Focus on digitization opens up vast opportunities for insurance companies: Anuj Mathur, CEO, Canara HSBC OBC Life Insurance

By Anuj Mathur, CEO, Canara HSBC OBC Life Insurance

Focus on digitization and a cashless financial system opens up vast opportunities for insurance companies in India to transform their business process and customer services. Industry will have to gear up for this change, thereby, taking a lead to plan, build and strengthen the digital infrastructure.

We at Canara HSBC Oriental Bank of Commerce Life Insurance have been focusing on building and enhancing our digital channel to at least 10 percent in the next 2 years.

We have taken initial steps of scaling up our infrastructure to cater to this set of customers and market. Technology, product suite, increased visibility on the web world, social media presence and the associated support system has been spruced up to suit the market and the target segment. Digital as a medium is influencing the consumer at the decision making stage and hence we are investing our efforts in increasing our footprints on the web. We have also observed that the consumers comfort towards concluding the sale online has increased which from an Industry perspective is a good.

In our company, we are very positive on the opportunity that this segment offers. From an options perspective, we have both the Investment & Protection range of products which the consumers can choose from. We continuously endeavour to launch products which meet the customer need and will keep on scanning the market for any new opportunities which present itself. Our online products offer unique and attractive customer value. All products are so designed to ensure they are simple, easily understood & ensure a comprehensive fulfillment of the customers need.

Digital revolution will ensure direct reach of information thus opening up the communication lines for direct engagement. Thus the demonetization initiative has opened up an avenue of promoting a cashless world where a physical presence is not required for a transaction to conclude. This we feel is a good first step and it is now for the Industry to rise to the occasion and seize the opportunity.