Max Life Insurance effectively transitions to digital sales methods
Max Life Insurance, a prominent player in the Indian insurance sector, is navigating the complexities of emerging technology while adapting to the new normal brought about by the lockdown.
During the lockdown period, Max Life Insurance has observed a significant increase in smartphone consumption, with users spending 32 minutes per day on their devices—an increase from the previous 20 minutes. This shift in behaviour provides valuable insights for the company as it strives to understand and cater to the evolving needs of its customers.
Max Life Insurance is focusing on providing financial guidance to its customers, adapting to new trends, and watching data for insights to understand new consumer behaviours. The company is also leveraging user-generated content on its website for customer awareness, education, and search engine optimization.
For its employees, digital transformation means more self-service and digital engagement. Max Life Insurance is using technology to deliver a superior experience, instant gratification, and an omni-channel experience to its customers. The company has also digitized its sales processes to accommodate social distancing, selling close to 24,000 policies digitally in the last week of March alone.
However, integrating new technology with legacy systems poses a challenge. Some of these systems cannot be replaced easily, making the process of digital transformation a complex one. Nonetheless, Max Life Insurance is determined to establish state-of-the-art customer onboarding and policy issuance platforms, support remote work, recalibrate ecosystems with digital technologies, and ensure business continuity.
Max Life Insurance is also utilising user-generated content from social media to drive consumer insights and deliver marketing campaigns based on current consumer sentiment. Recent efforts include accelerating campaigns and being creative on social media, such as a 21-day quarantine challenge to engage with their social media audience.
The company has channelized its resources onto social media and digital marketing to adapt to the changes brought about by the lockdown. The digital strategy of Max Life Insurance for 2020 and beyond is centred around three pillars: customers, sellers, and employees.
Data insights help Max Life Insurance customize the user buying journey by introducing product intercepts based on popular actions by similar audiences. The company is also personalizing user communication for different target audiences, such as women, affluent individuals, lower income groups, smokers, finance aficionados, and frequent travellers.
For sellers, digital assets are being used to help them sell better and serve customers better in onboarding and servicing. Max Life Insurance is using technology to design tailored customer selling pitches and scripts.
In conclusion, Max Life Insurance is embracing digital transformation to adapt to the changing landscape and provide a superior experience to its customers. Despite the challenges, the company remains committed to its digital strategy, focusing on customers, sellers, and employees, and leveraging data insights to personalize its offerings and communications.
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