Customer expectations are growing rapidly and in order to keep up, the digital journey has become a very important lever for organizations to continuously engage with their customers, to have a better understanding of their expectations, and provide the desired service.
Even today, the digital customer journey for buying insurance products is a complex process and requires good understanding of insurance products. Furthermore, due to the limited understanding of risk management, both corporate and retail customers struggle to identify the right insurance products that are appropriate for them.
In order to assist customers, SafeTree has launched new proprietary smart tools that will provide guidance on insurance products based on their profile.
Vikas Anand, CEO of SafeTree (A trademark of A2V Insurance Brokers Private Limited) mentioned that these tools will help both corporate and retail customers to understand and identify insurance products as per their requirements. He mentioned there is lack of sufficient advisers who can provide customized and comprehensive risk-based insurance solutions to the MSME segment in India. With this in mind, SafeTree has developed an easy and simple tool called the Corporate Janampatri, that provides a comprehensive list of insurance products that an organization must consider to secure their organization.
The Risk Janampatri provides broad indicators to an individual on insurance products that are best suited for them. The tool does an analysis of the customers risk profile and segregates them into one of 3 categories – Risk Averse, Risk Neutral and Risk Seeker. Based on the risk categorization, relevant products and coverages are proposed. Mr. Anand mentioned that since insurance products are risk mitigating solutions, it is important that right products are proposed to customers based on their risk profile.
Currently, the sum insured for health insurance products is mostly based on the customers affordability, which may result in either under or over insurance. To counter this, SafeTree has built a unique health calculator that calculates the sum insured for the customer instantly. The minimum sum insured is based on the variety of parameters which include age, location, family size and health condition of the customer.
Avinash Kumar, VP – Products and Innovation believes that technology led tools will bring enhanced confidence to customers while buying insurance products. With the help of these tools, SafeTree will get enough user data to train and test the Machine Learning model to develop a recommendation system. He also mentioned that this smart tool will analyze user-behaviour across parameters and which in turn recommend the right set of insurance products.
SafeTree is in the process of developing more AI/ML based tools to improve the customer buying journey. As seen in the past and looking ahead, technological breakthroughs will keep enhancing the relationship between organizations and customers. Across sectors, organizations continue to invest and enhance their technology capabilities in order to fulfill the ever-changing demands of the customer. This is the age of hyper-personalization, where customer insights are driving innovation. In this new era of consumer engagement, there will be a transformational change in the insurance industry.