ACCENTURE

B-SCHOOL CHALLENGE
Innovating in the new

TEAM BAZINGA | IIM KOZHIKODE

CH IRA NJ EEV GAGGAR SHWANI WARATKAR SANKET MULEWAR

 Research t Digital Consumer
* Big I Digitization Impacts Projections
Methodology Transformation Journey

PRIMARY RESEARCH SECONDARY RESEARCH

Interview Insights Market Analysis

Steady Growth Rate Low Penetration

C5 Telephonic Interview
© Grownby a steady rate
0 Still remains as low as
of 14.5% over last 6 yrs 2.76% of India's GDP
'improving customer experience through
d igitalisation I ike automated chatbots is on Private Sector Shane LIC Domina nee

Vogendra Bansal
rise
Awareness program is necessary to create
awareness as in India life i nsurance is
© Grownfrom mere 136 In
2003 to 33.76% In 2019 © LlChas maintained a Mi
of 66.24% In premium
Product Analyst considered as waste of money
bptum itrong foothold on digital chan dels to sell and Critical Differentiating Factors for an InsurTech
promote insurance polldes vital to any gam
market share in coming years
Sustainability Competitive
Advantages
Personal Interview Business Model based
Innovative value
solutions that gene rate
proposition to thrive
I will obviously buy hfe insurance, once I sustained market
in competitive
graduate demand
landscape
But, he doesn't has much i nforrnat ion about
different policies available Ecosystem
All the family members are not life Insured I Scalability Capabilities
Prateek Kardam Insights. Very less visibility of insurance policies
26 yrs on major touchpoints causing less awareness Ability to meet Integration with open
Student mainstream market platform models and
demand and broader capability to customize
Kmplementatian the solutions
 Research Digital
Methodology Trans formation

Decision Making Drivers Digital Action Plan

Prepare Organiiation integrated Digital

Youth are tech savvy and are open to
Ecosystem
various options, whereas aged
Align organization Scalable and
people tend to follow the
structure
conventional methods for insurance responsive to
Deploy flexible consumer needs
like consulting agent and prefern ng
Individual operation model as Handy device usage
goue rnment Insure nee
pe r customer Journey for customers
Digital Flatforms
With higher level of education, Youth “ Leaders as change
Personalize the
demand for more transparency and customer Interactions
Agents
are inherently aware of their
surroundings. They have many
Education options available and are active on
social platforms

People want good std of living, Enhance Consumer

Continuous innovation
health conscious people generally Experience
make sure that they are secured
Personalized
with life i nsurance Identify business expenence across
Lifestyle partnership channels
Build a digital culture Leverage social Media
Try to leverage new platforms
With increasein their disposable technologies Voice of customer
income they are more iindmed to
Automated discussion
be interested in life insurance. Also
it acts as a tax shield. Thus with
start of career people prefer
Work t career
insurance
 Rese-areh Digital
Methodology Transformation

AWARENESS CONSIDERATION PURCHASE LOYALTY

rney
Jou Social Media Ads Landing Pages Websites Website Testimnn lais

mer TOUCHPOINTS Reviews

$Ed
UTT Platforms
Social Media
Insurance Portal
Direct Malls
Online Marketplaces
Apps
Bings
Surveys

UStO
G * Not tech savvy Doesn't know to differentiate Difficult to switch from Difficulty in paying prem lums » Ho Incentives
RAIN POINTS
1

a • Trust Issues between alternatives conventional Insurance method online • Lack of guidance In
git Not aware of digital Doubt the utility of online No personal touch hence Didn't like the experience planning future
diff icult t o be convinced
I

D Insurance options Insurance plans

I want a good service

• I don't know I want to find I want to evaluate * I want to engage
CUSTOMER I don't want to regret over the
1 How do I choose I want co know I wane to purchase • I want another
MOMENTS plans chosen plans
I

BEFORE BROWSE PAYMENT AFTER LATER

rney Gather Information
Riya wants to buy an i nsurance she
^Advice
She takes advice from her
Purchase Policy
She finally decides a particular plar
After Sales Service Make Claim
Agent tells her more Information
Jou
r
reads about It on newspapers, TV colleagues and insurance agent and company based on her
She gets service help for premium
and other benefits from agent on other plans and Riya is

me commercials about the various Insurance plans suitability and trustworthiness convinced to buy another plan

sto r
® (2) ©
A ---
u —
G
ne ^3)
I

fl Digital Opportunities Digital Opportunities Digital Opportunities Digital Opportunities Digital Opp reuniting
Of Digital Platforms can be used lor Ordirie reviews and testimonials cm Access tpTnCs lor the plans digitally Easy to pay all the premiums and get Miking claims is easydigitaRr
awareness be helpful in choosing ensufinR transparency alter sales services promptly without any hustles
 Research Digital
Methodology Transformation

