EDITOR’S LETTER
Say Hello to Illuminar, The Digital Enterprise Digest
The insurance industry is in the midst of a wide scale disruption. About a decade back, the customer would probably approach an insurance agent or broker, who in turn would recommend a policy that is best suited for the customer and act as the liaison until policy issuance. In the last five years these brokers have been replaced by online intermediaries (such as Google Compare and Policy Bazaar) who provide a plethora of information about the various policy options with detailed comparisons. The customer is now accustomed to choosing from a host of insurers and engaging with the shortlisted ones through a variety of channels (call centre, internet, mobile etc.) before closing the policy issuance process – and all of this takes but a matter of minutes.
This paradigm shift in consumer behaviour has altered the scales completely with the market no longer a sellers’doesn market but an increasingly buyers-market with plenty of options around. The availability of options doesn’t mean that choice once made cannot be altered. Consumer acquisition is now a cat-and-mouse game at every event in the insurance cycle. And a customer acquired no longer remains a sitting duck, but efforts are required to keep him/her off competitor clutches.
Customer identification, acquisition, retention and loyalty are now far more complex than ever, given that millennials are always connected, have a large social, online presence and have minimal hassle in shifting to another provider at the time of renewal or for incremental requirements. Insurers are increasingly coming to terms with the need for redefining customer relationships and customer engagement cycles. This needs to happen by truly understanding customer preferences, leveraging digital medium to reach customers and continuing to stay in touch with them. These preferred channels are to remain in context to their pertinent requirements.
Customer satisfaction now goes much more than just designing great products and providing on-time assistance – it means actually partnering with end customers to define and create better products at competitive prices; besides being besotted in an intimate and a convenient customer engagement across their lifecycle.
This edition features an interview with Mr. Sanjay Tripathy, Senior Executive Vice President – Marketing, Product, Digital and E-Commerce with HDFC Life who shares some riveting insights into the megatrends shaping this industry, how insurers are coping with this new set of challenges and some innovations that they’re doing in this space.
As always, we hope you find this edition interesting. Please write to me directly with your feedback and any information you want to share with the readers.
Best Regards,
Srividya Kannan,
Editor, Illuminar- The Digital Enterprise Digest
editorials@avaali.com