Life insurers including state owned Life Insurance Corporation(LIC) are strengthening their digital platforms for better customer connect duiring Covid-19 pandemic.
The LIC,which will be celebrating 65th foundation day on 1st September, as been a trailblazer in embracing technology for supporting its sales and servicing functions.
The focus has now shifted to improving the online and digital presence in order to remain customer-centric, improve pricing and create operational efficiencies, said Vipin Anand, MD, LIC..
“We are considering to deploy fintech and insurtech for expanding our business and better customer services. We are also exploring how to expand our rural reach without employing agents,'' said MR Kumar, chairman, LIC.
LIC has a strong online presence and has provided digital platform for new business and servicing operations to both internal and external customers, including channel platforms like banks and other agencies.
“ The Customer Portal system of LIC is designed to enhance the digital experience and provide online services to the customers. The Customer Mobile App, which is available on both Android and iOS, has more than 34 lakh users. MPIN based access to mobile applications is in place for ease of use to the customers,'' said Anand..
LIC has leveraged various digital platforms for electronic premium payments to provide a seamless experience to customers.PayTM (directly), PhonePe and GooglePay (through BillDesk) are some of the more recent modes that are available to customers for premium payment digitally.
Renewal premium collection transactions for the corporation through the digital infrastructure have reached an all-time high of 40.23 per cent. The corporation has launched a chatbot for the convenience of online visitors to the corporate website. The chatbot, named LIC Mitra, is capable of answering a variety of questions on the plans available for sale, servicing related queries and also premium payment enquiries.
“Now you can pay your premium by visiting our Customer Portal or directly on our website without any extra charges through your Credit Card, Debit Card (including Visa, Master, American Express and Rupay), Netbanking, UPIs.One can pay premium through various banks viz. any branch of IDBI Bank, Axis Bank, City Union Bank, any of 3,60,000 Common Service Centres, through Online portals viz. AP Online, MP Online, Suvidha and through popular digital modes viz. Amazon Pay, Google Pay, INSTAPAY, PhonePe, PayTM etc,''said Anand..
LIC is today serving its customers through eight zonal offices, 113 divisional offices, 74 customer zones, 2048 branch offices, 1526 satellite Offices , 3354 life plus offices and 31556 premium points. It has over one lakh employees, 12.08 Lakh agents and 28.92 crore plus policies In-force. LIC offers a bouquet of 28 plans for sale under individual business
ICICI Prudential Life Insurance
ICICI Prudential Life Insurance has introduced its customer service chatbot 'LiGo' on 'Google Assistant'. Expanding its innovation quotient by leveraging digital technologies such as Artificial Intelligence (AI) ICICI Prudential Life Insurance has added another layer of convenience for its customers.
Customers can instantly access information on their policies by activating 'Google Assistant' on their Android smartphones and speaking out their policy number or registered phone number. It is as simple as asking Google for directions or traffic.
N S Kannan,MD & CEO, ICICI Prudential Life Insurance said, "Sometime back we embarked on our hyper-personalization journey built on the pillars of 3 Vs – Video, Voice and Vernacular. Catering to the evolving needs of our customers, we have enabled our customer service voice bot LiGo on 'Google Assistant', making it accessible on all platforms and devices it is available on.''
Aditya Birla Sun Life Insurance
Aditya Birla Sun Life Insurance (ABSLI), has also launched an AI driven Conversational Renewal Bot to enhance the digital payment experience of its policyholders. It’s first of its kind and ABSLI is amongst the pioneer to launch this in the life insurance industry.
With this pathbreaking initiative, ABSLI aims to enhance the renewal payment experience of its policyholders. The Bot will provide a seamless digital renewal engagement journey and help policyholders renew their policies from the comfort of their homes.
Kamlesh Rao,MD & CEO, Aditya Birla Sun Life Insurance said,“Digitalization has emerged a key driver in improving how customers interact and ABSLI is constantly evaluating multiple digital avenues to offer a hassle-free and real-time experience. It is important that customers always stay protected and this Conversational Renewal Bot is yet another innovative step to ensure the same. Catering to our customer’s needs in a single integrated journey, our Conversational Bot is another milestone towards unmatched service experience.”