ICICI Lombard Lowers Policy Sales Cycle from Days to Minutes with Mobile App for Agents

Insurance companies in India are highly dependent on their partners, known as agents or accumulators in the insurance parlance, for business. A major chunk of the business for these companies is driven by their partners. So is the case with ICICI Lombard, one of India’s leading insurance companies, for whom the agents bring in over 90% of the business. The company has, therefore, taken a strategic decision to concentrate its mobile driven digital transformation around these partners.

ICICI Lombard has launched a mobile app on Android and iOS specifically for its agent community that enables them to conduct the entire lifecycle of selling an insurance policy for both retail and SMEs, from the start to end, on the mobile itself. According to Goutam Datta, VP – Technology, ICICI Lombard General Insurance Company, the app allows the agent to sell both its two wheeler, private car as well as all types of health insurance policies on the mobile. So much so, that an agent can sell up to Rs. 50 lakhs of sum insured with just 3-4 clicks.

Launched around four months back, the app has already been downloaded by around 450 of the over 3,000 agents of the company, with almost Rs. 1.4 crores worth of premium collected through it so far. With less than one sixth of the agents touched so far the future potential of this app is immense. The company is expecting all its agents to be on the app over the next few months and is even hopeful of this becoming a primary selling channel for the agents.

This is how the app works. The first step in selling an insurance policy involves enquiring and taking quotes. The app is equipped to give quick quotes for all possible permutations and combinations, which can be shared by the agent with the customer. Once the quote is finalized, the required personal information is fed into the mobile form. Else, it can scan the Aadhaar card and the necessary fields get pre-populated. After this the app creates a proposal.

In case there are any accompanying documents required, the app has the option to capture those documents and attach with the proposal, which the agent can then upload. These documents are automatically synced up on the company’s central server and attached with the policy. Once the proposal is generated, the agent can either head to the next step which is payment or the proposal can be saved to be reviewed and taken forward at a later date.

On the payment front, the money can be debited from the agent’s wallet or the agent can send the payment URL to the customer’s phone from where he/she can then make the payment. Once the payment is made its synced up on the company’s server and the whole process culminates with the policy issued and a pdf copy of the policy sent to both the agent’s and customer’s phone. And, thus, the deal is closed.

This entire process takes around 7-8 minutes’ time as compared to 3-4 days taken earlier before the mobile app was introduced. This saves significant time for the agents while enhancing their productivity and earnings manifold as they can now reach out to a much larger number of customers within the same time frame and with much lesser efforts. This, in turn, means an increase in the company’s productivity and much wider customer penetration with the agent being able to tap more customers. The app also helps in bringing down the costs for the agent while leading to instant revenue realization. “For us the agents are our business partners. If they are doing better it means that the company is also doing better,” says Datta.

Meanwhile, ICICI Lombard is also able to keep a track of each agent in terms of how many quotes are being issued, what type of customers he/she talking to, what type of business funnel he/she is creating, etc. The company is planning to launch more enriched functionalities over the next 3-4 months.

Categories: Technology

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