'Customers are now comfortable buying insurances digitally'

At the e4m-Infobip webinar, Max Bupa Health Insurance’s Ashish Gupta and Infobip’s Milind Kadam discussed how consumers are adopting digital solutions in the BFSI sector

e4m by exchange4media Staff
Published: Jan 29, 2021 8:47 AM  | 3 min read

exchange4media group joined hands with Infobip on January 28th, Thursday for a two-session webinar. This Thursday’s e4m-infobip webinar put the spotlight on the financial sector keeping up with the technologies and innovations that help meet the customer’s expectations. 

The first session titled ‘Harnessing the Power of Digitalization in BFSI’ featured a fireside chat with Ashish Gupta, CTO, Max Bupa Health Insurance, and Milind Kadam, Regional Business Head - West, Infobip India Pvt Ltd. 

Starting the conversation, Gupta spoke about the consequences of the pandemic environment saying, “I represent an industry that is fortunate in these unfortunate times. It has not been too bad for us. It has been about ensuring that growth is sustainable. For us, we are hoping that it is going to be a tipping point for insurance in this country.” 

Kadam stressed the point that this acceleration has also been due to certain policies by the government. This has encouraged a lot of people to take up Life Insurance policies. 

Talking about the change in consumer behaviour during the pandemic, Gupta stated, “Insurance is a push product. Statistically, medical loans are the third-largest loan category in this country. Specifically, during COVID, the awareness of policies was raised. The awareness came naturally. The challenge for us was that this has always been a half digital and half physical industry. To adopt complete digital mechanisms like form filling, payment, interaction, insurance was the goal. To enable that digital shift has been an exciting journey for us. We have launched EMI’s exactly to a point where the rural audience can find a product tangible to them and we have seen fantastic adoption. The trajectory that we have had in two months is something that we typically see in two years. Even our claims have gone digital and seen massive adoption. It is a world of opportunities. All of us have been in a mad rush both from a business enabling perspective and land grabbing perspective.” 

Speaking about the adoption of digital insurance and policies, Gupta added, “Insurance is a far more complicated product. One it is a high ticket size item and two, it has a lot of clauses and subsections. Insurance hasn’t seen a dramatic self-serve, self-buy adoption so far. Now that has changed dramatically; people are now comfortable conversing with online agents. Discussing and buying digitally is now in action.” 

Narrating how Max Bupa Health Insurance has shifted the gear to digital, Gupta remarked, “The financial industry had taken great leaps in digitization even before the pandemic. Today, you get loans sitting at the comfort of your home, the same with insurance. The pandemic has just made the adoption easier hence we are even more excited at bringing up the pace at which we were trying to drive this. We are seeing the impact of new initiatives right away like the EMI initiative we launched.” 

Lastly, talking about using the Infobip chatbot to help their company leverage, Gupta concluded by saying, “The way we work is different nowadays. People aren’t sitting in their branches or head office always having laptop access. We now need information in a real-time manner. That is where the whole Infobip relationship is coming in. Now when we are on the move or between video calls, if I need to quickly check up on something I don’t have to log into a complex system. Since it’s coming from my mobile it is pre-secure and doesn’t need an OTP. It helps with solving customers problems faster, enabling the exact information the customer wants with one single message.”

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