21 & 22 June 2018, Mumbai
1. Your company relies solely on bancassurance for sales. Are you planning to tweak this strategy?
Bancassurance is the most efficient and scalable model of Insurance business. Our aim is to be the trusted insurance partner of the customers of our Shareholders banks. We have demonstrated the ability to harness the potential of private and public sector banks and have grown distribution over the years. We will continue to expand and grow this channel. Having said which, we are equally focusing on developing strong Digital platform, growing alternate channels and direct distribution. Our strategy continues to penetrate deep into the Tier-2 & Tier-3 and rural markets through our bank partners while investing and growing in new channels.
2. How has technology played a role in new market expansion?
Life Insurance till sometime back was a product which was sold in the traditional physical mode (face to face). With the changing demographics of the country, increased penetration of internet through mobile data and the comfort of the consumer in adopting technology has been a big game changer. eKYC has changed the entire landscape of customer onboarding. E-Commerce as a medium is growing rapidly and it is influencing the consumer at the decision making stage. We continuously endeavour to launch products which meet the customer need and will keep on scanning the market for any new opportunities. Our online products offer unique and attractive customer value. All products are so designed to ensure they are simple, easily understood & ensure a comprehensive fulfillment of the customers need.
3. How do you think AI is going to affect the sales for your Business?
Currently, AI is a good enabler for process efficiencies, For AI to have significant impact on sales it requires a lot of credible data on which it can be effectively work on. With the rise in mobile penetration and data usage, there is a significant improvement in the quality of data availability. As this improves further we shall see AI as a great enabler for business, particularly in the context of digital shift we are witnessing. It will help customers get recommendations based on their implied needs basis the data availability, which AI can do seamlessly. This would ensure we are presenting more targeted propositions to our esteemed customers and also providing superior experience based on their preferred channel. Hence, AI is seen as a catalyst which would grow business in the medium to long term, making both seller and customers more informed.
4. How do you plan to go about achieving your sales goals? What is your strategy for this year?
We have a very strong presence in the Tier - 2 and Tier 3 cities across Canara Bank and Oriental Bank of Commerce and other banks apart from the metros. Our distribution strength in these cities is immense. The combination of the right products with our vast distribution network will help us penetrate deep into the tier 2 & tier 3 cities. We have launched a Point of Sale (POS) product which not only offers life cover but also returns all premiums paid upon the survival of the term. This we believe will have huge potential for mass segment. We are also forging strategic alliances to ensure we have an opportunity to diversify across geography and customer segments for sustained growth.