Hdfc Life Insurance Co. Ltd. · NSE:HDFCLIFE
Hdfc Life Insurance — Corporate Update (December 2019)
32 slides from Hdfc Life Insurance's corporate update, Dec 11, 2019
Slide 1: TechEdge @HDFC Life
TechEdge @HDFC Life This is the sole and exclusive property of HDFC Life. December 11, 2019
Slide 2: The World is changing at an accelerated pace
The World is changing at an accelerated pace…An Internet minute in 2019 There is a shift in the way services are delivered and measured… Source: Infographic created by Lori Lewis (@LoriLewis) and Chris Chadd (@OfficiallyChadd) 2
Slide 3: Enabled by new wave of digital disruptive technologies
Enabled by new wave of digital disruptive technologies Internet of Things Artificial Intelligence Wearable devices Machine Learning Students are preparing themselves for jobs that don’t exist, using technologies that haven’t been invented in order to solve problems we don’t even know are problems ye
Slide 4: Time to reach 50 million users is reducing
…and time to reach 50 million users is reducing Airlines Cars Telephone Electricity Credit Card TV ATM 68yrs 62yrs 50yrs 46yrs 28yrs 22yrs 18yrs PC Cell Phone Internet I-pod YouTube Facebook Twitter Pokémon Go 14yrs 12yrs 7yrs 4yrs 4yrs 3yrs 2yrs 19days Source: Visual Capitalist, Statista, Infograph
Slide 5: Sectors are getting disrupted by digital natives and platforms
Sectors are getting disrupted by digital natives and platforms 2006 - 10 2011 2012 2013 2014 2015 2016 2017 2018 2019 Lending Marketplace Consumer Lending SME Lending P2P Lending Financial Inclusion Neo Bank / Accounting Neo- Entrants B2C Payments B2B Payments Investment & PFM Insurance Fintech Enab
Slide 6: Being unbundled and disrupted by new entrants
…being unbundled and disrupted by new entrants Source: CB Insights Report on Disrupting Banking: The Fintech Startups That Are Unbundling Wells Fargo, Citi and Bank of America 6
Slide 7: New entrants are working across the value chain
…and these new entrants are working across the value chain Issuance & Customer Acquisition Servicing Claims Management Underwriting Source: medium.com 7
Slide 8: Disruptors have changed customer experience expectation
The disruptors have completely changed the customer experience expectation Journeys in Compare Touch Offline Clicks vs. Days & Buy & Buy Online Blog & Intuitive 15-Day Reviews UI / UX Return Multichannel Rent vs. Buy Network Speed 8
Slide 9: So, what have we been doing at HDFC Life?
So, what have we been doing at HDFC Life? 9
Slide 10: HDFC Life changed its operating model
In the context of the new world HDFC Life changed its operating model… From the Traditional Insurer… …to the Insurer of the Future Top Line Marketing / Product Driven Segmented Marketing / Customer Driven Traditional Channels Agency Banca Group Digital Agency Banca Group Digital Channels Platforms H
Slide 11: Created multiple cognitive engines to serve the operating model
…and created multiple cognitive engines to serve the operating model… Enablers Building Blocks Culture Cloud Journey Simplification Fail Early / Computing Give me a simple journey Fail Fast from purchase to payout 1 AI / Agile / ML Platforms & Sprints Partner Integration Ecosystems Nudge me in 5 Cus
Slide 12: Simplifying the customer journey in 5 building blocks
…which were used to simplify the customer journey in 5 building blocks 1 3 5 Give me a simple journey JOURNEY Personalize Nudge me in PLATFORMS & DATA LABSmy from purchase SIMPLIFICATION experiences my world ECOSYSTEMS to payout Give me an Give me PARTNER SERVICE integrated frictionless INTEGRATION
Slide 13: Cognitive engines developed a suite of products & microservices
Cognitive engines rapidly developed a suite of products & microservices… Internet of Artificial LifeCertificate Things Intelligence Sentilyzer Emolyzer Wearable devices Machine Learning Bodmeter LifeEasy PicReader True Cue 13
Slide 14: Aligned to solve customer needs
…aligned to solve customer needs 1 3 5 JOURNEY DATA LABS PLATFORMS & SIMPLIFICATION ECOSYSTEMS PARTNER SERVICE INTEGRATION SIMPLIFICATION 2 4 InstaReceipt AgeTymer InstaRevival Email bot SPOK Chat bot ELLE Emolyzer Sentilyzer Twitter bot NEO HDFC Life Bodmeter True Cue Mobile App Whatsapp bot PicRea
Slide 15: Our evolution is happening over a period of time
Our evolution is happening over a period of time… Technology enablement Digital & mobility Re-imagine insurance Scalability issue Lack of digital channels Threat of disruption Longer time to market Empowerment to sales forces Limited online exposure Maintenance concerns Manual data e
Slide 16: Reached a few milestones
…and has helped us reach a few milestones1 Journey Platforms & Partner Integration Data Labs Service Simplification Simplification Ecosystems 30,000 89% 25+ <4hr Policies issued daily by Airtel Cloud native Online2 business CAGR4 Overall TAT tech. products 90% Renewal3 by electronic mode 138M >10% E
Slide 17: Transformed our business
…and transformed our business Pre Post Policy issuance TAT ~ 2 days in FY15 < 4 hours in H1FY20 Auto-underwriting policy 1 – 2 days in FY15 < 3 hours in H1FY20 issuance TAT Time to settle claims 9.3 days in FY17 1.2 days in Oct ’19 Claims settlement ratio 90.5% in FY15 99.0% in FY19 (Individual) No.
