Max Life Insurance, one of the leading life insurers in India, has announced new initiatives to further enhance customer centricity. The Company has launched these initiatives across the customer value chain during 2012 which includes the Claims Guarantee and the Benefit Illustration. The Key Features Document (KFD) will be launched very soon.
To enhance the post sales experience of its policyholders, Max Life Insurance also pledges a ‘Service Promise' that will entail
-- 20 sec call pickup
-- 4 hour query acknowledgement
-- 24-hour resolution of simple queries (e.g. NAV information, request for premium receipts)
-- Free premium cheque pickup in 20 cities within 24 hours
Since the Policy Contract is the most important document from the policyholders' perspective, a simplified and summarised version explaining the key product benefits and features (KFD) has been created by Max Life Insurance. The Key Features Document (mentioned above) will be sent along with the policy contract and will enable the policyholder to better understand the policy purchased. The company will soon be including the KFD as part of policy pack for the complete product suite.
Max Life Insurance believes that a transparent dialogue to improve customer's understanding of products at pre-sales stage is of paramount importance to promote need-based sales. The first of that attempt is the improved Benefit Illustration, which includes a graphical representation to highlight Premium versus Living Benefits and Death Benefits. The new Benefit Illustration has been developed after multiple rounds of seller and consumer research.
Rajesh Sud, CEO and Managing Director, Max Life Insurance said, "Max Life has embarked upon a journey to put Customer at the core of its strategic thinking. We are committed to being transparent, customer focused, and fair in dealing with our customers. All three initiatives are in line with our philosophy of providing clear information to the customer and to keep them informed – before, during and after the sale. We believe that it is important to facilitate trust building with our esteemed policyholders as they have entrusted us with their hard-earned money to help them meet their long-term savings and protection needs."
Over the past couple of years, Max Life Insurance has taken several steps to improve its customer engagement. Need-based sales has been made mandatory across distribution channels from February 2012 onwards. The complaint management and claims management processes have also been strengthened. These initiatives have resulted in complaint incidence rate decreasing to 0.16 per 1000 policies in 2012 compared to 0.25 per 1000 policies in 2011. Similarly, the Outstanding Claims Ratio (OCR) has improved to 1.3% in 2012 as compared to 3.51% in 2011.
Max Life Insurance is also tracking 100% achievement on all the parameters of its Claims Guarantee started in April 2012. During the year 2012, in 100% of death claims, the claim was settled within 10 days of receipt of all valid documents, account value was paid within 48 hours for unit-linked policies, and no investigation was initiated or no claims denied on policies more than 3 years old.
About Max Life Insurance Co. Ltd. (www.maxlifeinsurance.com)
Max Life Insurance, one of India's leading life insurers, is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world. Max Life Insurance offers comprehensive life insurance and retirement solutions for long-term savings and protection. A financially stable company with sound investment expertise, Max Life Insurance has a strong customer-centric approach focused on advice-based sales and quality service.
In the financial year 2011-12, Max Life Insurance had a market share of 8.6% (Individual AFYP -source IRDA) The Company has been one of the fastest growing life insurers, with total revenue of Rs. 6,391 crore and enterprise profit of Rs.733 crore for the Financial Year 2011-12. The Company's capital base of Rs. 2,127 crore, with a solvency margin of 534% is testimony of its financial strength and stability. As on 31st March 2012, Max Life Insurance had assets under management of Rs.17,215 crore.
To view the Pre and Post Sales Initiative and Customer Service Parameters along with Scores, please click on the links given below:
Pre and Post Sales Initiative
Customer Service Parameters along with Scores