Coverfox, India's largest InsurTech platform, has announced the launch of its revamped Life Insurance Product interface to meet users' goals.
The revamped version will provide an easy-to-use experience to the user through a guided structure. The new platform will aim not only to provide an enriched experience to the customer, by educating them on the range of products available, but also help advisors to sell with complete transparency.
Even today, on digital platforms, health and life insurance policies make for an assisted sale, largely due to the lack of an outlet that simplifies comparison, research and purchase of plans.
Coverfox's new product experience is a focused effort to transfer power back to the consumers, helping them choose the right insurance product and make necessary customization - with the option of on demand assistance from our tele-advisors as and when required.
Coverfox's research showed that while the demand and awareness for term insurance is increasing, the increased number of options available require the customer to minutely understand each customization option clearly and make an informed decision on the same.
Comparison on the existing online portals in the market are not equipped to handle such complex personalization, which has resulted either in procrastination or customers being completely dependent on assistance from call centre advisors to make a decision.
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Key highlights of the new interface:
-The new data-driven algorithm recommends the best plans which are unique for each and every individual
-With the new customization algorithm, the user will be able to easily understand the details of complex riders available in the market today and select the one that best suits his requirements
-Coverfox's recommendation engine helps a user to figure out the best plans according to his needs
-Coverfox's new customization feature helps a user to enhance the plan and cover disease and disability along with death cover
Coverfox's new feature "Understand your plan in 2 minutes" lays down all the plan details in a simple yet easy to understand language and terminology along with infographics. The user will now be able to understand his policy at just one glance.
Coverfox utilised the metrics such as analytics for understanding the user, persona-based user behaviour data and cohort-based user preferences while building the interface. The detailed analysis brought out some interesting findings on term life such as 70% of the policies are bought by users under 40 years of age, 80% of the users like to pay the premium for the policies on monthly basis, 70% of the policy holders opt for 1 rider while buying the policy.
The findings
With data collected from sources such as leads, calls, interactions, customers, customer feedback and feedback from the tele-advisors available, Coverfox analysed user behaviour, product affinity, market trends and user priorities across different cohorts to build a more customized and guided journey for every customer. This analysis is a combination of 25 million user visits and 0.3 million customer calls with the tele advisors.
"I think what Coverfox has done is come up with a new journey for its customers which is intuitive and offers them the ability to make the right decision about the term insurance product. All the choices are available on their platform at the click of a mouse. I commend Coverfox's efforts and wish them greater success." - Vishal Subharwal, Executive Vice President, HDFC Life.
"Life insurance purchase needs to be made simpler and easier for the customers. This is a good effort in this direction. The journey aims to help the customer understand the complex words associated with life insurance, compare different offers and features available without a bias and thereby enable the customer to make his own decision. This will surely bring in lot of trust on the life insurance offers and reduce interference. It is a good customer centric initiative made by Coverfox and we wish them all the best.'' - Vineet Arora, Managing Director & CEO, Aegon Life Insurance.
"The market for health and life insurance products in India is quite vast, which is currently also complex. We, at Coverfox, are constantly working to simplify it and make it more transparent, easier and quicker for customers across categories. The revamped platform focuses on not only educating the user about insurance products but also sensitizing them towards its pros and cons via a customer-centric approach and improvised user-journey that will enable the users to make an informed decision. While a user may know the way his income impacts his policy, death coverage etc., what he might not know are the inclusions and exclusions under a term plan. The revamped platform guides a user through the same and the customer can himself buy the insurance within 10 minutes," said Premanshu Singh, CEO of Coverfox.com.