Aviva Life Insurance announced that they have covered over 40,000 lives under Aviva i-Life, their online term plan, since its launch last year. To enhance the protection cover for their customers, the company has further strengthened its portfolio with an online health and term with return of premium product. The company soon plans to launch investment linked plans on the online platform.
Being among the leading players in the online segment, Aviva commissioned a research with IMRB to understand the online customer and their behavior and what are the key triggers and barriers to buying insurance. Research highlighted that nearly all insurance buyers research online but a larger component buys offline. Of the ‘online window shoppers researched’ as many as 23% visited company websites to buy, yet eventually bought offline. The concept of ‘self-service’ online makes these customers uncomfortable in this high involvement and perceived high risk and complex category. Also another barrier being, this segment is uncomfortable about sharing their financial details whether its card or net banking on the online platform – have concerns on security.
In line with the customer demand and to address the barriers, Aviva has launched a live chat option where customers can chat with company representatives to clarify any doubts while filling the form to enhance customer experience and simplify the process of buying the product. Aviva also offers ‘Click to Call’ facility as well for their online products. Also the company has ensured a robust post purchase engagement programme to enhance customer satisfaction.
Speaking on the occasion, TR Ramachandran, CEO & MD, Aviva India said, “We are delighted with the response our protection products such as Aviva i-Life, Aviva Health Secure and Aviva i-shield are generating which highlights the growing customer demand for these products. We initially saw a good response from high income groups, metros and mini-metros, however it is heartening to note that younger demographics (below 25 years) and people with lower income brackets (below 5 lakh) are also now purchasing pure protection products online. Additionally we are seeing increasing penetration of these products in Tier I and II cities. The success that we have seen clearly demonstrates the strength of this channel in increasing insurance penetration from its current level of 4.1% of GDP.”
He added, “We have further strengthened our processes and enhanced the customer experience in the online channel as we are targeting 20-25% of our new customers and about 7-10% of our premium income from this channel by 2013 end.
The entire process of purchasing the policy online is designed from a customer convenience perspective and is completely paperless. Right from application to medicals to policy issuance, the TATs for Aviva are one of the industry leading and focused on simplicity. The company will continue to invest in technology based solutions to further enhance the customer experience. The IMRB research highlights that Aviva i-life records high levels of satisfaction in pre and post purchase stages vis-à-vis competition.
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