With an aim to build a smooth end-to-end customer experience, Edelweiss Tokio Life Insurance, a joint venture between Edelweiss Group and Tokio Marine Holdings, today launched an insta-issuance process for its online unit linked insurance plan.
Through the instant buying mechanism, insurer will be able to issue the Ulip almost immediately to its customers subject to the Company’s underwriting guidelines. Traditionally, a policy takes 4-5 days for issuance. The service was unveiled by world class gymnast Dipa Karmakar at Policybazaar.com office in Gurgaon today.
Commenting on the launch, Anup Seth, Chief Retail Officer, Edelweiss Tokio Life said, “Customer behaviour and expectations have changed significantly. The digital age has created an information-rich eco-system and instant gratification has become the norm. So companies across sectors have to reimagine and optimise distribution to deliver a seamless experience. This innovation stems from our core value of customer centricity and focus on providing a superior experience to our customers.”
Edelweiss Tokio Life is building capabilities to help customers make easy transactions including regular updates on fund performance, fund switches, premium top-ups, partial withdrawal, and premium re-direction. The company also aims to enable recurring payment processes through integrated facilities like eNACH, eMandate, Ad biller, Standing Instruction Facility on debit and cards, etc.
Santosh Agarwal, Business Head – Life Insurance, Policybazaar.com said, “The Wealth Plus product was first-of-its kind 4G insurance product in the industry and addressed all issues relating to the old ULIPs. However, the unique offering had to be complimented with an equally robust distribution service. Hence, we have co-conceived a new insta-issuance service with Edelweiss Tokio Life. The new service offers a high customer-centric methodology of easy purchase and augments the return on investment of a consumer. This unique offering is in sync with the philosophy of policybazaar.com, which firmly believes in offering cutting-edge products by challenging the status quo constantly, offering maximum benefits to our customers.”