A deep dive into life insurance product development process

Atri Chakraborty, COO, IndiaFirstLife, in an exclusive interaction with Bizz Buzz, spoke about the company's approach to product development and customer service. Chakraborty said that the company's product development process is customer-centric and takes into account the needs of different customer segments. He also highlighted the importance of transparency and clarity in the company's policies and communications with customers.

On customer service, Chakraborty said that the company is committed to providing prompt and efficient service through a variety of channels, including digital and traditional. He also mentioned that the company is constantly looking for new ways to improve the customer experience

Could you talk about some of the unique features or benefits of the life insurance products you've worked on, as well as how they answer specific consumer needs?

One unique feature in our plans that benefit certain customer segments is of cover continuation wherein, even in case of non-payment of premium, the risk cover in the policy continues for a period of one year from the date of non-payment of premium. In the certain lower income segments, there is no guarantee of regular income which results in policies getting lapsed due to non-payment of premiums. This feature ensures that risk cover benefit continues at least for one more year.

What are the key factors you consider when designing life insurance products to meet the diverse needs of customers?

There are multiple factors that are considered while designing a product. The designing process aims to address requirements of multiple stakeholders – customers, distributors and shareholders.

From customer perspective it evaluates various factors that impact customers like type of customer segment, specific need to be fulfilled, buying capacity, financial risk appetite, duration of investment etc. From distributor perspective it ensures appropriate distribution reward for the effort, features which can make it easy for distributor to sell the plan, fitment of features to the specific customer need, etc. From shareholder perspective it evaluates the capital support required to develop the product and shareholder returns the product will generate over the long term.

How do you work with other departments to guarantee successful product launches and effective product management, such as actuarial, marketing, and distribution?

Product development and launch is a collaborative exercise which involves multiple functions like actuarial, IT, training, marketing, operations, underwriting. A project team of stakeholders from each department works towards successful development and launch of a new plan. At an apex level there is oversight by the product management committee that includes senior staff from different functions.

How do you ensure that the life insurance products you manage are in compliance with regulatory requirements and aligned with industry best practices?

While designing a product, each element of product is verified against the regulatory requirement. Industry benchmarking is done to ensure alignment with industry best practice.

How do you ensure that your life insurance products remain relevant and adaptable to changing customer needs and market dynamics over time?

A regular review of product portfolio resulting in product modification from time to time ensures the continuity of product relevance over time.

Could you please share with us how you approach product innovation and what factors you consider when introducing new insurance products to the market?

The life insurance business demands assessment of both evident and concealed risks, systematic and prudent product design, alignment of underlying needs with the most apt product, and selling through a diversified and customer-suited distribution channel while ensuring viability and profitability. While approaching product innovation, we ensure that our product solutions are in sync with the ever-emerging needs of our consumers. To address these factors, we ensure that our innovations are wholistic in nature – with easy adaptability within our distributor community, customizable to specific customer needs, while also being tech-enabled to streamline internal processes and enhance overall customer experience. We constantly try and find new avenues to enrich our product suite with new-age solutions for our customers to benefit from.

How does IndiaFirst Life Insurance approach product development and ensure that its offerings are aligned with customers' changing needs and preferences?

For effective product development we aim to create a need-based product portfolio that seamlessly integrates customer satisfaction and usability with long-term business goals. To achieve that we ensure that all voices are taken into consideration and all stakeholder goals are fulfilled. Our focus on need-based selling also ensures that our product solutions are in sync with the ever-emerging needs of our consumers.

What steps does IndiaFirst Life Insurance take to ensure transparency and clarity in its policies and communications with customers?

Circle of Trust is an internal program that drives foundational trust with our customers. Calibrated workstreams help employees appreciate the criticality of ensuring transparency and clarity in our communication with our customers and equip and empower them to deliver against those high standards. Digital communication is a principal enabler that is leveraged to communicate important information regarding our policies, and processes and importantly, protect customer interest. Company policies, periodic disclosures and business metrics performance are made available publicly for consumption, which helps build trust, fosters transparency and gives clarity on the company’s performance.

How does IndiaFirst Life Insurance address customer concerns and provide prompt and efficient customer service?

Customer are addressed both reactively and proactively. The ‘voice of the customer’ program initiated by IndiaFirst Life Insurance helps proactively gather customer feedback through NPS (Net Promoter Score) as well as rapidly uncovers actionable customer insights, which facilitate dramatic improvement of customer experience and impact the KPIs that matter most to the business. All customer-facing teams undergo training and refresher programs to align with our customer first philosophy and our values including ‘be helpful’. Coupled with our wide array of digital channels, customers can seek support from our extensive network of branches or engage with our customer-facing employees for any support they may need. Systems and metrics help us ensure that service delivery is seamless and customer-friendly. A dedicated team of senior employees engages with customers to address any concerns they might raise. This group is empowered to protect the customer’s interest while dealing with customer concerns.

Could you elaborate on the technology and digital initiatives implemented by IndiaFirst Life Insurance to enhance the customer experience and streamline operations?

Our goal is to provide personalised and customised services with a high focus on seamless digitisation and a highly empathetic human touch, through sustained, progressive, and elevated customer experience. Our sales teams are equipped with cutting-edge integrated technology, which enables them to seamlessly onboard customers within minutes of the application. Our intelligent digital channels offer 24/7 support for a wide array of customer queries or requests. Customers have the choice to use various IndiaFirst Life tools like IVR, WhatsApp, Chatbot, and Portal amongst several other digital support channels. Transformational and progressive changes are driven collaboratively through a dedicated change management team along with relevant stakeholders to deliver improvements that improve processes and enhance customer experience. Our business process Excellence team train employees on Six Sigma and routinely identifies opportunities for improvement and partner with business users to drive improvements.