ICICI Prudential is relying on technology to improve services without adding cost. "Close to 60% of our customer services are now on the electronic channels. We are constantly trying to add value to customer services. Had we done that through hiring more people, it would have cost us hugely. But by putting our services on the mobile and Internet, we are saving costs and improving efficiency and accuracy," said ICICI Prudential Life Insurance executive vice-president Anita Pai.
The company uses the Internet, mobile phones and call centres to facilitate premium payment from customers, informing them on policy details and track the net asset value of unit-linked plans. The company claims it gets 20 lakh SMSs every month to inquire NAVs. It has also begun selling insurance policies on its website, but such sales are small in number.
Pai said the company's robust growth was stretching the its break-even period: "Generally, the break-even for a life insurance firm is 10 years. But in this industry, the more growth you have, the longer is the break-even."
Source: DNA Money
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