Customer Mobile App to Help Future Generali Bring Down Operations Cost


As companies gear up for digital transformation one of the technology areas that has seen high activity is mobility. The financial services sector, in particular, has been among the organizations at the forefront of its adoption.

 

A few weeks back I had written a blog about how ICICI Lombard is leveraging mobility to enable its partners/agents to sell insurance policies over the mobile phone. You can read the blog here. Yet another insurance company, Future Generali India Life Insurance, has recently undertaken an initiative around mobility targeting its customers.

 

Future Generali has launched a mobile app, called FG Life, that offers all the post sales services to its customers on the mobile. Besides the services the app also allows users to purchase three types of policy products, including cancer care and online ULIP, within a matter of few minutes.

 

Available on Android and iOS, the app tries to simplify the concept of self service for the customer. “Digital transformation for us is offering the services to our existing customers in a transformed way – make them simple, easily accessible and smarter,” explains Byju Joseph, Executive Vice President – IT, Future Generali India Life Insurance.

 

According to Joseph, the initiative will help bring down the overall operations and administrative costs as the operational cost of the mobile app is nil. He estimates that if 60% of the customers start using the app then it takes out almost 60% of the cost. “We see significant ROI coming from the reduction in operations cost,” he adds.

 

There are a total of 18 services that the company offers its customers and all these can now be availed by them using this app without having to visit the branch.

 

Among the services that the app offers include payment of premium, switching funds, changing address, checking fund values and policy details, see service requests, change top-ups, check the status of different funds, etc.

 

According to Joseph, the average age of the company’s customer base is 35-40 years and these are prolific users of the mobile. This was enough reason to undertake a mobility initiative for its customers’ service needs. Meanwhile, it also conducted a survey among its customers to check their choice of medium, and a majority of them were in favor of a mobile app. 

 

The company has a separate team driving adoption for the various digital mediums, including mobile app.

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