CONSUMER SEGMENTATION VALUE PROPOSITION

Geographic C'emcgr phic
Fil rtCtional Benefits Emotional Benefits
fieri cities 6 dtles with Gen Z: 3- 24 years Smartphones savvy
population of 11.1 ft Favorable Tax
Tier 2 cities: 26 cities treatment Family Support
Gen ¥: 25- 40 years, TV, social media
Tier J cities: 23 cities After Death benefits Peace of mind
Income Based
Gen K: 41-54 years, newspa pers> TV, Cheap solution
Upper most segment of the consuminE
social media
dass-Al^Q and El
Middle segme nt- 62 and C Baby Boomers :55-75 years Traditional
The lower most segment— ft. El, and El- TV viewers Reasons To believe Brand Personality

Psychographic | Worldwide presence Leveraging Digital

In 20 countries Solutions
Brand Image Easy to use and buy
Wannabees Transitionslists
Insurance through
£ Behavior Traits:
Behavior Traits:
Rational eustonm whose decisions are app
1
Are not digiully proficient
based upon 'value for money'
Birt iheyttoIfte to try Mw things
Dorit mind moving to
* Get influenced by [ech savvy i
computer-only advice
people and try to follow
Ready to change Channels of
them
pui
r
J Chit . — —I
chawd „ . , ” |
UI CJp^birtr .
Target Group Positioning stale menl

Tech savvy Traditionalists and For the GenTpeopte who want quick
Traditionalists Digital natives Digital Natives from Gen T options of insurance, We bring on easy
Behavior Treats: Behavior Traits: Belungingtu SEC B1.E2 and C insurance sotution on your phone, so mat
* Conventional approach * TwhnologicMly advanced Cities Tier 1,2,3 cities the priorities of life are always taken care
* Prefer human touch Demand flexibility of wJtnout risks
* Apprehensive about digital modes Highly receptive to innovative models
* Attracted towards highly responsive Mol comfortable with complex TSCi and
insurer&who put customer's antereM benefit structures
on priority
 Research 1 Digital Consumer
STP Big Idea Digitization Impacts Pirojertions
Methodology Transformation Journey
Leveraging different PHYGITAL Channels to increase Purchasing behaviour of Life Insurance
Using SC model to gain digital capability to disrupt the market : Customer- Content - Collaboration
Gamification; lOT ba sed solution T* Gymnasium Social Media Campaign
Strategy: Strategy. AParivarKiSuraksha
Strategy As People who jams gym
campaign would be run to make
1) Partnership with major fit hand players like Ml are majorly health conscious, newly mamed couples and youths
2) Dally milestone of no. of steps walked to be providing life insurance to those
aware of the importance of life
recorded and If achieved then to be rewarded with customers with the membership of
Insurance and also promote the
REWARD POINTS, which can be converted to buy gym by paying little extra bucks
client's APP. Push marketing to
life Insurance on the APR we have suggested targeted customers
Digital Payment Wallets Ecommerce APRS
Strategy: strategy:
1| Apps like PhonePe, Paytm to be used to promote 1j For any purchase of health related product made by
about the client's offerings customers on Ecommerce website like Flipkart and
2) While payment through these wallets, ads to pop up Amazon would get REWARD POINTS that could be
about the offer like pay X amount extra and get converted for Life insurance purchase
discount of life insurance premium payment 2 ) As major Ecommerce players are planning to
3) Customers could also opt to get reward points for become Super APP. These provides a great opportunity
the transaction made to provide subscription based service on those APPs

Cab Aggregator Yu uTu be/ OTT Platform

Strategy: Strategy: Using celebrity Influencer like Shilpa Shetty,
1} Customers who travels with OLA/Uber would who Is famous far YOGA and wellbeing related initiatives
get a text message from the clients company to promote the life insurance product
2} Reward points to be credited on the client APP Background of Video: Influencer will be shown shocked
3) Small pamphlet to be given to our target as while a normal discussion with friends, she come to
customers, when they board the cab know that many of her friends do not have life
Benefits. Targeted marketing and promotion of insurance. Then she suggest to buy life Insurance
our APP Benefits: Will deliver cognitive value of life insurance to
 Research t Digital
Methodology * Transformation
We suggest including a host of static and dynamic features to offer digital services to dutTG across the value chain
; 1) App would be operated on cloud native architecture to enable future innovation and addition of services in the APP
! 2) All the partner services' REWARD POINTS to be collected at one stop point on the clients APP itself, named "MY POINTS'
Digital Analytics shall help in
These points a re generated by
Analysing data got over different
various partnerships done with
fieogra ph c areas, age groups Reward
Digital Ecommercg, Cab aggregators
and ti me of the yea r on which
Analytics points etc.
maximum sells happens

List of all the services which

provide the reward points,
Easy buying option ava liable on Services
APR, where user can buy Ide
which could be converted to pay
premium
Insurance in some clicks BUY

Blogs Content related to I nsuranoe

.comparison of policies eye

Forum where all the user could

discuss a bout various policies
Discussion
before taking a buying decision Premium This will help customers to know
Forum about the premium to be paid
Calculator
for a ny selected insurance

Introduce alert system to notify Provide customers w ith

customers related to a ny Insurance personal and engagi ng
updates In Insurance sector and updates ChatBot experience in buying insurance
introduction of new policies products. Will be helpful In
video explaining
insurance policies IP detail solving any customer related
in various regional query
L-
— languages
 Research Digital
Methodology Transformation

