The proliferation of technology has eased out erstwhile tedious processes of standing in a queue for making a bill payment or cruising through hordes of people to find out the desired product in a shopping mall. The technological trends have brought in a notable shift in consumer behaviour and consumer attitudes. Convenience has emerged as the single most important attribute for customers while they are transacting online.
The same applies to customers who purchase insurance online. For customers buying a general insurance policy online may be a breeze, but making additions or deletions in policy documents later can be a time-consuming process. In this world of smartphone and instant updates, following a traditional process of manual submission of new information or correction seems like a thing of the past. The ‘self endorsement’ facility has come as much-needed relief. The facility is based on the insight that consumers and agents prefer a quick and digital route to make modifications in policies.
Previously a huge number of customers used to visit branches / call their respective agents for endorsement-related changes. The lion's share of it was for non-premium bearing changes. With self-endorsement, customers and agents have been empowered for making such changes in a jiffy thereby ushering in convenience. With self-endorsement feature, an unlimited number of changes can be done online from the comfort of their laptops and desktops, and once the endorsement is done they can also take instant print of the revised documents.
Such type of facility is aimed to enhance customer convenience and empower customers and agents in resolving endorsement-related issues at a few clicks. For instance, travel insurance customers already abroad can easily extend their travel policies from any location in the world. Change of vehicle details which may impact the registration of the vehicle, can also be resolved in just a few clicks. This will usher in superlative customer experience, because earlier for 50% of all motor endorsements, customers had to contact their agents or visit the branches for making necessary changes.
The real benefit of this feature can be realised when it is extended to other product categories like health and motor.
CONVENIENCE IS KEY
- The facility will enhance convenience, among others
- Consumers prefer to make changes in documents digitally
The writer is executive director and CEO Reliance General Insurance Co Ltd
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