IndiaFirst is differentiating itself with technology initiatives, that promise to offer a ‘virtual IndiaFirst’ to customers. It is going beyond the usual policy purchase and renewal online buying process offered by other insurers

IndiaFirst was the last company to enter the life-insurance business almost one year back. It is differentiating itself with a technology thrust to help numerous aspects like increasing financial literacy, simplicity of product details, transparency of detailed investment performance-the insurer has also submitted a Sharpe ratio, which is a measure of the excess return (or risk premium per unit of risk in an investment asset or a trading strategy), and an online customer service experience similar to online banking.

Dr P Nandagopal, managing director and chief executive officer, IndiaFirst Life Insurance, demonstrated to Moneylife via a live video call wherein a visitor accessing www.indiafirstlife.com can connect to a live video call and see the insurer's customer service personnel talking with the visitor about various products or any other required information.

This 'Do-It-Yourself' website for understanding and buying insurance is certainly a step towards empowering customers and taking insurance benefits literally to their homes. The focus is on harnessing the Web presence to attract customers by giving comprehensive information about products and its performance after purchase. It will also circumvent the need for opening many branches. The product details will be translated into eight regional languages in the next six months.

Another unique step is that the insurer also promises to put plus and minus points of its own plans on the website. The website currently has 'risk factors' mentioned for each plan, but they seem to be generic points. The insurer also wants to give detailed company information including solvency ratio to website visitors.

Going forward, the company wants to tap into mobile technology and kiosks to reach a wider client base. The insurer is aware that the Web approach may not be enough to attract customers from smaller towns and villages.  

LifeStore aims to help customers transact their insurance requirements on the back of authentic information, online advice, services and realistic expectations.
 
"Through LifeStore, we aim to reach out to millions of Internet users-a sizable number of which are either active and/or potential customers-thus widening the scope of the market across the country. The core objective behind launching LifeStore is to help simplify insurance and encourage customers to make their own decisions related to insurance through the power of the knowledge anytime and anywhere," said  Dr Nandagopal.
 
Through LifeStore, IndiaFirst will now be tapping the approximately 70 million Internet users in India. "The digital medium is a growing category and still untapped. This is one of our business priority areas and we are looking at further expanding to the mobile platform and interactive kiosks as well,'' he added.
 
This novel platform, loaded with all critical information on various products and company performance, will provide value-added services and also offer the convenience of online purchase. Besides, it will also educate customers about the tangible benefits of insurance and their overall financial planning.
 
"Keeping in line with our objective of continuously innovating and providing value-added services, we have introduced various features such as live video calls, product audio visuals, simple step-by-step comparison of products, details about how and where your money is being invested including details about the respective companies in the fund portfolio, etc.," said Dr Nandagopal.

Apart from simplifying insurance and reducing the fear factor concerning this category, Dr Nandagopal said, this will usher in the concept of transparency to the fore and increase channels for customers to reach insurance service providers.
 
Prior to the launching of LifeStore, IndiaFirst had launched 'Ask Apply Get' (AAG)-an innovative and customer-friendly process to buy life insurance in the most hassle-free manner over the counter in three minutes (after the customer decides to buy insurance).

The policy documents are also emailed in three minutes. IndiaFirst was also the first to introduce product videos as an integral part of their sales process to bring transparency into product information dissemination.
 
LifeStore and AAG challenge the established 'push' method of selling insurance (where a customer needs to be sold a policy) to developing a new paradigm of generating 'pull' (a customer coming and asking for an insurance policy and getting it in the fastest and most hassle-free way).
 
IndiaFirst Life Insurance is a joint venture between two of India's largest public sector banks-Bank of Baroda and Andhra Bank-along with UK's leading risk, wealth and investment company, Legal & General.