Slide 18: While giving quite a few firsts to the industry
While giving quite a few firsts to the industry… 18
Slide 19: We received industry recognition in the process
…we received industry recognition in the process* * Non-exhaustive list of awards 19
Slide 20: Thank You
Thank You
Slide 21: TechEdge @HDFC Life
TechEdge @HDFC Life December 11, 2019
Slide 22: Contents
TechEdge @HDFC Life Contents The TechEdge @HDFC Life ...................................................................... 3 1. Journey Simplification ..................................................................... 6 2. Partner Integration .....................................................
Slide 23: The New World
TechEdge @HDFC Life The TechEdge @HDFC Life Technology today is evolving and disrupting businesses at a pace never seen before. Blurring lines of business coupled with increased flow of information has created an ultra-competitive market place where it has become important to continuously innovate,
Slide 24: Transformed to the Insurer of the Future
TechEdge @HDFC Life From the Traditional Insurer… …Transformed to the Insurer of the Future Top Line Marketing / Product Driven Segmented Marketing / Customer Driven Traditional Channels Agency Banca Group Digital Agency Banca Group Digital Channels Platforms Policy Bazaar Life99 Customer Coverfox P
Slide 25: Five building blocks
TechEdge @HDFC Life These eventually translate to the five building blocks as follows (Fig 4): 1. Journey Simplification 2. Partner Integration 3. Data Labs 4. Service Simplification 5. Platforms & Ecosystems Fig 4: Simplifying the customer journey in 5 building blocks 5
Slide 26: 1. Journey Simplification
TechEdge @HDFC Life 1. Journey Simplification Fig 5: Journey simplification at HDFC Life We view the customer on-boarding process as a key element of our success. It is important to showcase ease of transaction and enable a simple and frictionless experience. To this end, we have developed a suite o
Slide 27: 2. Partner Integration
TechEdge @HDFC Life In addition, we are also present on third-party platforms, including online web-aggregators, such as PolicyBazaar, Coverfox and Easy Policy among others. We offer bespoke as well as plug and play technology integration solutions based on the digital maturity of the partner. We in
Slide 28: Partner Integration: distribution partners
TechEdge @HDFC Life We currently have over 270 distribution partners, of which more than 40 are new-age ecosystem partners. To manage this distributor base, highly efficient platforms powered by advanced analytics, automation and artificial intelligence are needed. These platforms, which can be inte
Slide 29: 3. Data Labs
TechEdge @HDFC Life Big Data: We use Big Data and analytics models across several business areas with the objective of accurately predicting customer behaviour, thereby providing a customised experience. Artificial Intelligence (AI): We believe that AI is the future of technology, and will facil
Slide 30: 4. Service Simplification
TechEdge @HDFC Life Instant experience: Today, a personalized customer experience is not just expected, but is demanded. Keeping this in mind, we have created a suite of mobile applications – mobile app for customers that enables policy servicing at their fingertips; InstaServ, used by branch oper
Slide 31: 5. Platforms and Ecosystems; In conclusion
TechEdge @HDFC Life retirement needs of its users. More than 35 corporate partners and 10,000 users have registered on the platform within 6 months of launch. Health Telecom Retail / Education Ecommerce Mobility / Transportation Fintech Fig 7: Our partner ecosystem (partners mentioned are for the pu
Slide 32: Future plans and continued investment
TechEdge @HDFC Life While we have invested significant management bandwidth and resources so far, we are acutely aware of the need to continue investing and treading this path of constant evolution, with technology as a key differentiator. And our future plans aim to do just that – from launch of pr
HDFC Life Insurance Company — Corporate Update (December 2019) on 6ix