KV Dipu firmly believes we tend to get lost in this digital age and lose focus on what truly matters – the customer. The technology, it comes second. The technology is a means to an end, not an end in itself, says the Senior President of Bajaj Allianz.

In this insight, based on a twimbit immersion, KV Dipu, shares his learnings and how companies can simplify the customer journey with technology.

CX strategies in Insurance

1. AI as the game-changer

With technology, insurance companies can radically simplify the tedious process of filing a claim. Spearheading the customer-first motive, Bajaj Allianz utilises AI and machine vision to simplify settling an accident claim down to just 20 minutes. All you would need to do is just take pictures of the car and upload them using the insurance provider’s mobile app. The AI does the rest.

With years of accumulated expertise, the AI engine champions the entire process into a seamless experience for the customer. First, it assesses the images uploaded by the customer and determines the extent of the vehicle damage. Then, the AI engine translates it into a financial amount to which the customer consents, allowing the transfer to occur. Again, keeping things convenient is where innovative technology makes the difference.

2. Merging AI with Human Empathy

While technology and convenience blend harmoniously, the Senior President of Bajaj Allianz doesn’t falter in reminding us about the customer’s point of view. KV Dipu acknowledges technology has its perks but also realises the difficulty it poses for many; technology is not easy to navigate, especially under stressful situations. As it stands, customers have a tricky time navigating the complex administrative landscape in hospitals. Add billing to that, and you have an entirely different ballgame.

“Empathy”, says the Senior President of Bajaj Allianz as he perfectly identifies the missing piece to solve the problem and elevate the customer journey.

This is where the human element merges, bridging the gap between obscurity and relatability – machine and man. Integrating the human with the digital, Bajaj Allianz provides relationship managers to guide struggling customers. The result – an NPS score over 90 without a single detractor, proving the man-machine dynamic’s efficacy, presenting itself as one of the winning CX strategies.

3. Managing a complete ecosystem digitally

Customer needs differ across cultures and socio-economic backgrounds, proving there are many factors to consider when managing a complete ecosystem digitally in practice. For example, customer sets in India can be very heterogeneous. Therefore, you need to ensure that you can cater to multiple segments with people who speak different languages and are from various socio-economic backgrounds.

However, the country is also tech-savvy, with India exporting their systems such as UPI and providing tech solutions to clients worldwide. A large share of its population are millennials, pushing India to be digital-first. Hence, if we can ensure that we transport best practices while adhering to the various cultural contexts, the ideal of a complete digital ecosystem will be achievable, proving the strategy is a viable one out of the list of CX strategies.

4. Embedding insurance into daily life with wellness applications

Pro-Fit (A cloud-based platform by Bajaj Allianz to encourage customers to stay healthy and fit)

Dipu KV and the team at Bajaj Allianz created Pro-Fit with the intent to support the full journey with customers outside their illness phase. With Pro-Fit, customers can log in their health parameters, and track aspects of their health such as their kidney, thyroid, liver profile and more. The application also provides access to numerous designated sources covering fitness and health-lifestyle related articles to keep the user informed on the latest trends. Most importantly, Pro-Fit allows the customer to digitally store their medical records, making them easily accessible anytime, anywhere.

Doctor on Chat

Customer engagement is essential to measuring retention. Yet, measuring it involves multiple metrics, both soft and hard. The launch of Doctor on Chat by Bajaj Allianz changes that, establishing a mostly digital footprint to measure customer engagement, resulting in meticulous and in-detail data gathering. With Doctor on Chat, customers can log into its mobile app and easily book a digital consultation with their in-panel set of doctors via text, voice or video. The application also provides information in an easy and accessible manner to its customers, proving itself one of the many great CX strategies.

5. Leveraging chatbots to enhance communication

Chatbots are a great way to improve availability. With multiple language capabilities, chatbots help accommodate a number of customers’ preferred language. Exploring multilingual perspectives is also an excellent idea of maximising the available technology to further enrich the customer experience. One of the many CX strategies that Bajaj Allianz endorses is for insurance companies to elevate their websites, an area which many insurance companies should consider more. Dipu KV stresses on the need to improve their front-end and ensure that their websites can support multiple languages.

Many of these CX strategies can help insurance companies achieve success. There is a need to adopt a learn-it-all mindset, rather than a know-it-all mindset. Dipu KV also recommends leaders look to other companies outside of the insurance sector and adopt appropriate takeaways to redefine and become future visionaries in the insurance industry.

In short, there are many CX strategies that insurance companies can utilise to succeed. These can exist from using state-of-the-art technology such as AI to radically simplify the tedious process that lies when filing a claim. Or it can be integrating the integral human aspect of empathy into the workflow alongside AI to create a wholly unified phygital experience for the customer. Regardless, insurance companies are on the verge of greatness, as they strive hard to underline new and innovative CX strategies into the fold and deliver a superior customer journey experience.