Max Life Insurance Company Ltd. ("Max Life" / "Company"), has rolled out a smart solution, 'Insta confirmation of insurance (Insta-COI)'+, to customers buying the 'Max Life Smart Fixed-return Digital Plan' (UIN: 104N123V01), a non-linked, non-participating, individual life insurance savings plan on Max Life website or Policybazaar platform. The Insta-COI feature enables intimation to the proposer regarding the commencement of the risk cover pending release of the policy contract ensuring a quick and hassle-free onboarding.
This initiative becomes possible by digitizing processes for documentations during onboarding. Strengthened by AI-enabled smart underwriting, this solution is currently applicable for certain low-risk prospects choosing a sum assured of up to INR 25 Lakh*.
Manu Lavanya, Director & Chief Operations Officer, Max Life said, "At Max Life, we continue to create innovative solutions that streamline life insurance workflows, increase efficiency, and enhance the overall customer experience. With Insta-COI, we are driving customer delight by ensuring a fast and seamless onboarding journey with its unique feature of instantly communicating successful policy issuance. We plan to extend this feature to relevant online savings portfolios this year."
In the recent past, Max Life has introduced innovative service experiences via digital interventions like chatbot and WhatsApp servicing. Backed by its vision to be omnipresent for its customers, the Company had also introduced a financial payout services feature on its website that made it convenient and hassle-free for customers and enhanced the overall digital experience.
About Max Life Insurance (www.maxlifeinsurance.com/)
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 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 FY21-22, Max Life has achieved a gross written premium of INR 22,414 crore. As of 31st March 2022, the Company had INR 1,07,510 crore of assets under management (AUM) and a Sum Assured in Force of INR 1,174,515 crore.
For more information, please visit the Companys website at www.maxlifeinsurance.com.
+ Subject to document validation
* Only for Smart Fixed-returns Digital Plan