Insurance innovation: fostering a revolution with Bajaj Allianz General Insurance 20 January 2022 119
Dipu KV, President - Operations & Customer Experience, shares how the innovative tone at the top turns into a dynamic echo throughout the company.
What makes your company truly innovative?
Our customer first philosophy, which is reflected in our logo “caringly yours”, is what makes us truly innovative. The outcome of this approach is seen in our various industry-first initiatives such as our blockchain-driven travel claim settlement process, AI and photogrammetry-driven motor on-the-spot claim settlement solution, or our global Efma and Accenture Innovation in Insurance award-winning app for farmers.
Also, we strive to not just meet customers’ expectations but go beyond them. When various companies were focused on the switch from physical to digital for their core offerings, we went beyond the digitization of our core offerings and offered customers solutions such as a digital consultation with our empanelled set of doctors and contact tracing via our mobile app. It is heartening to note that our innovation efforts have been recognized by the industry and various global forums via the plethora of awards for our innovative initiatives. Importantly, our customers, via their feedback recognize it as well. We have the lowest grievance ratio among major players according to the regulator and independent research conducted by an agency shows our NPS is the highest.
What are the major goals and results obtained from your ongoing innovation strategy?
Our innovation strategy revolves around ramping up customer experience. The pandemic, which can be described as a global unplanned test, saw a seamless switch from contact centers to digital servicing for our customers. At the peak, 80% of our servicing (via the bot, portal and the entire array of digital tools) was digital. Many of these innovations have also been industry firsts, resulting in recognition in various global forums. And the real test – customer feedback – reflects the ease which our innovative efforts brought to the fore – we have the lowest grievances and the highest NPS.
How is a culture of innovation achieved across your company?
The culture of innovation is achieved via a continual focus on the customer. Our philosophy, “caringly yours”, is instilled in our employees. Also, we follow a 5-step process: start with the customer, understand his needs, scrutinize the current landscape, re-engineer it using lean six sigma, innovate the right solution. This ensures that people are focused on innovative solutions to tackle customer worries. Again, the openness with which we welcome innovative ideas from all quarters ensures that the tone at the top translates into an echo at the bottom in every area of the enterprise.
How does your company manage the overall innovation process?
We practice customer first via the caringly yours philosophy. Once we figure out the areas we need to tackle to get this going, we look for solutions both inside and outside the enterprise. The key to innovation is a solution-oriented mindset!
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