Hdfc Life Insurance Co. Ltd. · NSE:HDFCLIFE
Hdfc Life Insurance — CLSA Conference 2020
27 slides from Hdfc Life Insurance's conference presentation, August 2020
Slide 1: Reframing Insurance
Reframing Insurance Parvez Mulla HDFC Life
Slide 2: Who led the digital transformation at your company?
Five years down the line… Who led the digital transformation at your company? A) Company B) Customer C) COVID-19 2
Slide 3: The Pre COVID World was changing at a pace
The Pre COVID World was changing at a pace…An Internet minute in 2019 There was a shift in the way services were delivered and measured… Source: Infographic created by Lori Lewis (@LoriLewis) and Chris Chadd (@OfficiallyChadd) 3
Slide 4: Internet of Things
Enabled by new wave of digital disruptive technologies Internet of Things Wearable devices Artificial Machine Learning Intelligence Students 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 yet 4
Slide 5: Sectors were getting disrupted by digital natives and platforms
Sectors were 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 Ena
Slide 6: The disruptors had completely changed the customer experience expectation
The disruptors had 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 6
Slide 7: We at HDFC Life were addressing this disruption by focusing on the customer
We at HDFC Life were addressing this disruption by focusing on the customer 7
Slide 8: HDFC Life changed its operating model
In that context 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 Digital Channels Platforms Agency Banca Group HDFC Life Online
Slide 9: 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 / Fail Infrastructure Give me a simple journey from Fast purchase to payout 1 Agile / AI / ML Sprints Partner Integration Platforms & Ecosystems Nudge me in
Slide 10: Addressing the customer voice through 5 building blocks
…which were used to address the customer voice through 5 building blocks 1 3 5 Give me a Give me simple journey JOURNEY SERVICE frictionless Nudge me in & PLATFORMS my from purchase SIMPLIFICATION SIMPLIFICATION service world ECOSYSTEMS to payout Give me an PARTNER Personalize my integrated DATA LAB
Slide 11: Developing products aligned to the building blocks of customer voice
By rapidly developing products aligned to the building blocks of customer voice… 1 3 5 JOURNEY SERVICE PLATFORMS & SIMPLIFICATION SIMPLIFICATION ECOSYSTEMS PARTNER DATA LABS INTEGRATION 2 4 InstaReceipt InstaRevival AgeTymer Twitter bot NEO Email bot SPOK HDFC Life Mobile App Emolyzer Sentilyzer Cha
Slide 12: COVID-19 happened, changing customer expectations
…and COVID-19 happened…causing fundamental changes in customer expectations Change in Consumer Behaviour Impact on Us 79% Indians not going out New and renewal premium collection Shopping for utility Reversal of Past except for essentials Claims / maturity payouts Trends Bringing outside – i
Slide 13: In new reality, we continue to get closer to customer
In new reality, we continue to get closer to customer ...while building a resilient environment 1 3 5 Give me a Give me simple journey JOURNEY SERVICE frictionless Nudge me in my PLATFORMS & from purchase SIMPLIFICATION SIMPLIFICATION service world ECOSYSTEMS to payout Give me an PARTNER Personalize
Slide 14: Journey Simplification: Simplifying buying through pre approved offer
1 Journey Simplification: Simplifying buying through pre approved offer Relevant questions asked Quick customer journey Analytics-based automated underwriting for PASA Intuitive UI/UX integrated in web and mobile UI : User Interface UX : User Experience PASA : Pre Approved Sum Assured 14
Slide 15: Journey Simplification: Hello Selfie
1 Journey Simplification: Hello Selfie, Buy insurance with a selfie 15
Slide 16: Journey Simplification: Digital Journeys modified to adapt to COVID
1 Journey Simplification: Digital Journeys modified to adapt to COVID Lead Creation & Upload Doc & FR Prospecting Form Filling & Online Payment e-Signature Verification Post Sales Fulfillment Fulfillment Chat PCVC | Tele Medical 16
Slide 17: Journey Simplification: VVISE video based sales enablement tool
1 Journey Simplification: VVISE* – Industry-first video based sales enablement tool Lead tracking and functional Zero setup for customer dashboard Encrypted and Secure Voice & Video with multiple Storage on Cloud modes Sales Options to mask sections of Screen share to display content Customer the fo
Slide 18: Partner Integration: HDFC Bank, Paytm and Airtel
2 Partner Integration: HDFC Bank, Paytm and Airtel HDFC Bank Paytm Airtel Life Next 82% cases issued via STP Simplified journey in few Cover worth ₹4 lac from End to end portal for clicks HDFC Life with Airtel’s new group partners to manage: Policy issuance ~3.2 hours ₹279-prepaid bundle
Slide 19: Service Simplification: Through 24X7 digital offerings
3 Service Simplification: Through 24X7 digital offerings WhatsApp Bot Chat Bot Alexa Bot Email Bot ETTY ELLE ELSA SPOK NLP based platform with intent Handles 340+ common Alexa-based voice assistant Handles common queries & identification customer queries powered by NLP queue management Han
Slide 20: Service Simplification: By frictionless digital applications
3 Service Simplification: By frictionless digital applications Customer App Life Easy Life Certificate Quick Register Self-service App 3-click claim process Video life certification 3-click auto-debit View policy details & perform Analytics driven investigation Industry first solution for annu
Slide 21: Service Simplification: By modified branch experience
3 Service Simplification: By modified branch experience InstaServ Cloud Telephony Video – Service RPA1 Assisted policy servicing Manage persistency calling Text / video messaging Processes digitization 20k+ transactions processed Android app for branch ops to Communication channel 200+ bots
Slide 22: Data Labs: AI capabilities to solve for gaps at scale
4 Data Labs: AI capabilities have to solve for gaps… at scale AI / ML Vision AI Voice AI Text AI Predictive models for U/W Face recognition technology Voice bot for CRM Virtual assistant for sales force Advanced ML algorithms to Used in branches, new business Industry first; 14 language 15 l
Slide 23: Platforms & Ecosystems: Independent buying and servicing
5 Platforms & Ecosystems: Independent buying and servicing Life99: Our ecosystem for retirement and pension segment Annuity options for retirement Buy insurance and voluntary covers Subscribe to NPS & save taxes View employee benefits Avail services on the go Retirement track readiness Delivered to
Slide 24: Continue on five pillars while building a resilience
Continue on five pillars while building a resilience… 6 7 8 Workforce Resilience Architecture Resilience Cyber Resilience Cloud-based modular Zero Trust Security Virtual workspace architecture Work from Anywhere Enhance SOC Custom APIs for multiple modules Re-imagine process Strict a
Slide 25: Our efforts have resulted in improving lead metrics
Our efforts have resulted in improving lead metrics… Journey Simplification Partner Integration Service Simplification Data Labs Platforms & Ecosystems 99.1% Claim <2 min. settlement ratio <4hr PASA 2 1.5M+ issuance TAT Monthly queries Overall TAT on InstA 25+ Cloud native tech. products 500 60% Cor
Slide 26: Adoption of digital channels during COVID has justified investment
Adoption of digital channels during COVID has justified investment… Pre- vs. Post-COVID Change1 Branch Transactions 37% Traditional Call Centre / Email 79% Mobile App & Web 100% Digital Digital Service 138% WhatsApp Bot 147% 1 June 2019 vs. June 2020 26
Slide 27: Thank You
Thank You