SBI - Life Integrated Annual Report 2020/21

CUSTOMERS

Prospering together

FY21 was a unique and challenging year in every respect. We decided to transform our customer experience, driven by digitalisation. We adopted new initiatives to provide our customer with online end-to-end services, right from on-boarding to customer service and claim settlement. We leveraged our digital capabilities to make our systems and processes faster, efficient, and error-free.

Material issues

Quick and easy processing of claims and faster response to customer queries

Providing cost-effective, innovative insurance products

Data privacy and information security

Adoption of strong corporate governance, transparency and ethics

Effective management of regulatory changes

What we did

Robotic Process Automation (RPA)

We employed state-of-the-art technology like Artificial Intelligence (AI), Machine Learning (ML) capabilities and Robotic Process Automation (RPA), creating a smart, automatic, and scalable system, making our operations faster, efficient, and error-free.

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Processes in operations with high Return over Investment (ROI) taken up for automation

Smart Care – our customer engagement application

The ‘Smart Care’ has been developed with a Progressive Web Application (PWA) platform which makes this application user-friendly and device agnostic, providing the user with a hassle-free, smooth experience on any device ranging from mobile to web applications. A host of self-servicing options also have been provided that will enable the user to transact on their policy at the click of a button with minimum dependency.

Beta version of the Smart Care application was launched on 3rd February, 2021

Introduction of Customer Services on WhatsApp

We introduced various Push Services along with a concept of ‘Service on Demand’ via WhatsApp application. Through this, we communicate updates, reminders and other information to the customer. Various new business services such as Proposal Status, Shortage link and Soft Copy of Policy Document have already been made live under this category.

Revival campaign

During the period under review, a very successful Revival Campaign was launched with the motive of reviving lapsed policies and rebuilding the relationship with our policyholders. Over 1 lakhs policies were revived leading to a renewal premium collection of `508 Cr. Strategic inputs generated through Renewal Analytics were utilized to identify likelihood of revival of any policy. Call centre engagement was done based on the Analytics by targeting the Likely & Moderate bucket customer through specialized callers. This has helped the Company to improve the persistency still further. Higher rate of revivals has been made from 61st Month (19.75%), 49th Month (14.29%) and 13th Month (13.28%)