Snapshot
Company: HDFC Standard Life Insurance
Project: Mobile Workforce Solution
IT Head / Project Lead: Sunil Rawlani, Executive
VP and Head, IT
Name:
Sunil Rawlani
Designation: Executive VP and Head, IT, HDFC
Standard Life
HDFC Standard Life (HDFC-SL) needed its Financial Consultants
(insurance agents) to spend more time with prospective and existing
clients. This would help the company to sell more insurance plans
and hence improve its bottom line. Before the new solution was
implemented, its Financial Consultants (FCs) spent too much
time trying to access information for sales and life-cycle
servicing through the call center or operations departments. There
was a need for a solution that would let the FCs directly access
such information 24/7.
The company decided to build an end-to-end online solution to
service most of the requirements of the FCs. It is aptly called
‘Mobile Workforce Solution’. The solution comprises a
portal that integrates e-mail and mobile services. This lets the
system send SMS or e-mail-based updates and alerts to FCs and
vendors. Similarly, the FCs can update the status of the prospect
discussion to the database of the Mobile Workforce Solution by
sending a SMS.
The solution provides FCs with sales tools like premium calculators
and tax saving calculators, which have played a huge role in
equipping FCs with the required knowledge to complete the sales
process smoothly. The portal includes features for agent
training and MIS generation. The hierarchical reporting tool
collates information pools of data and displays it to key
users.
A B2B facility sends updates to vendors about the latest print
orders and also enables them to track payments. Vendors bid online
for rewards and HDFC Standard Life selects the vendor with the
lowest bid to put up its product catalogue. The Rewards Management
facility enables FCs to redeem and track rewards.
Apart from streamlining and optimizing Sales operations, the
solution has also transformed crucial processes such as Financial
Consultant Recruitment and Training (Licensing), Sales Performance
Tracking, Proposal and Policy Servicing, Performance Management and
Recognition. All these business objectives were achieved with a
system uptime of 99.96 percent.
The solution’s business intelligence and analytics features
have helped the company increase its market share and reach,
through the sale of policies in new areas.
Since complete MIS generation can now be done through the portal,
it has resulted in a 100 percent reduction in manpower cost at the
branches, and this has resulted in savings of approximately Rs 7.5
crore per year.
With the new system having introduced online training for FCs, the
drop-out rate has reduced by 10 percent. This means savings of
about Rs 2.6 crore per year. Online training also makes it easier
to track training progress and follow up with the FCs. The portal
also automates the generation of commission statements leading to
100 percent savings of over Rs 1 crore a year. Since it streamlines
the communication, tracking and fulfillment of redeemed rewards,
this has generated 5 percent additional revenue of approximately Rs
70 crore per year.
Post implementation, the total additional revenue for the company
is Rs 95 crore, with a total saving of over Rs 11 crore.
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