The FINANCIAL — Enhancing customer experience is at the heart of Tata AIA Life Insurance Company’s (Tata AIA Life) efforts to foster customer satisfaction. With a view to reinforce its belief of ‘Making good happen’ for its customers and to provide ‘ease of doing business’ for them, the company has introduced a host of initiatives to improve its customer experience.
These initiatives include introduction of a service charter where the customers are promised pre-defined timelines to address proposal processing, service request, payout process, claim processing and grievance redressal. Addressing grievances is an important step in enhancing customer experience; it also provides valuable consumer insights, which can be used to boost customer satisfaction. Keeping this in mind, the company has devised a robust escalation matrix to help customers manage their policies and connect with senior management of the company effectively in the time of major grievances, according to TATA Sons Ltd.
The initiatives taken by Tata AIA Life in the area of claim settlement have translated into promising results. The organisation has registered an individual claim settlement ratio of 96.8 percent for FY15-16, which is one of the best in the private life insurance sector in India. This is an improvement from the previous year’s 94.5 percent. The company has also gone the extra mile to ensure that all the claims received were decided by the end of the financial year, leaving no instance of an outstanding claim.
Amitabh Verma, chief operating officer, Tata AIA Life, accredited the achievement to the company’s robust processes. He said, “Our focus on ‘ease of doing business’ and creating value for customers has motivated us to reinvent our services time and again. Our bottom-up approach, armed with technology, helped us understand the needs of our customers and find best possible solution for them.”
Another one of Tata AIA Life’s initiatives that has enhanced customer experience is its timely settlement of death claims. As a policy, Tata AIA Life settles all death claims on policies that have been in force for three continuous years within eight working days from receipt of all claim documents. If it is delayed due to any reason, the company pays 6 percent interest per annum on the claim amount.
Tata AIA Life’s prudent risk management policies have ensured that it delivers on its promise to pay claims. Other than timely payment of claims, Tata AIA has also taken various measures to make the process easy and efficient. Claimants can contact Tata AIA, either through its helpline, or through emails letters and web site; or inform the respective branch about their claims. The company’s claims team gets in touch with them to complete the documentation. The claimants can then track their claims online on the company website. In addition to this, regular SMS notifications are sent to the claimant about status of their claims. The company has the claim forms available in 11 regional languages to make the filing more convenient for the customer.
Recently the company launched of two mobile applications– Good Solutions and Good Friend, to simplify the process of buying and selling insurance. The former, Good Solutions, is a pre-sales app equipped with features such as customer goal-setting, solution recommendation and policy. The latter, Good Friend, is a post-sales app with sections for individual advisors; contest and convention updates; renewal and commission details; policy level enquiries; new business details with stages; and multifunction contact options for calls, SMS and e-card (wishing customers).
To proactively address queries of the customers about their life insurance needs and to engage with them better, the company has introduced a special engagement programme called Face to Face. The customers are invited to their nearest Tata AIA Life branch on a pre-defined date every month through SMS and emails for the programme, which is organised in key branches across the country. The focus of this engagement activity is to update the customers about various services that help them in managing their policies effectively along with updating them about newly launched services.
These robust services that have been set in place by Tata AIA Life have helped the organisation maximise customer satisfaction thereby boosting customer experience for its patrons.