Key insights into how the insurance sector is tackling Covid-19 crisis

In conversation with KV Dipu, President & Head – Operations, Communities & Customer Service Bajaj Allianz General Insurance.

“Technology plays a huge role in today’s business scenarios and especially when the nation is working virtually, the need for technological upgrades and intervention is very high.”

ET-Insights: What practical steps should the insurance industry take for responding to the current Covid-19 crisis?

Step 1: The industry must enable work from home / virtual working for all processes. It is imperative to enable all processes since businesses focus on “mission critical” processes in a typical BCP scenario. Considering the unforeseen COVID-19 scenario, all business processes should work seamlessly. This is a critical step to ensure business continuity as well as employee & customer safety.

Step 2: Ramp up all digitization initiatives.

Step 3: Continuous engagement with customers, partners, employees and stakeholders using digital & virtual interaction solutions.

ET-Insights: What are the potential implications of COVID-19 for the insurance sector – How this outbreak may impact insurers operationally and economically?

Operationally: Enablement of virtual working for all processes so that seamless service can be delivered across the customer lifecycle.

Economically: We are witnessing a situation that cannot be planned for. It can only be mitigated. While many observers are predicting tough times ahead, we are observing an uptake of health insurance.

ET-Insights: How are you ensuring business continuity for your organization during this crisis?

• We prepared for the situation well before the lockdown and were ready for work from home. Hence, the transition from “business as usual” to “crisis management” was seamless.
• We had already taken several digital initiatives which helped us and our customers to get serviced seamlessly. Instances:
  • Policies can be purchased or renewed on our web portal and our Caringly Yours App. Customers can also reach out to any of our servicing channels.
  • For any other servicing requirement, we’ve enabled WhatsApp, missed call service, short code SMS, AI enabled chatbot, website, Caringly Yours / Farmitra mobile app.
  • For motor claims, customers can get up to Rs. 30,000 using our Motor on the Spot feature by just filling in few details and clicking photographs.
  • Similarly, for health claims, customers can use our Caringly Yours App to claim reimbursement.

ET-Insights: Stepping up the customer service game and exceeding customer expectations during the crisis – What strategy have you put in place?

• The key to this was to ensure zero impact on our customer interactions. Our strategy around “work from home” coupled with “digital interventions” has helped us manage this efficiently. Customers can reach our executives round the clock on our toll-free number or approach us through our website or app. Query resolution is also possible via our chatbot BOING. We are leveraging technology to ensure a seamless customer experience in such challenging times.
• This is also the time wherein one needs to go beyond and deliver empathy & care. In our bid to contribute to the control and curbing of the COVID19 pandemic, we have updated our ‘Caringly Yours’ App with the ‘Social Trackback’ feature to help customers log their social interactions. In the event that the customer or someone he or she knows is tested positive, this feature will help them get access to rapid care and treatment. It can also help reduce further cases through early detection and isolation.

ET-Insights: How do you think technology can assist in delivering better service for the insurance sector amid this crisis?

Technology plays a huge role in today’s business scenarios and especially when the nation is working virtually, the need for technological upgrades and intervention is very high.