Bajaj Allianz Life Insurance is going digital by simplifying its life insurance products and processes through advanced technologies. This allows for easier and more cost-effective customer outreach and procurement, especially in tier 3 cities. Information can be customized and passed to customers instantly. Paper-based documentation is reduced, saving time. The digital transformation aims to provide a simpler customer experience.

1. Bajaj AllianzBajaj Allianz
Life InsuranceLife Insurance
GoingGoing thethe
digital waydigital way

2. Ideation
People often find Life Insurance to be a complex financial product
and buy a policy with hundreds of unanswered queries in mind.
Also, it takes time for the intermediary some time to answer a
question about the policy and explain what is in it for the customer.
Digitization is rapidly changing the dynamics of Life Insurance
industry in India in terms of delivering value to the customers.
Insurers are using advanced technologies in order to simplify the
products and processes, be it selling or connecting with a customer
during a policy term.
This is why the Company digitalised the first leg of customer’s
journey with Bajaj Allianz Life Insurance.

3. Why & How each project selected ?

4. Impact
 Reaching out the customers & procurement became easier & cost effective, especially in Tier 3 cities
 Customized information related to policy is passed on to the customer
 Minimization of iterations involved while sourcing compared to manual process earlier
 It has removed/reduced paper based documentation thus contributing to environment and saving
time
 Policy related information is passed on to the customer in a fraction of a second
 Provided multiple Payment Avenues for customer’s ease
 All the applications were developed in house hence savings in terms of cost involved while
outsourcing the same
 Savings in terms of cost involved to administer/service a policy manually
 And last but not the least contributing in Prime minister’s vision of Digitizing India

5. Behind the scene
Used some of the statistical tools viz. Mean, Standard deviation to arrive at Turn
Around Time (TAT) taken in policy issuance post sale.
Figured out the quantum & percentage of Outliers and analyzed the reason for
the same
Figured out what is the percentage of non STP (Straight Through Process) cases
and analyzed the reason behind the same
Analysis of the problem was based upon two major factors experience analysis
and Continuous Feedback from the Sales Team
All this processes helped us identify the gaps in the processes which made us to thought of a process on digital
platform for a speedier and easier approach for policy issuance and addressing customer grievances.

6. Challenges and Sustainability
 To create applications compatible with Tablets & Android-
based smartphones
 The solution was validated & verified by our entire Sales
Team & Operations Team as well
 Adopted more of a permanent & independent approach
hence the benefits achieved have a longer sustainability
 Current usage for our Individual category of insurance
business
 Plans are afoot to replicate the same for our Group insurance
business

7. Innovation all the way

8. Way forward

9. Customers’ Voice on Life Assist

10. How these apps work?
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alic_videos/Life-Assiste.html