Max Life Insurance Enhances “Buy Now, Pay On Approval” functionality for purchasing term insurance, ensuring hassle-free digital customer journeys
Reinforcing its commitment to superior customer service, Max Life Insurance Company Ltd. (“Max Life” https://english.lokmat.com/ “Company”) has enhanced the “Buy Now – Pay With Approval” feature available on purchasing term insurance. for the customers. Launched last year for policies purchased online, the feature allows customers to purchase a policy through a digital payment method. This is to ensure that the premium amount is not deducted until the insurer evaluates the proposal.
While the feature was only available for credit card payments last year, with the increase in digital transactions and the diversification of payment options, the feature now applies to transactions made through credit cards. , debit cards and UPI platforms.
Manu Lavanya, Director and COO of Max Life, said: “At Max Life, we are committed to creating robust customer journeys in the digital value chain. instrument of payment while avoiding the risk of withholding money in the event of delay in issuing the policy.
“By extending the ease to broader online transaction modes, we look forward to providing a hassle-free customer experience and mitigating any negative impact that may occur due to cancellation / subscription issues. Since the introduction of this feature last year, we have seen an improvement in the customer experience, with a reduction in issues related to complaints and refunds, which we aim to continue with the new increases, ”he said. he adds.
Launched last year only on credit card payments, the “Buy Now, Pay on Approval” feature saw 25% customer penetration last year. Introduced in various payment methods of credit, debit cards and UPIs for customers, the enhanced iteration aims to increase its penetration to around 20% over the next two months.
Max Life Insurance Company Limited is a joint venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is part of the Max Group, an Indian multi-company company. Max Life offers comprehensive life insurance protection and long-term savings solutions, through its multi-channel distribution including agencies and third-party distribution partners. Max Life has built its operations over nearly two decades through a needs-based sales process, a customer-centric approach to engagement and service delivery, and trained human capital.
According to public disclosures and audited annual financial statements for fiscal year 20-21, Max Life achieved a gross written premium of INR 19,018 crore. As of March 31, 2021, the Company had INR 90,407 crore in assets under management (AUM) and an outstanding sum insured of INR 1,087,987 crore.
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(With entries from ANI)
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