 "Apollo Munich cuts policy issue time to 7 minutes")
Apollo Munich Health Insurance has reduced the time taken to issue an insurance policy from seven to fourteen days to about seven minutes. The insurer has used a technology-based application (app) called Ampower to simplify the sales process and make turnaround faster.
Antony Jacob, CEO, Apollo Munich Health Insurance said that Ampower app has enabled our sales force to issue a policy in 7 minutes from the traditional 14 days period. He added that their new business growth expected via the new app, Ampower by the end of the current financial year is 65-75%.
This application is loaded on a tablet or mobile phone and will have all product-related information loaded on it as also information of what the agent is to exactly tell a potential customer. If there is a query that they cannot answer, they can immediately connect to the office.
Jacob said that post the form is filled up on the tablet, identity/address proof can be submitted by simply scanning the documents. Instead of giving a physical signature, one can give a one-time password verification that will be sent on their mobile phones to confirm that you have filled up all the information.
“In terms of agent productivity figures, our focus this year has been year to drive adoption and usage. Once this is achieved, we will then have a baseline in place to measure productivity, which will enable use to improve any specific areas of concern,” he said.
Currently, about 3500 agents of the company are using the app, and Jacob said that 30% of their new business is coming through Ampower. “We are looking to double this to atleast 7000 agents by the end of this fiscal,” he added.
At present, Apollo Munich’s paid-up capital totals Rs. 357 crore. The company will require an additional capital closer to the end of this FY of about Rs. 50 crore. In comparison to the company’s growth of 27% last fiscal, it expects to grow at 30% on this fiscal and expects to end FY17 with a gross written premium of Rs 1,300 crore.