Outlook Money Digital Dialogues, March 2015.
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NewsTranscript
00:00 Is digital the new normal, I mean technology now, is it the primary channel of engagement
00:13 for you?
00:14 Well, I think it's the predominant channel of communication because the older channels
00:22 or the traditional channels if digital is the new norm, they are also not out of place
00:28 as yet.
00:29 So, for example, in our business, we will continue to expand our branches also.
00:34 Our branches continue to market and they continue to advertise amongst the other things that
00:38 they are required to do.
00:40 But digital is providing us the opportunity to do things that we were traditionally not
00:44 able to, which is targeting customer on a one-on-one basis, messaging on a real-time
00:50 basis, pushing out recommendations with actionable outcomes.
00:57 For example, today we have the ability to send you a message saying that we have a pre-approved
01:03 credit card for you, for example, and straightaway take you to the application form on your mobile
01:09 device.
01:10 So you finish it off in three or four clicks and then you get a message saying that your
01:15 card is going to get dispatched to you or is getting delivered to you in the next three
01:18 days, four days, etc.
01:19 Now that is creating a whole lot of new opportunities in terms of how marketing itself is changing.
01:26 To say that as an organization, are we at the digital cutting edge and are we totally
01:31 digitally driven, I think is completely wrong.
01:34 But what we're beginning to understand is that the customer is, as Nitin said, becoming
01:41 more and more digitally influenced.
01:44 So there are a lot of people who are asking our agents some very uncomfortable questions
01:48 when they have a face-to-face meeting because they've already gone through a lot of the
01:51 data that's there.
01:52 And I think that a platform like iFan which enables people to get educated and even on
01:58 the distribution side to have the same amount of knowledge.
02:01 We are there in the same mode.
02:02 Right.
02:03 So to have the same amount of knowledge.
02:06 I think sometimes the customers are outstripping the distributors in terms of knowledge and
02:11 the standard answer to that is I'll get back to you and they never go back to that customer
02:14 because they know it's going to be a difficult sale to make.
02:17 So I think there's a lot of stuff happening but are we totally digitally inclined at this
02:23 point in time?
02:24 I think the jury is out on that.
02:25 I think we're just beginning to see the possibilities.
02:28 Yeah, Kablish.
02:31 Yeah, so something from a health insurance perspective, in fact, which we, from a life
02:38 perspective which we just talked about, we're comfortably poised from a perspective, from
02:42 a regulation point of view where you don't need much of KYC documents.
02:46 It's more of a disclosure which plays a very, very important role and that's what I'm saying
02:50 digitization actually, you know, at a point of sale can actually do wonders from a distribution
02:55 or an intermediary perspective where you completely capture the information and, you know, through
03:02 an online mechanism everything happens on the rest.
03:05 Another important point which through digitization, in fact, which we're trying to do is when
03:10 you take information, in fact, what Nitin talked about saying that if somebody is traveling
03:14 abroad can you offer him or can you build an ecosystem around it so that, you know,
03:18 he can actually cherry pick on this particular bit.
03:21 Something of that sort we're actually creating onto a wellness program.
03:25 So we're talking about a proactive living which is actually weaved along with a health
03:29 insurance as a bundled offering for a customer point of view where you know the information,
03:35 the health details about the person and very, very conveniently you actually identify and
03:39 position certain amount of healthy practices, healthy information to the customer.
03:44 In fact, I would rather say that technology will play a very, very important role where
03:48 you know a person is suffering from a condition.
03:51 It's much important.
03:52 He needs to take care of his condition to lead a healthy life.
03:55 So to an extent the entire wellness offering you can actually weave it and position those
04:01 kind of, you know, information through an SMS or an email or solutions to that person
04:07 by building an effective ecosystem.
04:09 So which we're actually trying to build for a customer on that.
04:13 [Music]