HDFC Life, one of India’s leading private life insurance companies, has taken yet another significant step as part of its Customer Centric Approach. The company has rolled out ‘Most Important Document (MID),’ an one-page questionnaire on HDFC Life’s key product features to be mandatorily filled by customers in full and sign across, acknowledging full understanding of the product features at the time of filling up proposal forms.
The MID has been rolled out across all its main Distribution Channels with effect from April 8, 2011. The roll out of MID is a proactive initiative from HDFC Life to ensure that customers understand products well before making a decision to purchase it.
Commenting on the launch of MID, Mr. Amitabh Chaudhry, MD and CEO, HDFC Life said, “Customer centricity is a core element of our business philosophy. Thus, our constant effort is to monitor our customer experience processes, conduct regular Voice of Customer (VoC) studies, design products that are in line with customer needs, and take necessary steps that benefit end customers. We are of the belief that customers should buy products for the right reasons and thus, we encourage them to spend time in understanding the products they plan to buy in line with their needs, read up all necessary product literatures, and fill up the MID form. The objective of MID is to enhance product understanding among our customers and minimise mis-sale. All our main Distribution channels would follow the process of submitting MID along with proposal forms.”
HDFC Life's other key Customer Centric initiatives include:
• A 30-day free look-in on all ULIPS launched after Sept 1, a first in the industry
• Welcome call to customers to get a first hand feel of their expectations, to gauge satisfaction with the company’s sales process and if the right product has been sold based on customer needs
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• Robust Grievance handling system with comprehensive investigations/counseling to customers in case of complaints.
• A Strict Malpractices Matrix in place to address mis-sell (including termination).