SPECIALIST INSIGHT
they need to protect themselves against ‘ future potentials ’ and getting them to shell out money for this is a tough job . I think the biggest barrier – convincing customers to pay for something , where in the best-case scenario , they never use the product .
In what ways do you use technology to enhance the experience of your customers ?
BAZAAR DEATH , DISABILITY
disease and disability , which is largely health insurance and life insurance . It has been educating consumers for the last 14 years in India about that particular need , thus a large majority of customers come to Policybazaar to do their research before they purchase insurance . Additionally , we started in the UAE four years ago , where we ’ re now hoping to grow more .
What are the main challenges of your role at your current company ?
If you look at the protection against death , disease and disability , people usually do not believe something bad will happen to them , even though , statistically , this is just not true . I think convincing people that
If you think about health insurance or life insurance , the claims are very dependent upon the situation of the customer . For example , if somebody ’ s already ill and they can have very high claims costs and thus you need to have very good disclosure . Getting that high level of disclosure from customers is where we use technology , such as listening to what the consumer is saying , seeing their inputs on the website and identifying if they are trying to hide something and utilising that information to find customers trying to get a product which they don ’ t deserve . This information allows us to be in a better position to offer great products to consumers who are telling the truth and that is what differentiates us from other competitors in our market .
How is technology impacting your industry and how are you using it for business growth ?
There are two aspects to it . One is a research platform – finding information online is far easier than doing it offline , that ’ s just that ’ s the way it is . www . intelligentfin . tech
49