Better customer experience and reach
Launched in November 2017, Mosambee offers the services of a virtual branch to the customers at their doorstep. Through Mosambee, customers can avail an entire range of services such as obtaining premium payment certificates, procuring account statements, paying insurance renewal premiums, checking claim status, locating branches, SMS services for updating contact details, obtaining fund value, account statement, bonus statement, claim status, and many more service-related queries. Customers can also pay their renewal premium via Mosambee through cheque, DD, credit and debit cards and other online payment modes.
This digital capability has helped Bajaj Allianz Life Insurance eliminate the need for customers to visit a physical branch for simple service requirements. It has empowered them with the flexibility to service their policy requirements at their convenient time and location, thus utilising their time better.
Through Mosambee, Bajaj Allianz Life has also been able to enhance its customer reach. Using analytics, the company has identified and tagged locations of customers where the company isn’t present through its branches. This has helped them record customers’ addresses and service them at their doorstep. The company is also better placed to identify suspicious cases during such home visits.
Mosambee has helped Bajaj Allianz Life build a long-term relationship with its valued customers and enhance their experience with the company.
“Customers are seeking more and more personalized and instant services hence it is important for us to be agile and innovative in addressing the customer’s needs. Our adaption of digital technologies in providing customers seamless services is helping us enhance the customer’s experience with us, and also in building long-term relationship with the customers in their journey to fulfil their Life Goals with us. Mosambee is one such initiative taken by us to provide greater convenience to customers, by making branch services accessible to them at their convenient time and location,” says Kayzad Hiramanek, Chief - Operations & Customer Experience, Bajaj Allianz Life Insurance.
Stepping outside the comfort zone
Using analytics and geo location, Bajaj Allianz Life Insurance identified approximately two lakh households in an area of 15 km around its branches, where a branch person could proactively go and offer services to the customer at his doorstep. Mosambee enables the branch person to do everything on the field which he would otherwise do sitting in the branch.
The foremost complaint of any insurance customer was that the insurance agent would sell the product and disappear and appear only to collect premiums.
To address this, Bajaj Allianz Life pushed its local branch employee, to go out proactively and service the customers at their doorstep. This has especially helped the senior citizens. Through Mosambee, customers can update the address, nominee name, buy new policy, get premium notices, make payment and get receipts – typically what all he could at the branch can now be done online at his doorstep. Today, the branch is no longer sitting in one location, but spread across the location with the bank’s representative servicing the customer wherever he is.
Business of Innovation
Since its launch in November 2017, Mosambee’s usage has increased over the years, at around 900 users today. Through this digital touchpoint, Bajaj Allianz Life has been able to reach out to many more customers, thereby improving the persistency ratio of the company. So far, the company has serviced over 150,000 customers through Mosambee and collected renewal premiums amounting to more than Rs. 700 crore, in addition to helping customers with other policy servicing features.
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