About
An all inclusive package of Forex Card, Travel Insurance, Dining Privileges, Trip Assist & International SIM, backed by Big Data analytical engine providing real time trigger, targeting customers to unlock the Happy Holidays Package
Innovation presentation
Concept and objectives:
There are many Indian's going to International destinations for Holidays ( Approx 21% YoY growth), while there are many sites which offer Air Tickets, Hotel Booking, Holidays etc., There aren't many offering a comprehensive solution of Multi Currency Forex Card, International Travel Insurance, Emergency Trip Assistance, Dining Privileges & International Calling Card all as a single package. The major objective of the package is to give a great experience for the existing to bank customer, through minimal effort with pre-filled forms, real time quote generation and choice of different insurance package in real time, real time generation of policy and also the pleasure of unlocking emergency assistance, dining privileges & International Calling card after the customer has availed a Forex Card.
It is also backed by Big Data analytics which churns out specifically the customers who are travelling abroad and send them real time triggers or notifications about the package. Hence targeting the right set of customers at the right time. Its the Data analytics engine in the back-end which delights the customer through these real time email or SMS notifications.
Reasons behind
Its a hassle to avail all the requirements like Forex Card, Travel Insurance, Trip Assist, Dining Discounts & Int'l SIM through banks or different service providers. Its all easy for customer to just order it with Smartphone and also reminded about.
State of competition:
Industry first to provide a comprehensive package for Forex Card, Travel Insurance, Trip Assist, Dining Discounts & Int'l SIM
Sources of inspiration:
Consumer Insights
Departments involved:
Innovation Team, International Retail Department, General Insurance Team, IT, Prepaid Card system & Logistics Management system
Main results so far:
2x increase in Forex Card ordering
1.5x increase in Travel Insurance Booking
Uniqueness of the project
Uniqueness of Project:
1. A definite use case of Big Data analytics to provide customers with right solution at the right time.
2. All in one unconventional package of Forex Card, Travel Insurance, Trip Assist, Dining Privileges & International SIM
3. Pre-filled forms, quick and easy 3-4 step process to avail service.
4. Great consumer experience through real time order tracking
