Strengthening its commitment towards superior customer servicing, Max Life Insurance Company Ltd. (“Max Life” / “Company”) has enhanced the ‘Buy Now – Pay at Approval’ feature available on term insurance purchase for customers. Launched last year for policies bought online, the feature allows customers to apply for a policy through a digital payment method. This helps ensure that the premium amount is not deducted until the proposal evaluation by the insurer.
While the feature was only available on credit card payments last year, with the increase in digital transactions and diversification of payment options, the facility now applies to transactions made through Credit Cards, Debit Cards, and UPI platforms.
Manu Lavanya, Director and Chief Operations Officer, Max Life said, “At Max Life, we are committed to creating robust customer journeys in the digital value chain. The ‘Buy Now – Pay at Approval‘ feature attempts to simplify policy buying through a digital payment instrument while avoiding the risk of money being withheld in the event of a delay in policy issuance.”
“By extending the facility to wider modes of online transactions, we look forward to delivering hassle-free customer experience and mitigating any negative impact likely to occur due to cancellations/underwriting concerns. Since the introduction of this feature last year, we have seen an uplift in customer experience, with a reduction in grievance and refund-related issues, that we aim to continue with the newer augmentations,” he added.
Launched last year only on Credit Card payments, the ‘Buy Now, Pay at Approval’ feature saw a 25% customer penetration last year. Introduced across varied payment modes of Credit, Debit cards and UPI for the customers, the enhanced iteration aims to increase its penetration to ~20% over the next couple of months.
About Max Life Insurance (www.
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi-business corporation. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners. Max Life has built its operations over almost two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital.
As per public disclosures and annual audited financials for FY20-21, Max Life has achieved a gross written premium of INR 19,018 crore. As of 31st March 2021, the Company had INR 90,407 crore of assets under management (AUM) and a Sum Assured in Force of INR 1,087,987 crore.