In an era driven by the digital revolution, Kotak Mahindra General Insurance Co Ltd, a subsidiary of Kotak Mahindra bank is making significant strides in leveraging technology to enhance customer experience.
Suresh Sankaranarayanan, Chief Technology Officer & Head Business Operations, in an exclusive video interview with Express Computers shares the importance of adapting to customer needs and providing seamless interactions across various touchpoints.
Below are key highlights of the interview:
With the rapid advancement of artificial intelligence (AI), Kotak Mahindra General Insurance is harnessing the power of self-learning technologies to consistently improve customer service. For instance, their voice BOT system at the contact center can understand customer intent and address queries without human intervention. This standardised response mechanism ensures faster and smoother resolution of customer issues. The company has also implemented AI-based tools to analyze open-text customer conversations, providing valuable insights into customer preferences and areas for improvement. By gaining a deeper understanding of customer feedback, Kotak Mahindra General Insurance aims to enhance the overall customer experience.
Furthermore, Kotak Mahindra General Insurance has invested in technologies that increase business efficiency, reduce costs, and deliver a superior customer experience. For instance, they are implementing Model Ops, a technology that enables rapid deployment of pricing changes based on data analysis. This allows for more accurate and timely pricing adjustments, contributing to a competitive advantage in the market. In the realm of renewal campaigns, the company utilizes propensity analysis to identify customers most likely to renew their policies. By tailoring their approach based on customer preferences, Kotak Mahindra General Insurance aims to provide personalized and efficient service.
Additionally, the company employs fraud heuristics models to detect and investigate potential fraudulent activities. By leveraging outlier analysis, they can identify elements in the supply chain that may be overcharging or engaging in fraudulent practices. These interventions ensure fair and transparent claim settlements while maintaining cost efficiency.
Kotak Mahindra General Insurance’s commitment to embracing technology and data-driven insights demonstrates their dedication to providing an enhanced customer experience. By leveraging AI, analyzing customer feedback, and implementing innovative technologies, the company continues to set new standards in the insurance industry.
In the world of technology-driven business, there are two types of problems that arise – the discovered and the undiscovered. The discovered problems are those that stakeholders, partners, agents, customers, and sales colleagues bring to our attention. These problems are tangible and require immediate solutions, often involving investments in systems, processes, and technologies. On the other hand, the undiscovered problems are the ones that haven’t been recognized yet. These problems require us to be proactive in improving areas that may not be seen as problematic at first glance.
One such area of improvement is enhancing customer reach and engagement. Rather than bombarding customers with countless emails, the focus should be on accurately engaging them with just the right amount of information. This undiscovered problem holds immense potential for growth and can significantly impact customer satisfaction.
To categorize and prioritize our projects effectively, we consider three key factors – increasing business revenue, providing an exceptional customer experience, and reducing costs. These levers guide our decision-making process and help us shortlist projects that align with our organizational goals.
Moreover, any investment decision also requires a thorough examination of the return on investment (ROI). While some projects may yield quick results within six months, others may take longer, stretching up to 18 or even 24 months. However, when it comes to strategic initiatives that offer a competitive advantage in the market, we are willing to invest ahead of time, focusing not just on timelines but also on long-term benefits.