Bharti AXA Life posts 7X digital growth through new initiatives

Mumbai-based insurance services provider Bharti AXA Life said that it has recorded 7x growth in digital sales in the 2020-21 financial year led by new initiatives.

The company also unveiled a revamped website with additional digital features.

Bharti AXA Life had incorporated 7 new digital platforms for its sales personnel, distributors and customers in the 2021 fiscal.

Now, the insurance firm claimed that it has digitised its sales operations and reached 100% adoption among its front-line sales executives. 

The deployed digital self-service modes led to a reduction in customer complaints by 39%, while achieving a claim settlement ration of 99.05%.

Some of the deployed digital transformation initiatives include the launch of applications such as M-sell, M-customer and M- Life.

The M-sell application allows users to find their suitable insurance plan and create customized calculators to find out premiums.

The M-Customer application allows customers to be on-boarded smoothly, while allowing customers to resolve queries digitally.

The M-life helps the sales team to plan their incomes and align incentive targets to their daily activities.

It provides features such as leads creations and end-to-end dash-boarding. Another recent application was the M-smart, which works as a single point application for sales users to login to multiple sales applications with a single sign-on feature. 

M-smart is also integrated with Salesforce, Vymo along with its other applications such as M-sell and M-Life.  

“We have identified digital transformation as an essential component of our business strategy which would play an indispensable role in accelerating our growth,” Parag Raja, MD and CEO of Bharti AXA Life Insurance, said.

On the other hand, in terms of the focus on data, the company has delved into creation of data lakes and creating a unified view of the customer. 

With the help of the digital deployments, Bharti Axa is aiming at improving its Net Promoter Score (NPS) by over 50% in the 2022 fiscal.

In terms of the website, new features include interactive sections on self-learning and information on financial security, retirement and other topics.