Qorus Innovation in Insurance Awards 2017

Integrated Sales Platform (ISP)

Submitted by

IndiaFirst Life Insurance Company

Logo of IndiaFirst Life Insurance Company
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13/03/2017 Insurance Innovation

About

ISP combines smart sales process automation and the journey of sales fulfillment in one powerful tool, effectively enabling completion of the entire insurance sales process, on-the-go.

Innovation presentation

Concept

IndiaFirst Life designed the Integrated Sales Platform (ISP), a smart sales assistant, to strengthen the capabilities of its sales force to enhance productivity, and customer experience and interactions. ISP effectively transforms each sales personnel into a self-contained “mobile branch”, enabling the on-field sales personnel to carry out all their tasks on-the-go, via handheld Tablets.

ISP’s broad scope:

I. Target Planning

II. Activity Management

III. Lead Management

IV. Sales Fulfilment

V. Performance Tracking

VI. Sales Training and Sales Performance Dashboard

VII. Customer service at Point of Sale

Objectives

* Enabling customer delight through suitably equipping the salesforce

* To help Sales to:

- Penetrate the bancassurance captive base in a more structured and controlled manner

- Stay updated with the latest, support productivity and a detailed insight on their performance across various parameters

- Monitor all customer interactions (including manager-level supervision)

- Move towards a paperless process

Reason behind

- To proactively engage with Field Sales

- To help them operate at optimal efficiency level, anytime and anywhere (online/ offline),

- To promote First-Time-Right cases resulting in reduced policy issuance TAT, enhancing customer experience

State of competition

Solutions implemented by other players are either point solutions, or have limitations around adoption or lack of functionalities such as working in offline mode. So far, none of the players in the insurance industry have an integrated sales process automation approach, as the ISP.

Sources of inspiration

Imagined possibilities of technology to drive adoption of personal risk-management among customers and facilitate customer delight in the process, through reducing the complexities in the sales process

Departments involved Sales, Change Management, Finance and IT

Main results so far

- Cost savings of over INR 9.25 million since shifting to paperless channel

- Reduced TAT and improvement in First-Time-Right cases

- Elimination of branch operations layer: 15-20% dip in the operating cost

Uniqueness of the project

Integrated Sales Platform (ISP) is already a first-of-its-kind solution in the insurance sector, enabling modernised services through a digitalised platform covering the complete insurance sales lifecycle. In this sense, ISP is a disruptive innovation built to successfully address challenges unique to the insurance industry, and to bring in operational and cost efficiencies. In an evolving digitalised world, IndiaFirst Life can proudly proclaim itself to be among the earliest adopters and advocates of a work-on-the-go practice for its employees, within the Indian insurance space.

Aspects unique to ISP:

1. Smart validations, in-built underwriting rules, and integration with e-KYC, has supported substantial enhancement in the number of First-Time-Right cases and same day issuance.

2. Virtual Buddy feature: Managers get instant access to a dashboard that reveals salesforce’s performance. This enables them to put forth appropriate plan of action, guidance and suggestions.

3. Ability to capture details offline, auto-synced during network availibility, and transparency through accurate sales forecast

4. ISP has enabled IndiaFirst Life to grow with minimal branches (15) as compared to its industry peers in India. Currently, IndiaFirst Life uses ISP to process 95% of its new business, illustrating the smooth shift towards an operating model wherein sales personnel are no more on branch operations.

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