Insurance

Industries

Insurance Insurance sector has the potential of high growth and it is a type of service that is largely underutilized with comparatively low penetration among various sections of society. With the entry of private players under this domain, it is constantly evolving with new offerings that are tailored as per customer needs. Though the Insurance companies comes under Purview of Regulatory Authority and they cannot make any offerings that goes against the rules, the industry remains competitive in terms of quality of services offered. Insurance

Pre sales phase involves meeting with prospects as per generated Leads, analysing their specific needs, suggesting specific benefit policy to intended customer and pursuing him/her to buy product. Pre sales also extend to educating current customer to make them buy in new policies by showing timeliness and benefits in future.

Challenges :

  • Unavailability of detailed Policy product offerings under manual system which otherwise comes handy to share with prospects and presenting solution as per his/her insurance needs.
  • Market survey Analytics to map Profile is essential to know the Insurance needs as per Demography. Manual surveys do not generate Analytical Reports for drawing conclusive inferences.
  • Lead Allotment and Subsequent action Time remain high and so there remain the risk of opportunity loss to competition
  • Client Follow-up by sales team is not monitored effectively to ensure higher conversion rate

Insurance sales commence with introduction of policy to the customer and completes after receiving payments along with necessary document.

Challenges :

  • Direct Sales (online sales) are a big threat to agent based Insurance Sales and it can be surpassed only by providing quality and personalised service. Quality can be improved by offering in-depth knowledge about policy products to decide on most suitable product for the client.
  • Policy sales in Real Time is required which is normally not possible by manual DSR sheets. Chances to error in an important order remain high. Further the accurate and consolidated Sales reports in Real time is required by management to visualize health of business and make plans to counter adverse forces of market
  • Document Collection system for Policy remains paper based. This type of legacy system is characterised by high cost of document collection, storage and transfer. Additionally there remain a risk of document loss and damage due to environmental factors and fire.
  • Admin Costs remain high as the business relates to product sale to masses. In order to maintain accuracy and meeting service level, a huge investment goes into human resources and infrastructure to manage the operations.
  • Efficient field staff management is required to control operational costs. Clear visibility of field staff is not achievable by existing mechanisms. This may put undue pressure on performing employees and dud may remain unaffected.

Challenges :

  • Customer Help Desk for TPAs', resolving Customer queries are essential to maintain customer base as one disgruntled customer can drift away many more. Mobile App based help desk is feasible by consumers’ actually entering detail over the mobile to settle an issue.
  • Lack of Alert & Notifications system for agents for policy renewal. Customers are prone to miss the due dates and in absence of technology based system, even the policy agent may not capable to help. This leads to loss of business with Policy renewal payments.
  • Information Transparency is required to know the fallouts due to business deficiencies and create improvement channel. This is possible only through real time and accurate flow of information within and across the boundaries of various stages under Insurance business.