We have also been early adopters of digitization of our insurance repository as initiated by the regulator, which is going to be a game changer.
What IT initiatives are being implemented in your organization?
We are implementing some major technology initiatives such as revamping our CRM systems, and scaling up our analytics capability, apart from creating operational data stores. Theres been a major thrust on analytics. I feel that very soonin the next 24-36 monthsit will become core to insurance companies and strengthen pillars like claims, renewal, sales hiring, customer retention, and orphan policy management.
We also launched a claims guarantee program under which if a customers policy has run for three years and above and he wishes to file for a death claim, we make a promise to the customer to give a decision in 12 calendar days. If we arent able to do so, our organization will pay him the penal interest at 6-and-a-half percent on the policy. This clearly demonstrates our commitment to customer service and ensures that we make the customer feel content in the choice that he makes by buying our policy.
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