Bajaj Allianz Life Insurance, one of India’s leading private life insurers, has launched Quick Response (QR) code-enabled services for its customers. The service will allow customers to make premium payments online, view or download policy-related documents (such as policy bonds, IT certificates, and fund performance statements), switch funds as per their choice and do much more.
QR code is a two-dimensional barcode that is readable by smartphones and are a common sight now, and its usage increased dramatically over the last two years when the Covid-19 pandemic hit. However, these are not yet popular in India's private life insurance industry.
Calling it an “industry-first initiative”, the company said in a statement that the service is “simple and safe, and provides customers access to 15 popular services on their phone”. “All the customer has to do is scan the QR code available in the company’s branches and self-service their life insurance policy,” the statement said.
The digital self-service feature, is available across all 509 branches of Bajaj Allianz Life Insurance and designed to offer seamless service delivery to customers, Rajesh Krishnan, Chief of Operations & Customer Experience, told TechCircle.
Krishnan further said, “Our customers are evolving and it’s our endeavour to continue to delight them with simple and secure service offerings. This initiative now enables them to have a branch-on-their-palm with the QR code-enabled service.”
“It will not only reduce their wait time but also give them an easy and pleasant experience when they self-service their requests. We will continue to invest in expanding our service options to ensure customers experience only gets better with us,” he added.
A recent report by Redseer Consulting has said that innovation in digital technology has led to enhanced customer experience in the Indian insurance industry. That said, the digital insurance penetration in India is a mere 2% when compared to China (6%) and the US (14%), the report noted.
The report mentioned that the overall insurance market in India stands at $131 billion as of FY22, and by FY26, it will reach approximately $222 billion, backed by customer demand and use of advanced technologies.