The Company launched a multi-lingual, interactive financial 'life stage' need assessment online tool called Life Insurance Simulator (LIS) to create awareness about effective financial planning.
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The Company started dispatching digital policy along with paper policy packs, as maintaining an electronic policy for the contract term is relatively more convenient and also provides an extended free-look period to the customer.
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The Company employed 'Straight Through Processing' (STP) underwriting rules and validations in 2011-12. This process filter applications that can be sent for issuance without requiring any manual underwriting, reducing the TAT by 1.5-2 days. This has also resulted in elimination of paper on the operations floor.
Persistency Initiative - Online Revival of Policies
The Company is a pioneer in using technology to simplify customer service and ensure customer delight. A significant effort to ensure and increase persistency, it introduced a unique service - online revival of policies in FY 2013-14 which enables the customer to reinstate a lapsed policy and pay their premium online, thereby, making the complete process convenient, faster and effortless.
Demonstrating Profitability in 5th Year of Operations
The Company reported maiden profit of INR 23.5 Crore in FY2012-13, its fifth year of operations - one of the fastest amongst private life insurer to have achieved this feat, a result of quality business, efficiency and thorough understanding of the market.
