HDFC Life launches online Point of Sales system for faster policy issuance

It is a first amongst its kind of initiative in the life insurance industry that would change the way insurance is sold in the country. End Quote

(1888PressRelease) November 15, 2012 - HDFC Life, one of India's leading life insurance companies, has announced the launch of online Point of Sales system for its distribution channels. The system branded as 'CLICK2BUY' will enhance customer insurance purchase experience and will also help to increase productivity of HDFC Life's distribution channels.

Speaking on the occasion, Frederick D'Souza, Senior Vice President, HDFC Life said, "CLICK2BUY is yet another innovation by us as part of our strategic initiative! It is a step towards encompassing the entire journey from 'need-based selling' to 'demat policies.' It is a sales tool with the objective of simplifying the insurance purchase process for customers, helping our sales team to submit a zero-defect proposal online via Internet. In true sense, it will help each of our sales staff to achieve 100% of the proposal 'First Time Right. CLICK2BUY is a big long-term step towards faster policy processing, improved customer purchase experience, and increased business productivity."

The system is driven by a state of art rule engine, which ensures that every question required for underwriting a proposal is asked up-front. On clicking the submit button, the underwriting decision or medical reports required to underwrite are communicated upfront to customers. The system sends an email to the customer with the copy of the proposal form immediately on submitting the proposal. In other words CLICK2BUY, enables the company's sales team to underwrite and communicate the decision or requirement up-front right at the Point of Sale.

This system is already proving to be a game changer and has won the recently concluded Asian BFSI Award 2012 in the 'Underwriting Initiative of the year' category.
CLICK2BUY - Features & Benefits

1. Complete empowerment of Sales
Benefits -
• Real- time status
• Complete information of decision and requirements

2. Unique customer experience
Benefits -
• No more handwriting issues, incomplete questions, incomplete address
• Dynamic questions
• Auto check listing and standardized 100% scrutiny- nothing is missed out
• Complete clarity of application status and requirements if any

3. Underwriting decision
Benefits -
• On the spot underwriting decision in front of the customer,
1) If the case is accepted,
2) If any documents/ medical tests are required
3) or if the case will be referred for expert underwriting

4. Crunched policy issuance TAT & cost
Benefits -
• Quick discharge, elimination of rapid processing experience for Sales, Ops, Underwriting, …
• Speedier and smoother process giving the "prospect" applicant less time to "go cold"
• Increased take-up rate due to shorter and more streamlined sale process
• Multiple manual process steps eliminated leading to reduced cost of letters/ communications and processing.

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