Phase wise Prioritization (Benefit Based}

Build Buzc Disrupt

Persona) Phase 1: Building a digital Ecosystem

Financial Cloud Native
Assistants App
J 1. Cloud Native App: All offerings at one
place. User able tn view daily data.
2. Connected Ecosystem: IOT devices being
used for Gamification

Connected Blockchain
.
3 Analytics/AI: Baild ing a na lytics capabil ity to
Analytits/Al
Ecosystem Capability
V calculate variable premiums

Phase 2: Increase Reach/Vislbillty

PHuritvJjascdnb^ Claims
Management
Solution
Tailored
Offer! rigs Marketplaces Brokers {Digital}
I

i
\
1. Marketplaces: Partner with market places to
increase availability of product
2. Brokers^ Digital j: Making products available
with brokers
3. Claims Management Solution: Digital CMS
solution to reduce cost and increase efficiency

Phase St Disrupt
'
।

[
*
J
a

Data Specialists
I 1, Personal Financial Assistant: Leveraging data 1
and connections to offer financial solutions ।

.
2 Tailured ofterings : Tailored offerings ba sed on I
user data ।

3. Data Specialist: Partnership with data I

Priority based on current benefits I specialists to create tailored offerings r
 Research Digital Consumer
STP Big Idea Digitization Impacts Pirojertions
Methodology Trans formation Journey

Operational Impact
Efficiency Sales and Distribution 2 Claim Assessment 4
Lower clam adjustment costs and time in handling
claims due to automation.

1 Notification of 3 c lams Proc&ssiri'g

Clalm/Loss and SdnldmenL
i
| 1. Disintermediation 1. Online reporting ! 1. Analytics allows to >! 1. Real-time I
1 resulting in drop in ; of claims within I calculate I processing and I
| costs for the minutes premiums on basis ii laste r payo uts 1

1 customers 2. Full transparency I of user data I 2. Detailed reports I

| t Closer appreciation I on claim 1 2. Faster assessment >i and documents 1

Customer Experience Effectiveness 1 of consumer needs ; processing by due to reduced I; always ready to I
| lead Ing to increased I WhatsApp or push > human । access 1

। conversion of leads ;
f messages intervention I i. Self service portals I
[ Better Customer [
| Lower costs and time
| 3. Digital tools 3. Agent process ! 3. Leveragi ng of d ata ii lor customers 1

I Experience which will ।

1 providing better automation insights to access I; 4. Personalized I
in handling claims
’ lead to an increase in
I due to automation. | mechanisms for leading to savings । claims with a 1 offerings leading i
I the Net Promoter Scare. 1 front office agents ; in back office costs I h igher accuracy I; to increased I
[ i[ loyalty 1
 Research Digital Consumer
STP Big Idea Digitization Impacts Projections
Mlethodology Transformation Journey

Business Impacts & Projections

Final Market Share (At End of Phase 3)= 10.03% Projected! Marketing Cost: 3/75 Cr
Market Share
Digital Marketing : Stag campaign, FBI and erther soctai mecta channels 12.OTK

Cab aggregator, gym. Addition of new service in APF

APP launch, loT solution, Viden campaign, (Payment wallets H.OTK

6.OTK

1] 1.95k tames rc^tiLe growth

Successful launch erf APP in tier 2 and 11 Increase in sa « al if c 4.OOK
2 1 Consistently above 10%
tier 3 ohes insurance, dient revenue
rcwnuc growth inr 3 years LOOK
Awareness created about life showing uptrend 3| Facebook.- 7.9 Mi Impraxslom
insurance throu^n social media 2 1 Acceptability of A PF among 4| Achieved targeted market q.ook
IOT based infrastructure people increased a 0.5 I 2.5 3
share

Client Revenue Projections

Mile star* Milestone
p|aisn Milestone
3 50X0
Akari 1
4ttX0

FYZ1 |Year 1) FY22 (Year 2) FT23 (Year 3) 3WX0

Phase 1 a 2DM0

Number of wearables IIXJUXRJC 11S0OC00 1322.5OM fouRube i&xa 1346875

Policies sold via Wallets 6387S1MO 81121250 1OJ023S87.S

<J E>1a
a
PoliDes sold on [commerce 0 10500000 13230000 k i 2 3
Cab Aggregator 10162500 23761500
Total Policies 73375001 122283752 153240490.5 R hit fiutl
M PiMansc
Total Policies (LaHis) 738.8 1222.8 1532.4 4
Rrvenuetf rones)
Growth rate due to digrtal Marketing
RevBnuHCrwes) after Digital Camipa^n
Indian Lite Insurance Industry Sue
Market Share of Client
1477500
25%
18468.75
280000
S%
24455.75
31.25%
32O9H.4H
404700
«%
30048.10
41.02%
41218.61
421005.5
10%
1

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Click on the icon to
download the Excel file
containing detailed linaKui
PrqwticwK
Financial Projections