Pvt insurers lure customers with value-added services

With the opening up of insurance sector and competition between various insurance companies growing tougher by the day, most life insurance companies have started offering a host of value added services to lure customers.

From SMS alerts and online collection of premium to a free-lock period and an online feedback forms, insurance companies are leaving no stone unturned to ensure that more and more customers are attracted.

"For Max New York Life Insurance Company, service excellence differentiates us from the rest. For those who buy our life insurance products, we give a policy pack that includes the policy document, a copy of proposal form and a detailed illustration." said Debashis Sarkar, director, marketing, Max New York Life.

Max New York Life was the first company to introduce the free lock period (FLP) under which the customer gets a 15-day free lock period. Since then the regulator has made the FLP mandatory for all life insurers. Among other services offered by Max New York Life includes SMS alerts to inform the customer about policy renewal.

Max New York Life also have Direct Customer Services Unit (DCSU), which provides personalised services to those customers who have bought policies from the company but has no agent serving them. The company has a toll-free number for both clients and agent advisors.

Moreover the company provides five options for policy renewals, which includes regular cheque payments, direct debit from bank accounts, credit card payment, cash payment at branch offices and 900 drop boxes across nine cities and online payment facilities.

ICICI Prudential, another private insurer, give its customers, who have bought a unit-linked product, PIN Mailers, which gives them secure access to personal information on the site.

"Apart from customers, ICICI Prudential also offers a PIN Mailers to its advisors and empanelled doctors. With access to this secure section on the website, advisors can check on a number of different things, such as premium alerts for their customers, commission statements, selling tips, their performance in different contests, their client diary, etc. Doctors can track the status of their payments over the web too." said Abhishek Bhatia, marketing manager ICICI Prudential Life Insurance Company.

HDFC Life Insurance Company, which has crossed the Rs 500 crore of sum assured in the state, offers it customers to pay the insurance premiums through any of the HDFC Bank branches across the country. "We are planning to tie-up with other banks for premium collection" said Sanjeev Vij, Branch Head, Gujarat, HDFC Life Insurance Company.

OM Kotak Mahindra Life Insurance Company has an special cell for door-step collection of premium. "We have recently introduced a part-payment facility for the first premium, in which the customer has to pay the balance amount only after receiving his or her policy." said Manodeep Chakravarti, branch manager, Ahmedabad, OM Kotak Mahindra, said.