With the advent of new technologies a number of companies in the financial are seeking to enhance their operational efficiencies across functions. Bajaj Capital Insurance Broking is one such company.
For more than a decade now, this Delhi-based insurance broking company has been providing a range of insurance products across India and serves over six lakh customers. It provides information about health insurance products along with specialized advisory on any type of insurance solutions, and also helps customers adequately insure themselves and their assets..
Rachit Mongia, executive VP, Channels at Bajaj Capital, claims that they ensure maximum level of their clients' satisfaction by providing them with accurate information about every insurance product. "Our motto of running the business is-giving right advice to people, and showing them right choices and right insurance policies for their families for a better future," Mongia said.
One of the fundamental aspects of the company's business is its collection process, which involves collection of know-your-customer (KYC) documents, electronic clearing services (ECS), money and other related documents. This entire process is completely dependent on its field agents, runners or collection agents who are based across the country and work in tandem with the customer care unit of the company. "The runners typically have to visit customers personally in order to guide them with the insurance products and our process," said Mongia.
In addition to collecting documents, collecting cash from customers is also a critical part of Bajaj Capital's business practice. It typically relies heavily on paperwork and admin work, which has increased over the time with the expansion of the business and increase in the number of customers. With a large team of field agents, sales personnel and collection managers, spread across various geographies, operational inefficiency in day-to-day business became a problem that needed redressal.
The major operational challenge for Bajaj Capital was tracking and managing the time of runners and field agents on a routine basis. The company believes that an efficient collection process helps in customer acquisition and customer retention, but tracking, managing and controlling such a huge number of runners and field agents became a tedious job for the backend employees.
"We sell insurance products, which majorly involve visiting customers for collecting their documents and cash, but there were no proper means to track and manage our field agents in terms of the actual number of customer visits and the time taken for that," said Mongia.
So there was a lack of visibility and transparency in collection agents' operations, which led to the inability to fulfill customers' needs. As the company's target customers were spread across diverse geographies, there was a rise in the cost of the field operations.
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