Hdfc Life Insurance Co. Ltd. · NSE:HDFCLIFE
Hdfc Life Insurance — HDFC Life — Jefferies India Internet Summit 2020
28 slides from Hdfc Life Insurance's conference presentation, November 2020
Slide 1: HDFC Life TechEdge
Slide 2: The world was changing at an accelerated pace - An Internet minute in 2019
The world was changing at an accelerated 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) 2
Slide 3: Enabled by a new wave of digital disruptive technologies
Enabled by a new wave of digital disruptive technologies… Internet of Things Artificial Intelligence Wearable devices Machine Learning 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
Slide 4: Sectors getting disrupted by digital natives and platforms
Sectors 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 Enablers
Slide 5: 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 5 Bank of America
Slide 6: 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 6
Slide 7: Changing the customer experience expectation
…changing the customer experience expectation Journeys in Clicks Blog & Reviews vs. Days Compare and buy Idiot Proof UI / UX Touch Offline & Multichannel Buy Online 15-day return Network speed Rent vs. buy 7
Slide 8: So, what have we been doing at HDFC Life?
So, what have we been doing at HDFC Life? 8
Slide 9: 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 Segmented Marketing / Customer- Top Line Marketing / Product Driven Driven Agency Banca Group Digital Agency Banca Group Digital Channels Platforms HDFC Life online Life
Slide 10: Created multiple cognitive engines to serve the operating model
…and created multiple cognitive engines to serve the operating model… Enabler Building blocks Culture Journey Simplification Cloud Fail Early / Give me a simple journey from purchase Fail Fast to payout 1 Agile / AI / ML Partner Platforms & Integration Sprints Ecosystems 2 Give me an Nudge me in 5 C
Slide 11: Cognitive engines rapidly developed a suite of products and microservices
Cognitive engines rapidly developed a suite of products and microservices Internet of Artif icial Things Intelligence W earable devices M achine Learning 11
Slide 12: Aligned to make life simple for the customer in a resilient environment
aligned to make life simple for the customer …..in a resilient environment 1 3 5 Give me a Give me simple journey JOURNEY SERVICE Nudge me in & PLATFORMS my frictionless from purchase SIMPLIFICATION SIMPLIFICATION world ECOSYSTEMS service to payout Give me an PARTNER Personalize my integrated DATA L
Slide 13: Journey Simplification - Digital journeys modified to adapt to COVID
1 Journey Simplification - Digital journeys modified to adapt to COVID Lead Creation & Form Filling & Online e- Upload Doc & Verificati Post Prospecting Fulfillment Payment Signature FR Fulfillment on Sales Chat PCVC | eForm | Tele Medical 13
Slide 14: Journey Simplification - Short journeys for specific requirements
1 Journey Simplification - Short Journeys for specific requirements LifeEasy – Protection InstaSIP – ULIP Voice Journey POSP Journey Journey Journey 14
Slide 15: 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 15
Slide 16: Journey Simplification - Hello Selfie
1 Journey Simplification - Hello Selfie, Buy insurance with a selfie 16
Slide 17: Journey Simplification - VVISE video sales platform
1 Journey Simplification - VVISE- Industry first – video sales platform Zero setup for Lead dashboard customer Encrypted and Secure Voice & Video Storage on Cloud Sales Screen share Options to mask Customer Sales process flow Lead generation Device agnostic Prospecting (Brochure, Video) Quote
Slide 18: Partner Integration - Different partners different solutions
2 Partner Integration - Different partners different solutions HDFC Bank Paytm Airtel Life Next Deep integration enabling auto-populating multiple data Simplified journey in few Cover from HDFC Life with End to end portal for Present on HDFC Bank’s clicks Airtel’s new ₹279-prepaid group pa
Slide 19: Service Simplification - Through 24*7 digital offerings
3 Service Simplification - Through 24*7 digital offerings WhatsApp Bot Chat Bot Alexa Bot Email Bot ETTY ELLE 2.0 ELSA SPOK NLP-based platform with Handles 650+ common Alexa-based voice assistant Handles common queries & intent identification customer queries powered by NLP queue management
Slide 20: Service Simplification: Instant branch experience
3 Service Simplification : Instant branch experience Insta Serv Insta Receipt Insta Revive Life Easy Assisted policy servicing Instant receipting of Instant revival of lapsed 3-click claim process application policy 25k+ transactions OCR based receipting 96% STP processing Analytics driven i
Slide 21: Service Simplification - By frictionless digital applications
3 Service Simplification - By frictionless digital applications Customer App Life Certificate Quick Register Video – Service Self-service App Video life certification 3-click auto-debit Text / video messaging View policy details & perform Industry first solution for Register for auto pay in <2
Slide 22: Data Labs - AI capabilities to solve for gaps at scale
4 Data Labs - AI capabilities to solve for gaps.. at scale AI / ML Vision AI Voice AI Text AI Deep Learning models Face recognition Voice bot for CRM Virtual assistant for sales force Advanced ML algorithms to Used in branches, new Industry first; 14 language 16 lac+ queries responded automa
Slide 23: Platforms - One stop Retiral shop
5 Platforms – One stop Retiral shop …Independent buying and servicing National Gratuity and Employee Public Provident Life Insurance/ Annuity Consolidate Pension System Superannuation Provident Fund Fund GTI • View policy and Portfolio View statement • Subscribe • View corpus & • View corpus • View
Slide 24: Futurance Partnerships
(6) Futurance Partnerships . , uantum Fluid Al playbasis De. Law § param.i NN , wagon > MapRecruit verig digital zwayam e FUSION @ : Abbas x0 net = ring ace finahub = S skyhive ona Ne! SYNTIZEN ceeeetntneeneeetntnerttttntntientntntcetenetntstmetetntitenetteneret Futurance ,— yellowmessenger a » | FA
Slide 25: Continue on simplification pillars while building resilience
Continue on simplification pillars while building resilience… 7 Architecture Resilience 8 Workforce Resilience 9 Cyber Resilience Modular Virtual Work from Re-imagine Enhance Access architecture Custom APIs Data Lake Workspace Anywhere Process Zero Trust SOC Controls Low Code ON Demand Digital Re- M
Slide 26: 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 PASA2 1.6M+ issuance TAT Monthly queries Overall TAT on InstA 25+ Cloud native tech. products 800+ 60% Cor
Slide 27: 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 0.8x Traditional Call Centre / Email 2.2x Mobile App & Web 1.7x Digital Digital Service 2.2x WhatsApp Bot 3.0x 1 Q2 FY21 vs. Q2 FY20 27
Slide 28: Thank you
Die Sarutha ke jiyo! Thank you