Mobility paves Samsung’s silver path
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Insurers are responding to Covid-19 with speed and imagination. Under the new conditions in a Covid-19-affected world, insurers are bracing for changes in both consumer behaviour as well as in the adoption of distribution channels.
One expected fallout is the trend of insurance advisory going digital from the current physical mode, especially when advisors can no longer meet face-to-face with customers on account of social distancing norms, say industry players.
The way demonetisation brought good tidings to the digital payments industry, the pandemic is bound to bring structural shift in the insurance advisory business, Anup Seth, Chief Retail Officer, Edelweiss Tokio Life Insurance (ETLI), told BusinessLine. With digital advisory taking off, consumption of insurance will move to a different level, he said. “I see two to three structural changes happening. With social distancing norms in place, I see an irreversible behaviour of new category of online insurance advisory getting built. Every time a big event happens, it creates a category or kills a category.
Consumers who were trusting online as category to buy other products such as travel, e-commerce and classifieds, will, in some manner, start adapting to digital purchase of insurance. Second, offline advisors who were only using digital on-boarding tools, will now start using digital tools to advice,” said Seth.
The company, which has 121 branches and caters to 600 cities, has now defined seven to eight different profiles of customers; through analytics for different profiles, it has put in place different pre-engagement, engagement and post-engagement onboarding process for customers in the ‘Dial to Success’ App. There is both personalisation on seller type (who will mostly work from home) and personalisation of customers and ease of entire utility.
“We are very hopeful we will be able to create a first mover advantage (in digital advisory) through this Dial to Success tool,” said Seth.
Seth also sees changes in the cost model in in the wake of the lockdown. People will now go for more smaller offices and digital medium of selling because ‘work from home’ is likely to be a permanent one for the life insurance industry, he said.
“In March, 100 per cent of our customer onboarding was digital. It was 90 per cent in February. From now on, no looking back, and we will only be 100 per cent digital riding the digital wave,” he said.
Girish Nayak, Chief, Customer Service, Technology and Operations, ICICI Lombard GIC, said: “With the current pandemic across the world, primarily, we had to enable IT infrastructure that will help most employees work remotely.
“For us, this is a great opportunity to test the work-from-home concept, and we are hoping that these new ways of working will highlight the benefits of working from home and may also lead to increased flexibility for both organisations and individuals.”
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Antrix should adopt a different tactic than merely fighting over jurisdiction: Experts
Invest in relationships, enterprise, behaviour, effort and learning
From different types of osmoses to new membranes, researchers have come up with ways of drawing water
High valuation and stiff competition from larger players are a dampener
Investors with a short-term perspective can buy The New India Assurance Company (NIACL) stock at current ...
₹1490 • HDFC Bank S1S2R1R2COMMENT 1475146015051520 Fresh short positions are recommended with a stiff ...
Will a stock continue its current trend or will it reverse? We tell you how you can read chart patterns to ...
In these isolated times when people yearn for a slice of the familiar, amateur and professional chefs are ...
‘You ready to go to work?’ Joe Biden had asked Kamala Harris before naming her as his running mate. ‘Oh my ...
Writer Narendra’s latest book, rich with vignettes from Bastar and his native village in Uttar Pradesh, ...
On the eve of his 86th birthday, a peek into an interview-based book that reveals the actor’s many moods, ...
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor