Outlook Money Insurance Summit | Key takeaways from Mayank Bathwal - video Dailymotion

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#OutlookMoney Insurance Summit 2nd edition | #KeyTakeaway from Mayank Bathwal, Managing Director & CEO, Aditya Birla Health Insurance Co. Ltd. on digital opportunities in insurance   #AdityaBirla #insurance #finance #OutlookMoney #Money #OutlookMagazine #OutlookGroup

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00:00 [MUSIC PLAYING]

00:03 Three, four areas where digital definitely

00:08 adds a lot of strength.

00:09 One is the whole element of personalization.

00:11 I'll talk about that in a minute.

00:13 Then there is the whole thing of scalability.

00:15 What you can do at scale versus the cost

00:18 of doing at scale in a physical environment.

00:21 Then there's a whole issue of transparency

00:23 that it creates, which is always good for the customer

00:25 because a lot of what happens in a digital environment

00:29 is known to a lot more stakeholders

00:31 than what happens face to face.

00:33 Now, you spoke about stuff like motor inspection.

00:37 We are talking of, in digital world,

00:39 concepts like telematics.

00:41 In health insurance, we have this whole wellness-driven

00:44 model where using digital, you can track customers,

00:48 how physically active they are, what is their health.

00:50 And then you can reward customers,

00:52 which is something that the regulations allow.

00:54 So we are able to allow customers to be incentivized.

00:57 Now, could that have happened in physical environment at scale?

01:00 No.

01:00 But digitization, the digital world definitely helps there.

01:04 Plus, customers of today, they are

01:05 used to interacting at their time in their way

01:10 and not when the supplier or the offeror wants.

01:14 So in a digital world, you can actually

01:16 do that, which is technically you

01:18 can talk to the customer in the language that they want,

01:21 when they want, on the platform they want.

01:24 So all of those are possible.

01:26 And what it allows, let's say, us as an insurance company,

01:30 is to do scale engagement.

01:31 So now I can talk to Vibhay in a different language,

01:34 Mahesh in a different language, Nidhi in a different-- because

01:37 that's what you prefer.

01:38 In physical, it's very difficult to--

01:40 I mean, you can still do it on a call center,

01:42 but that's still very expensive.

01:43 And digitally, you can do all of that.

01:46 The other thing is this whole transparency

01:48 it creates, because the conversation I'm having

01:51 can be technically available.

01:53 It's on record versus that.

01:54 So that creates more trust.

01:56 Our business is about trust.

01:57 And so ultimately, anything that adds to that element of trust

02:01 is always going to be good for the business.

02:03 And of course, it creates so many more new opportunities

02:07 to reach consumers at scale where

02:10 they are through New York set of offerings, which

02:13 are possible instead of the whole full-fledged product,

02:16 you can go and do much more customized offerings

02:21 for customers.

02:22 I think it opens up a plethora of opportunities

02:25 for the category, right from revenue enhancement,

02:29 productivity increase, reduction of cost, scale engagement,

02:34 better retention, et cetera, et cetera.

02:37 (dramatic music)

02:40 you

Outlook Money Insurance Summit | Key takeaways from Mayank Bathwal

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