Kotak SmartLife Plan Qorus Innovation in Insurance Awards 2018

Keeping customer satisfaction as key focus, we researched internally among our Agents and customers to understand their needs and feedback and addressed them while designing this product. One of the key feedback we observed was the fact that in the life insurance plans currently available in the market, there is a considerable gap in the number of years between the last premium paid and the start of payout of benefits to the customer. We also understood that customers are looking forward to new insurance plans with more flexibility in payouts. This is true since none of us can predict the exact timelines of our future financial requirements. In order to address these two key needs, we designed and launched “Kotak SmartLife Plan” a plan that provides access to your money as early as the end of first policy year. The idea was created and nurtured with the help of Actuarial team on pricing and feasibility. It was equally important to involve Operations and IT team to ensure feasibility from system perspective since some of the features are first of its kind in our portfolio. Legal and Compliance teams helped us in ensuring that the solutions to system development were in line with regulations and laws. Contribution from the highly experienced training team in equipping the sales force helped in creating an ease to sell the product. During the short span of time post launch, 60 Crores of new business premiums have been underwritten as on Mar 31st, 2018 through this plan. A total of 9,239 lives have been covered through this plan in a span of four months.