In trying to provide the best services during these unpredicted times, Max Life Insurance has launched the ‘Buy Now- Pay at Approval’ feature for the customer while purchasing online policies. In its continuous attempt to strengthen customer trust, the facility that is available now for policies bought online will allow the customers to apply for a policy with the proposal form and, without any deduction of money until the proposal is evaluated by the insurer. The actual premium deduction would be made just before the policy issuance.
The facility ensures that the customer need not make any payment at the time of applying for the life insurance policy and the charge to the customer’s credit card would be made only at the time of the insurer accepting the risk.
Data reviewing for online term sales of Max Life, it is observed that almost 8% of all applied cases/policies end up in decline or postponement. During such situations, the money collected from the customer during the purchase process is to be refunded. Normally, the refund process takes around 8-10 working days and this delay often results in customer anxiety, which subsequently leads to the poor distributor and customer experience. Max Life’s ‘Buy Now- Pay at Approval’ facility aims to let the customers purchase a policy worry-free through a digital payment instrument and away from the hassle of funds getting blocked in case there is some problem in policy issuance due to underwriting requirement.
V. Viswanand (Deputy Managing Director, Max Life) mentioned that developing trust at the moment is critical in a life insurance purchase process. This feature allows digitally savvy, new age, millennial, affluent customers, to experience life insurance purchase just like they experience booking hotels online with new-age digital travel aggregators. It becomes more essential for pure protection policies where there is medical and financial underwriting involved leading to higher turnaround time in the policy issuance process. The company has seen exceptional growth of 80% (YTD August) in protection sales on their e-commerce channel, which has been possible due to the commitment towards building a truly enhanced customer experience and further simplifying policy- buying in the modern era.
