Root Cause Analysis

Customer see it as purchase of overall

premium and not just the first installment

Lack of Trust in buying a large value product

online e.g. First transaction of Re. 1 in UPI

Fear of mistake because of Complexity in

understanding policy

Lack of Trust due to absence of single point of

contact in case of online purchase

Heavy documentation before buying or even

worse if post buying causing dissatisfaction

To Sum Up, If you want customer to carry a DIY purchase journey, You need to make him trust
you, have a unique contact, and visualise his insurance policy in simplest form available
 New Generation Life Insurance Products
Embedded Life Insurance Products

● New Job ● Naukri.com

Data received from multiple
touch points to identify ● Marriage ● Linkedin
various life events ● Childbirth ● Shadi.com
● Deaths ● Hospitals
Targeting customer by suggesting
tailored set of life insurance
products based on his unique needs

Shared Value Life Insurance Products

Traditional Insurance Products

Samarth, 32
Having Bad food habits, An Insurance Product that will
no fitness routine reward him for being fit and
Rarely find time in busy healthy, ultimately causing him to
schedule for his health be fit & healthy
 Request for Data
Single Click Documentation Consent to Share
Encrypted Data Flow
Name: xyz
Age: 123
PHR (Personal Health Record) Gender: abc

● Part of Unified Health Index

under National Digital Health Information Providers (HIP) Health Information Users (HIU)
Health Mission Hospital Hospital
● Launched on January 12,
2022 Lab Doctor/Specialist
● Real time easily accessible
health records based on Wearable Health Apps
informed consent
Public Health Health Data Access Insurance
● Contain detailed information Schemes Provider
of various health conditions Fiduciaries (HDAF)
& treatments Central Registry (Health ID,Provider)

Single Click
Documentation
Customer Customer Customer provides Insurer demands Data Customer
choose to buy choose suitable his Aadhar/ Health from National Health provides his
insurance product ID Stack consent to NHS
 Financial Analysis
Project cost Amount Cost Parameters Year 1 Year 2 Year 3 Year 4 Year 5 Cost of Acquisition in INR
Project Manager 0.75 Website Maintenance 3.18 3.40 3.64 3.89 4.16 Year Cost DIY Cost Agent
Product Manager 0.75 Personal Relationship manager 30.00 27.00 24.30 21.87 19.68 1 461 1600
Programmer 3.60 Marketing cost 40.00 42.80 45.79 49.00 52.43 2 391 1659
Data Analyst 0.50
Educational & Awareness Programs 10.00 10.70 11.44 12.25 13.10
3 355 1724
Data Scientist 0.63 1.00 1.070 1.14 1.22 1.31
Other 329 1794
QA Tester 0.83 4
Total Operating Expenses 84.18 84.97 86.33 88.24 90.70
QC Tester 0.42 5 307 1871
Artist 0.80 Cost Reduction Parameters Year 1 Year 2 Year 3 Year 4 Year 5 6 288 1953
Sound engineer 0.20 Total New Business Premium 91360 100496 110546 121600 133760 7 271 2043
Infra cost 1.60
Total Commision 4385 4824 5306 5837 6420 8 256 2140
Overhead cost 1.12
Business converted from Agents to DIY 2.00% 2.20% 2.42% 2.66% 2.93% 9 242 2246
Audio Bot 10.00
Total Project Cost 21.19 Expected Savings 87.71 106.12 128.41 155.38 188.00 10 228 2359

89.66%
Saving 2.36X
Agent
Break Even DIY Cost Growth
commission
in 2nd Year 2.07% In digital
cost ~20%
adoption

*All number in Million INR Click here to view Detailed Financials