How Aviva Life Insurance gained new business with a heart care app

With a digital adoption of automated under writing process and real time processing of new business, Aviva is carving a niche market segment focused on digital savvy customers.

During 2015-16, at least 30 percent of India’s vast population (approximately 36 crore) was covered under health insurance, reports IBEF. The insurance industry of the country is expected to grow four times its current size in the next decade.

It is then of little surprise that insurance providers are seizing this opportunity to gain a sizeable chunk of the market, and going an extra mile when doing so. “India is the ‘heart disease capital’ of the world and health is the biggest opportunity right now for Aviva India,” says Manish Mimani, VP and head-IT of Aviva Life Insurance Company India.

Digital First

Driven by new technologies and changing patterns in consumer behavior, Aviva India decided to change its business model with a focus on being ‘digital first’. The company designed a new heart care product to reach out and acquire a whole new set of customers. Aviva Heart Care was launched across Aviva’s digital channels including social media, the company’s online policy selling website Instalife, its customer portal and mobile app.

Further, a new heart age calculator micro site was launched to engage with prospective customers. “Using the whole arena of digital asset, we have successfully enhanced the customer experience through seamless online buying experience and automated end to end process,” says Mimani.

This product is one of the digital initiatives where a new business process was automated by integrating the online platform with an artificial intelligence (AI) and machine learning based auto underwriting system. It is the first implementation of its kind in India’s life insurance sector.

The technology has enabled the business to gain competitive advantage with reduced turnaround time in issuance of policy, which is major achievement in this industry.

A resounding success

With the help of this product, Aviva effectively enhanced its customer experience with its online platform where the customer receives the acknowledgment on a real time basis with the delivery of a physical policy kit within near to real time. Additionally, a real time integration has been setup between the online platform, policy admin system, business workflow and auto underwriting tool in order to ensure seamless data flow.

The entire process is completely automated from end-to-end process without any manual intervention adhering to defined business rule set configured in system. The product is enabling Aviva to carve a niche market segment which is focused on digital savvy customers.

Within the first six months of the launch of the product, it contributed to an increase of 10 percent of new business volume, and the company experienced an enhanced operational efficiency due to the adoption of AI-based underwriting process.

“Aviva Heart Care is a niche opportunity to reach out to acquire a whole new set of customers and we are truly adopting the ‘Digital First’ mantra to enhance our customer experience,” adds Mimani.