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Customer centricity key to Aegon growth in India

India, January 13, 2014

Aegon Religare Life Insurance in India believes the key to making financial security accessible is customer centricity. But can anything really get us to take responsibility for our financial futures?

“Customer centric means we question what’s best for the customer during every decision we make,” says Parag Lokhande, Assistant Vice President Marketing. “This results in products that our customers need and more importantly, understand. It also means our services are available where and when our customers want them. And finally, it means we offer them the level of service they expect.”

Partnership with YES bank

This approach resulted in some tangible changes to Aegon Religare’s business in 2013. In July, the company partnered with YES Bank for premium collection. This enabled customers to walk-in to any YES Bank branch during the local banking hours and conveniently pay their life insurance premium using cash, check or demand draft.

Simple explanation of iGuarantee

New Online Products

Throughout the year Aegon Religare also launched a number of new products that provide a steady return while minimizing risk – something that customers consider vital in the current economic environment.

“Our latest iGuarantee plan is part of our endeavor to provide simple and uncomplicated products to our customers at their convenience,” explains Yateesh Srivastava, Chief Operating Officer at Aegon Religare Life Insurance.

The iGuarantee plan is India’s first online guaranteed insurance plan. It offers the option of hassle-free, convenience with no intermediary. The proposal form has just three questions, it requires no medical examination and the policy can be issued very quickly. It also offers the security customers are looking for by providing a guaranteed return for a period of six years after the policy term.

Award-winning Insurance Products

In July 2013, the company’s online developments were recently awarded the 2013 E-Business Leader, in the category of Overall Insurance Industry. This acknowledged their effective deployment of the online insurance channel for marketing, lead generation and sales. This was followed by a second award in November in the category Best Online Product Distribution.

And while a growing group of customers is looking for the ease and convenience of online products a significant group remains who value traditional sales channels. During a recent customer engagement day, which was chosen to coincide with the Hindu festival of lights, around 6,000 specially selected customers were invited to 20 of Aegon Religare’s branch offices.

Traditional Insurance Channels

“Face-to-face customer contact is an effective way of establishing long-term relationships,” says Parag Lokhande. “Through our ongoing measurements, we know that customers are pleased with our products or service but may lack an emotional connection to the company. This recent activity, which was rated highly by our customers, differentiates us from other life insurance companies and provides us with an opportunity for direct customer feedback, which helps us improve even further.”

Aegon reviews on Mouthshut99% positive online customer reviews

Their progress hasn’t gone unnoticed by online customers either. In a follow up email, new customers are asked to provide a review of their experience, good or bad, via the independent global review site Mouthshut.com,  India’s  number one review platform. A potentially risky activity unless you’re confident of the service you offer.

“The moment of truth for all brands is when a customer searches online for reviews on a product or services prior to making a purchase decision,” says Sourav Shah, Assistant Vice President – eSales.

“70% of the customers trust online reviews and recommendations for financial products more than any form of advertisement. With more than 700 reviews in just a few months and  99 percent of customers recommending Aegon Religare, this makes us the most recommended insurance company on Mouthshut.com by a significant margin. It clearly reflects our commitment to customer service and gives us an edge over competition.”

Top Performing SEO

“Our exhaustive work in Search Engine Optimization has also paid off. We’re now featured in the top position in google searches more often than any of our competitors,” concludes Sourav Shah.

Written by: Aegon