V. Viswanand, Deputy MD, Max Life Insurance, talks of deploying futuristic tech-based solutions to enhance the customer experience.
We asked V. Viaswanand to share his thoughts on how technology can be leveraged to improve customer experience and engagement, here’s what he had to say:
Technology is a great enabler in improving customer experience and engagement. At Max Life, we have deployed various dimensions of technology across operations, thereby making life insurance more appealing to the new-age customers. We have been leveraging Artificial Intelligence (AI) and Machine Learning (ML) based predictive models to serve personalised communication basis customer journey stage, user profile and traffic source. We are also using technology to further segment communication between customers basis their digital footprint, interest and online behaviour. We have deployed Machine Learning (ML) engines, with our Banca partners for Pre-Approved Sum Assured campaigns, which churns out customized offers for customers by identifying the need, upfront predicting the risk and recommending the most suitable product for the customer, thereby easing customer onboarding and making the buying journey friction free.
We have even started leveraging unstructured data with the power of ML. Our policy application mobile app uses Optical Character Reader (OCR) to read the Know Your Customer (KYC) document scans, validate and digitize the KYC details automatically. Post issuance we are using host of ML and AI based models to enhance customer servicing, retention efforts and cross-sell / up sell campaigns. We have also built an artificial intelligence and Deep learning based customer retention solution, which enables the renewals team to make intelligent decisions as well as optimize the customer retention effort by focusing only on high risk customers.
With our increased focus on ML and AI, we have set up a dedicated and specialized team “AI works” which is responsible for developing and delivering cutting edge Business First AI solutions. We are also working with a number of niche startups in this space through our accelerator programme called ‘Max Life Innovation Labs’ that is focused on creating futuristic tech-based solutions to enhance our customer experience.