www.actuariesindia.org 1 26th India Fellowship
Author : debby-jeon | Published Date : 2025-05-22
Description: wwwactuariesindiaorg 1 26th India Fellowship Seminar IFS Institute of Actuaries of India Digitalisation of the Sales and Servicing Process of an Insurance Company a challenge and opportunity Prepared by Harvinder Kaur Siddharth Kumar
Presentation Embed Code
Download Presentation
Download
Presentation The PPT/PDF document
"www.actuariesindia.org 1 26th India Fellowship" is the property of its rightful owner.
Permission is granted to download and print the materials on this website for personal, non-commercial use only,
and to display it on your personal computer provided you do not modify the materials and that you retain all
copyright notices contained in the materials. By downloading content from our website, you accept the terms of
this agreement.
Transcript:www.actuariesindia.org 1 26th India Fellowship:
www.actuariesindia.org 1 26th India Fellowship Seminar (IFS) Institute of Actuaries of India Digitalisation of the Sales and Servicing Process of an Insurance Company – a challenge and opportunity Prepared by: Harvinder Kaur Siddharth Kumar Goel Devesh Khatri Reviewed by: Malvika Nath Agenda Introduction Digital Sales: Opportunities Digital Sales: Challenges and Possible solutions Digital Servicing: Opportunities Digital Servicing: Challenges and Possible Solutions Standards/Professional and Ethical Requirements Way Forward QnA www.actuariesindia.org 2 Introduction Digitalisation – A need for today What we intend to cover? – Sales and servicing Current practice and Limitations in the Indian Insurance industry Customer need analysis and advice process Informational Asymmetry (Policyholders and Sales Persons) Processing time, costs and resolution Some Data Facts www.actuariesindia.org 3 Personal Banking Online Merchants Media Retail Electronics Retail Apparel Retail Airlines Real Estate Telco & Cable Supermarkets Electricity, Gas, Water Automobiles Government Services Health Care Providers Hotels Investments Insurance Source: BCG digital satisfaction survey March 2013, Morgan Stanley Research 15.2 Insurance online experience lags behind 0 20 40 60 80 100 Feb-05 Apr-09 Feb-12 May-13 Source: Pew Research Internet Project, BCG Analysis, Morgan Stanley Research Percentage of internet users in each age group who use social networking sites, over time Digital Sales: Opportunities Digitally assisted sales on tablets – Meeting today’s customer’s expectations Rapid issuance of policy using tele-underwriting – Increase efficiency of sales process Online sales of products (Accept/Reject) – Fast processing of the product and reduce selling time E-proposal forms and documents submission - Reduced cost of printing and resources involved in manual processing Digital application process – Increase transparency as status of the proposal completely trackable Easier performance appraisal of the process and bottlenecks through real time information Reduced Fraud and mis-selling More focused marketing strategies and better persistency www.actuariesindia.org 4 Digital Sales: Opportunities (Continued) www.actuariesindia.org 5 Digital Sales: Challenges and Possible Solutions Digitally assisted sales on tablets – Meeting today’s customer’s expectations Rapid issuance of policy using tele-underwriting – Increase efficiency of sales process Online sales of products (Accept/Reject) – Fast processing of the product and reduce selling time E-proposal forms and documents submission - Reduced cost of printing and resources involved in manual processing Digital application process – Increase transparency as status of the proposal completely trackable Easier performance appraisal of the process and bottlenecks through real time information www.actuariesindia.org 6 Digital Sales: Challenges and Possible Solutions (Continued) Digitally assisted sales on tablets – Meeting today’s customer’s expectations
