OCTOBER 20189acting as a mentor for buying a policy that best suits their needs. However, the final decision is theirs!· High Capacity to Consume Content: Even though the millennials are hungry for more, with so much informa-tion floating in the market, they shouldn't feel exhausted, but should rather be relieved from the burden of con-suming content. One needs to filter the content and pro-vide them the best offers possible.· Instant Response: The best tactic is to go simple and easy. Anything that requires very little or no effort or time gets the millennials going. Thus, InsurTech plat-forms today offer hassle-free, quick and easy way of buy-ing insurance online.· Providing an Experience: A good user experience is very essential that ensures loyalty. It's what makes the consumer head back to the same forum over and over again.· Data security: With personal details, comes great responsibility. Assuring them of data security at all times is a pillar that cannot be messed with by the InsurTech platforms.· Entire Journey at One Place: Hunting for the perfect policy over different platforms is not something a millen-nial has the patience for. He likes a platform that offers him end-to-end solutions right from searching for the desired policy, to comparing prices from multiple insur-ers, choosing a policy that best suits his requirement and finally downloading the chosen policy, all under one roof. · Post Sales Analysis: It is crucial for InsurTech platforms to understand consumer satisfaction metrics and ensure customer delight eventually. For this, good after-sales service is important.All that today's tech-savvy millennials care about is the speed of the service and the ability for self-buy-ing and service options. The focus should be on mak-ing technology products that streamline the pro-cess of purchasing insurance. Thus, restoring the power of choice to the consumers who can take the de-cision of buying insurance with clear understanding and complete authority. Here are a few ways by which technology facilitates the distribution of Insurance to the new millennials.· e-Commerce based Sales: In order to attract the new millennials, the insurers will have to implement a mo-bile-first journey for all the potential buyers. They will have to develop smarter proposal forms with integrated data platforms which communicate with other services and applications like Aadhaar, PAN, Income Tax, Health Care Services and self-populate the required information in the application.· Customer Service: With the increase in sales, insurers have noticed maximum grievances that occur post-pay-ment. Millennials expect quick service from the service providers, be it policy issuance, endorsements, grievance redressal, query resolution or claim settlement. Insurers and intermediaries have realized this and have started working on the following: · Chatbots for Customer Service and Query Resolution: To provide quick resolutions to customer's problems, in-surers have started introducing chatbots. Customers can now make changes to their policy, add or delete nomi-nees, make renewal payments, request updates, initiate cancellations, thus completely replacing paperwork in these post-sale services. · Improved Claims Experience: Insurers have already started using customized apps for improving the claim service experience of their customers. Now, they can perform a self-inspection of their damaged vehicles and file claims online. Thus, the entire claim experience is now smoother. This ensures speedy processing and pay-outs of the claims, down from days to just a few hours or minutes.· Premium Collection: The recently launched Uni-fied Payments Interface (UPI) and payment gateways have opened up innovative premium collection mod-els. Customers can now make an instant renewal payment online.A millennial wants to make the decision of buying an insurance plan online in a matter of minutes and the advent of technology helps insurers achieve the same. Thus, fulfilling the aim of making insurance buying as simple as purchasing any other e-commerce product for the millennials. Premanshu Singh
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