Diversified distribution channels drive AFLI’s Transformation
As AFLI transitions from a bancassurance-centric life insurance company to a diversified multi-channel sales distribution model, it recognises the continuing importance of the banca channel, but also recognises the importance of developing proprietary sales channels such as Agency and Direct Sales Team alongside.
To be successful in a market the size of India, and to access a broader customer demographic, the choice to develop these channels in collaboration with trusted partners was an obvious one. Furthermore, distribution diversification also helps AFLI to remain competitive and to mitigate risks.
Building a strong Agency network as a priority
In building an Agency Channel there are certain non-negotiables including the necessity for strong brand awareness, which is something that AFLI has invested in. You need to hire the best people for the job, invest in training, embed a competitive compensation strategy, and offer competitive attractive products. An in-depth study of the agency business was carried out to better understand the customer base and the optimal product suite. And in parallel we quickly recognised the importance of harnessing the power of technology and digitalisation to enhance efficiency and distinctiveness. Afterall how well you deliver products is also paramount. Among other things, AFLI leveraged a Psychometry Hiring Tool to assist in making the right Agent and Agency Leader selection. To support a structured learning experience beyond the classroom and customised to the individual, AFLI employed Axonify, a Learning Management System.
Further investing in the Banca Channel leveraging the power of digital
Throughout 2023 AFLI has continued to work closely with its banking partners on product development, integration and innovation across multiple verticals and customer segments. A detailed study was conducted on the Bank’s key customer segment (HNI and NRI) and products were crafted as an offering to their specialised needs. An initiative to embed insurance into Federal Bank’s personal loan offering showed strong early success, allowing the bank to deliver a fully integrated digital insurance solution. And further opportunities are being explored such as Credit protection for overdraft account holders and simplified journeys for personal loan, credit card and current and savings account holders. AFLI has also digitised processes for Micro Loans and Education Loans for both of its bank partners.
Working in partnership with Munich Re an Automated Underwriting initiative has significantly improved STP (straight through processing) with a significant reduction in policy turnaround times resulting in a superior customer and distributor experience. In partnership with Vymo a new Lead Management System was launched designed as a personal assistant tool for the frontline salesforce.
