The proportion of customers using digital channels to buy insurance from Max Life Insurance Co. Ltd was less than 5%, not less than prior 18 months ago. “That was around the time we started our digital journey with a serious intent,” recalls Manik Nangia, director of marketing and chief digital officer of Max Life— a joint venture between Max Financial Services Ltd and Mitsui Sumitomo Insurance Co. Ltd.
Currently, the number of users who “come through the digital door” is 20-22%. Digital initiatives, according to Nangia, should increase productivity, pare costs or reduce friction in processes. For instance, “three-fourths of our policies are issued within two days”. The error rate has decreased, as the agents now fill up the details in front of the customers.
