#OutlookMoney Insurance Summit 2nd edition | #KeyTakeaway from Mayank Bathwal, Managing Director & CEO, Aditya Birla Health Insurance Co. Ltd. on digital opportunities in insurance
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00:00 [MUSIC PLAYING]
00:03 Three, four areas where digital definitely
00:08 adds a lot of strength.
00:09 One is the whole element of personalization.
00:11 I'll talk about that in a minute.
00:13 Then there is the whole thing of scalability.
00:15 What you can do at scale versus the cost
00:18 of doing at scale in a physical environment.
00:21 Then there's a whole issue of transparency
00:23 that it creates, which is always good for the customer
00:25 because a lot of what happens in a digital environment
00:29 is known to a lot more stakeholders
00:31 than what happens face to face.
00:33 Now, you spoke about stuff like motor inspection.
00:37 We are talking of, in digital world,
00:39 concepts like telematics.
00:41 In health insurance, we have this whole wellness-driven
00:44 model where using digital, you can track customers,
00:48 how physically active they are, what is their health.
00:50 And then you can reward customers,
00:52 which is something that the regulations allow.
00:54 So we are able to allow customers to be incentivized.
00:57 Now, could that have happened in physical environment at scale?
01:00 No.
01:00 But digitization, the digital world definitely helps there.
01:04 Plus, customers of today, they are
01:05 used to interacting at their time in their way
01:10 and not when the supplier or the offeror wants.
01:14 So in a digital world, you can actually
01:16 do that, which is technically you
01:18 can talk to the customer in the language that they want,
01:21 when they want, on the platform they want.
01:24 So all of those are possible.
01:26 And what it allows, let's say, us as an insurance company,
01:30 is to do scale engagement.
01:31 So now I can talk to Vibhay in a different language,
01:34 Mahesh in a different language, Nidhi in a different-- because
01:37 that's what you prefer.
01:38 In physical, it's very difficult to--
01:40 I mean, you can still do it on a call center,
01:42 but that's still very expensive.
01:43 And digitally, you can do all of that.
01:46 The other thing is this whole transparency
01:48 it creates, because the conversation I'm having
01:51 can be technically available.
01:53 It's on record versus that.
01:54 So that creates more trust.
01:56 Our business is about trust.
01:57 And so ultimately, anything that adds to that element of trust
02:01 is always going to be good for the business.
02:03 And of course, it creates so many more new opportunities
02:07 to reach consumers at scale where
02:10 they are through New York set of offerings, which
02:13 are possible instead of the whole full-fledged product,
02:16 you can go and do much more customized offerings
02:21 for customers.
02:22 I think it opens up a plethora of opportunities
02:25 for the category, right from revenue enhancement,
02:29 productivity increase, reduction of cost, scale engagement,
02:34 better retention, et cetera, et cetera.
02:37 (dramatic music)
02:40 you