Managing Risk Cover under Sampoorn Suraksha Insta Life Secure Product in 3 Clicks (YONO)

22 January 2021 | Source: 32nd QualTech Prize
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WHAT WAS THE GREEN AREA OF CONCERN? HOW WAS IT IDENTIFIED?
The entire process of Sampoorn Suraksha was managed manually from on boarding of customers, collecting hard copy of proposal form, Medical Questionnaire from individual members and sharing hard copy of Certificate of Insurance to member post acceptance of cover involving lot of paperwork and dependency on various stakeholders.

SBI had launched its digital arm You Only Need One (YONO) app for all banking, financial, investments and insurance needs for all SBI Account holders on YONO platform. SBI Life visualised the opportunity of getting large number of prospects of Sampoorn Suraksha under YONO and explored Insta Life Secure in YONO platform.

HOW WAS THE GREEN AREA OF CONCERN PRIORITIZED? WAS THERE A ROLE OF UPPER MANAGEMENT?
Elimination of paper work and manual intervention by leveraging the technology SBI Life envisaged to complete the entire journey of on boarding with just three clicks. As SBI was promoting online banking through YONO application, SBI Life promoted easy and simplified journey for getting life insurance product and rolled out the Sampoorn Suraksha Insta Life Secure (ILS) journey completely automated with just 3 clicks in completely paperless environment with key focus on Green Area concern.

Senior management of SBI Life and SBI team were directing the team from the beginning and instrumental for smooth execution of this product YONO App.

HOW WAS THE IMPACT OF THE GREEN AREA OF CONCERN ASSESSED?
The impact of complete automation of the project assessed keeping in mind to eliminate paper work with a Go Green Approach. For granting life insurance coverage for one member nearly 15 papers are used in the form of Health Questionnaire, Good Health declaration, Certificate of Insurance. For 1 lacs members the company can save 15 lacs paper and also eliminated the job of printing and dispatching the required details from members for on boarding and dispatching Certificate of insurance to the member by leveraging the technology.

This approach also helped us to improve the productivity of the team, avoided delay in to and fro of the physical documents and brought in 100 % accuracy in the transaction and also enhanced the customer satisfaction.

COI copy is stored in YONO App and customer can download the same anytime by just visiting YONO App. This avoided complaints like COI not delivered to member.

Increase in premium amount and reduction of resources, cost reduction and techno savvy process has increased company’s profitability and reputation of the business with one of its kind of product available in market.

HOW WAS THE GREEN AREA OF CONCERN RESOLVED OR REDUCED?
Sampoorn Suraksha voluntary policies are normally marketed in traditional way where the Master Policy holder arranges the physical copy of Medical Questionnaire duly signed and dated by individual members who pays the premium for insurance coverage. Further upon acceptance of cover, COI would be issued to members. Considering practical challenges in arranging and dispatching the physical document which had impacted the business volumes and cost, there was always a need to offer a unique plan on online platform. In traditional format, huge expenditure was spent in printing of documents and dispatching it to individual customers hence the idea was floated to introduce Sampoorn Suraksha Voluntary Plan on YONO platform wherein entire end to end journey would be online and there would be no physical documents exchanged between insurer and end customer.

The initial discussion was started in February 2018 to offer Sampoorn Suraksha Plan in YONO. All stakeholders of SBI Life Insurance and SBI YONO were involved in finalising the customer journey, what questions would be asked, what details would be fetched form SBI YONO system and what fields would be updated by customers were finalised after taking consensus of all. The COI format, membership form was also signed off by Product and Compliance team and then it was made a part of online

With the advent of YONO ILS plan, member is only required to provide his basic details like Nominee details, Choosing of sum assured, answering objective type of questions and then paying the premium amount. The entire process is managed online. This has benefited both insurer since there is no need to print any document i.e. MQ, COI, Membership form etc as all these documents are stored and member can instantly generate it as and when required.

As on date, we have covered more than 6.50 Lakhs lives under this plan and for all members COI has been made available on YONO app and customer can also send the COI to his/her registered email id with just one click. If we were following traditional approach, it would not only incurred huge cost but also usage lot of paperwork which at times is unnecessary.

Go Paperless and Go Green was the mantra adopted before launching of this plan for customers and it has helped to attain efficiency, improved speed in end to end processing and minimised cost of operations.

WHAT ARE THE GREEN BENEFITS FOR THE ORGANIZATION AND SOCIETY?

  • It has strengthened document security and confidentiality not only for company but also for customers
  • Policy purchase with just 3 clicks has redefined business model and has brought customer delight with this time saving process. This is evident as number of policies sold have exceeded 6.50 Lacs lives with premium amount of more than Rs 38 crore since project launch
  • Automatic data processing in SBI Life Insurance system without any manual intervention as such there is 100% accuracy in all transactions processed and has reduced man-hours and customer queries to large extent
  • Financially more cost effective for company with substantial reduction in cost which has resulted in improved profitability for company. Since inception, we have covered more than 6,50,000 lives, the entire COI document (including membership form, Medical Questionnaire) consists of total 8 pages .If the COI document was to be printed and dispatched as per earlier process, the cost of every physical COI would be Rs 13 which makes the total cost as Rs 84.50 Lacs (Rs 6.50 Lacs*13) for organisation
  • The digital journey helped society by promoting environment friendly process and wastage of physical papers is eliminated which has cut down on pollution.
CREDITS: SBI Life Insurance Co. Ltd.
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