Page 38 - Life Insurance Today July 2018
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TATA AIA Life keen to de- IndiaFirst life Insurance ties up with Oxigen to distrib-
ploy humanoids for cus- ute insurance products
tomer service
IndiaFirst Life Insurance Company Ltd has entered into a tie-up with Oxigen
TATA AIA Life Insurance Company Services India Pvt Ltd to establish distribution of
Ltd is plan- its insurance products at Oxigen retail outlets.
ning to de- Through this tie-up, IndiaFirst Life will offer PoS
ploy human- Insurance Khata, a unique product that allows a
oid robots as customer to increase his life cover and create sav-
part of its ef- ings in a manner that suits his budget.
forts to simplify the customer inter- R. M. Vishakha, MD and CEO, IndiaFirst Life Insurance, said, "IndiaFirst Life and
face process and solve simple que- Oxigen have together embarked on a journey to popularise insurance with long-
ries of customers, a top official said. term savings for the micro segment. The micro segment is addressed by every
"Besides ensuring consistency of ser- other industry, be it FMCG or telecom. Oxigen is one of the leading providers
vice, deploying humanoids will address of money transfers and prepaid recharges as low as Rs 10. We offer premiums
issues of time constrains and offer 24x7 from as low as Rs 500, with a commitment to add future premiums but no
customer services. We are also looking penalty for the inability to do so".
to ensure that humanoids will provide Pramod Saxena, Chairman and MD, Oxigen Services India said: "We are pleased
convenience of multiple languages," to enter into this tie-up as corporate agent with IndiaFirst Life. Our partner-
Yusuf Pachmariwala, Senior Vice-Presi- ship with IndiaFirst Life is aimed at creating a unique selling model to offer in-
dent and Head-Operations and Cus- surance to the masses through over 1 lakh outlets that could potentially be
tomer Services, TALIC, told. distributors. This will support us to expand distribution through our own PoS
There will be a separate number for network and offer effective and efficiently serviced life insurance solutions for-
interaction with humanoids and the mulated by IndiaFirst Life Insurance."
customer concerned will be informed Vishakha said the product allows flexibility of depositing premium into an ac-
that they are in conversation with a count and building up insurance cover with return of premium after 5,7 or 10
humanoid, said Pachmariwala. To be- years based on the term opted. There are guaranteed returns for all premi-
gin with, this life insurer plans to use ums paid, even if it is only one premium.
humanoids only for customer inter-
face. TALIC's initial analysis showed Bajaj Allianz Life Insurance to diversify with health and
that the benefits of investments in hu- pension products
manoids will outweigh the costs in- Bajaj Allianz Life Insurance is looking to diversify its product basket by launch-
volved in employing people for cus- ing a morbidity (health insurance) and pension plan
tomer services, he said. this year. The products will be designed keeping the
Over the last two-and-a-half years, 'mass affluent' customers in mind. The life insurer
TALIC has been on a focussed drive currently does not have any plan catering to these
on improving the use of technology segments. According to Tarun Chugh, MD & CEO,
in its operations - at present, 94 per Bajaj Allianz Life, the company has already started
cent of its business comes through working on a health product, and is hopeful of com-
tablets (via digital technology). ing up with a 'highly-customised' product for the
The life insurer is also working on AI- segment soon.
based Chatbots, which could be an
improvement over the current "Our focus will be on providing living benefits where our customers are allowed
menu-driven chatbots that are be- to live better. We will be looking at health and pension products in a big way,"
ing used. "You, as a customer, could Chugh told BusinessLine on the sidelines of a press conference to announce
talk to these chatbots in a language the launch of its unit-linked insurance plan (ULIP), Goal Based Savings, on Thurs-
of your choice. These chatbots will day. Life insurance companies have been largely focusing on mortality business
use Natural Language Processing to till recently; however, other verticals such as morbidity (health), pension and
discover and intelligently reply to wealth creation are gaining traction. "Life insurance companies have the req-
your queries," said Pachmariwala. uisite data for designing a health product; however, the data has to be prop-
erly interpreted and understood. We are working on it," he said.
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July 2018 Life Insurance Today
