Helping insurers navigate the new paradigm of employee and customer engagement


 In 2020, companies across the globe began to announce that they were exploring working from home as a permanent solution for employees. The scale at which this is happening is unprecedented, and many have moved into this new normal. What the COVID-19 pandemic has done, has opened up the 'future of work' to entire industries in the span of just a few days.

In the midst of this sudden change, Vymo has launched the Work From Home Suite for insurance agents, brokers and business leaders. It gives insurers worldwide direct access to remote business processes and customer interaction in less than 72 hours with minimal disruption to business operations. AIA, Generali, Sunlife, Aflac, BNP Paribas, Allianz and AXA are some of the insurance companies that have used Vymo for its capabilities.

Help insurance companies make the transition

“Traditionally, the life insurance sector has been a slow adopter of digital and IT capabilities,” says Rajesh. “Among the BFSI sector, banks, followed by insurers in general, are leading the way in digital adoption when compared to the general life insurance sector. Having said that, like in any industry, companies' levels of digital readiness vary widely. There are life insurance companies that are early adopters of technology, and they are able to respond well and promptly to combat the sudden onset of the pandemic. In contrast, others are forced to re-evaluate their digital program and make hasty investments in the short term to prepare for operating in a remote environment.

“Digital transformation is not a plug-n-play and fundamentally takes a lot of time and effort, both technically as well as institutionalizing the modified approach, which requires many months of creativity. change management. Even companies at the early stages of digitization have lost the ability to react promptly to the situation. They had to go through the whole journey of transformation without distinction. "

Incumbent insurers have experienced more digital transformation in 10-12 months than they did a decade ago. While the pandemic has sped up some existing IT projects, a large number of others have been replaced by urgent needs, like the digitization of business processes that require physical and selling touchpoints. Safe and reliable goods & customer engagement.

“Nobody has a book on how to deal with a situation like this,” he said. “There's an old adage - insurance doesn't sell, doesn't buy, at least in most parts of the world. This continues to be true today, especially for life insurance products. Life insurance is a difficult product to sell and requires a relatively higher level of engagement between the seller and the customer. It's hard to meet in person, and having to do it online makes selling even harder. In addition, life insurers in many emerging markets have faced a flurry of requests from existing policyholders. Customers are looking for a luxury vacation because they lost their job or want to reduce discretionary spending. Similarly, customers who were in the process of purchasing a new life insurance policy decided to postpone that purchase for the same reasons. This has dealt a double blow to insurers as their pipeline (new business premiums) was adversely affected at one end and renewal premium cash flows at the other. "

Many employees are used to working in the office and used to the in-person dynamics. The shift to working from home makes it harder for insurers to engage with employees and maintain BAUs. The industry needs three critical functions for a remote work environment - employee engagement, employee visibility and tracking, and customer interaction.

“Vymo allows companies to replicate the same structure and approach they would take if employees worked in an office,” explains Rajesh. “For example, if a sales manager holds a meeting with their team every morning to discuss, strategize, and plan the day's activities, Vymo allows the team to go virtual and on a secure platform.”

Vymo provides end-to-end visibility of sales and engagement activities. It automatically schedules them based on the insurance company's business processes. If a salesperson calls a customer using the Vymo app, it's automatically recorded and updated in the app or synced with any existing CRM system, thus providing MIS more accurate without having to manually update the details.

Managers can check the progress of activities against set goals, which allows them to have a data-driven conversation with team members about their performance.

Rajesh also shared that Vymo is in the process of deep integration with video conferencing apps like Microsoft Teams and Zoom to host these meetings on its platform. Agents and other frontline workers can also share content with customers and generate leads with the help of social media.

“A remote agent will need to manage multiple applications, right from lead engagement and sourcing to underwriting and policy issuance,” he said. “Vymo serves as a single platform to manage the entire customer lifecycle.”

Working from home is here to stay

As the world continues its pandemic recovery march, Rajesh believes the nature of work has been changed forever.

“I think the changes that are happening today are not going to go away,” he said. “Most companies are not just considering 'working from home', but instead 'working from anywhere' as the new normal. Ultimately, we will have a hybrid working model, with employees working in the office sometimes and at home/other times.”

He also notes that remote or hybrid work environments allow companies to access a broader pool of talent.

“Companies are able to recruit talent far from their physical offices, which opens up a very diverse and attractive pool of talent that until now has not been considered impossible for them to come to the office to do. work - for example retirees and mothers who would not be able to work in a traditional setting or qualified talent in smaller towns who are not willing to relocate because personal reasons,” he said.

With fewer on-site employees, companies can reduce fixed costs such as real estate. The savings can then be invested in other areas of the business, the benefits of which can be passed on to the customer, which, in the long run, leads to lower premiums and improved customer satisfaction. row.

Digital Transformation ROI

Vymo has rapidly expanded in Southeast Asia since 2019 and is currently working with the largest insurers in the region. AIA, for example, first deployed Vymo in India and then gradually expanded to other countries such as Vietnam, Indonesia, Thailand and Myanmar.

“There is a lot of potential in the Asia-Pacific and we have barely touched the surface when it comes to opportunities in the region,” Rajesh said.

He joined Vymo in 2019 as chief customer officer, after 12 years with Willis Towers Watson, where he was head of strategy and innovation for the Asia-Pacific region.

“When I joined as chief client, the focus of the organization was on customer success,” he said. “The vision of [Vymo co-founder and CEO] Yamini Bhat is not merely to sell to customers, but to ensure that customers succeed and derive value from their investments in Vymo. That was her intention when she hired me as a client manager.

“We have assembled a team of client success managers who are highly experienced industry practitioners who have designed frameworks, targeted operating models, and processes to drive customer success and satisfaction. This team has worked very closely with our customers, regularly reviewing user activity and behavioral data to generate useful insights that are shared with our customers so they can able to make informed strategic decisions to ensure their desired outcomes are achieved/exceeded. "

The team has grown into an internal strategy team working with customers to enhance Vymo's value as a solution, he added.

In his current role, Rajesh remains heavily involved in driving customer success, which he believes is the responsibility of every department and employee at Vymo and not just the successful team. client.

“In my new role as managing director for the Asia Pacific region, it is my job to ensure that I leverage my more than two decades of sales and consulting experience to help reach more customers. more customers and help them all in building the most productive and effective sales team,” he said.

Currently, Vymo is in advanced negotiations with several other companies to deploy in more countries. Vymo also recently entered the US market, partnering with Berkshire Hathaway - the largest insurance company in the world.

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