Kotak General Insurance Case Study

Kotak General Insurance sets new standards for customer engagement & loyalty with Talisma digital platform.

Company Profile

Kotak General Insurance – A 100% subsidiary of India’s fastest growing bank, Kotak Mahindra Bank Ltd. Kotak Mahindra General Insurance was established to service the growing non-life insurance segment in India. The Kotak Mahindra Group is one of the leading financial services conglomerates in India, and received its banking license from the Reserve Bank of India (RBI) in February 2003.

The company aims to cater to a wide range of customer segment & geographies, offering an array of non-life insurance products like Motor, Health, etc.

As a practice, the company seeks to provide a differentiated value proposition through customized products & services leveraging state of the art technology & digital infrastructure.

Business Challenges and Priorities

Being the 29th entrant in the General Insurance Industry, Kotak General Insurance, always believed that quality of services offered to their customers could help them create their rightful position in the industry. So even before they formally began operations, a hunt for a befitting CRM was initiated to ensure that KGI had a robust backend supporting their vision.

“At the management level, Talisma was the closest to meeting KGI’s business requirements, implementation targets & budgets”

– Sanjay Shingala AVP-IT

Kotak General Insurance

Priorities Identified Were:

  • To integrate all customer care touch-points: Communication channels and service locations on a single and centralized enterprise platform for a 360-degree view of
  • This included operationalizing a more effective and measurable customer experience framework across queries, services and complaints received at the Contact Centre, Online Portals, Emails, Snail Mails, Chat, Social Media, Walk-ins at branches, SMS / IVR requests, etc.
  • To integrate with the Call Center infrastructure including CTI (Computer Telephony Integration) /Dialer and Policy Admin System. Thus, enabling real time Claim registrations and endorsements and providing a 360-degree customer view for better customer engagement.

“KGI is glad to have Talisma as their partner in customer experience management”

– Rahul Singh, Project Manager

Kotak General Insurance

  • To manage complaints effectively and link the Integrated Grievance Management System (IGMS) to the online consumer complaints registration system of Insurance Regulatory and Development Authority of India (IRDAI). With simultaneous registration of complaints, customers should know that these will be attended quickly, raising their trust level and confidence in KGI.
  • To maintain a Standard process of handling interactions through all touch points with workflow, auto-assignments and end-to-end handling in CRM. Thus, facilitating faster responses and tracking.
  • To conduct CSATs and Quality audits to continuously evaluate service quality for improvement. Thus, enabling continuous learning and improving customer experience.
  • To implement a CRM which had its learnings from the General Insurance industry and which required least customization and lead time, and a reasonable license cost with less number of users initially. Thus, providing scalability and cost effectiveness in the long run.
  • To ensure efficiency of the  service  representatives  and for faster delivery of responses,  KGI  was  sure  that it wanted a single system which could serve their need. As this would restrict the access to Policy Admin System and avoid users navigating to multiple systems to provide resolution.

Solution Provided by Talisma

Talisma has a proven robust platform with a lot of out of the box features which enables easy integration whilst providing the ability to significantly reduce manual interventions.

Talisma has Provided KGI the following:

  • Multi-Channel Capabilities – Talisma has enabled a multi-channel capability at KGI covering Email, Phone, Chat and SMS for successfully managing high volumes of inquiries received by KGI daily.
  • 360-Degree View of Customer – One view of Customer for an Agent to handle different types of requests and queries by displaying data from various KGI systems.
  • Service Request Workflows – Talisma has provided workflows to handle simple to complex service requests such as Contact details change, Claim intimation etc. with smooth integration with the KGI core system.
  • IGMS Integration – Talisma has implemented IGMS integration for smooth flow of new complaints as well as complaint status updates between Talisma and IRDA.
  • Quality Assessment – Critical for measuring quality based on parameters specific to the channels such as Chat/Email/Phone used by Agents. It provides a process to maintain systematic review for Agents/Supervisors.
  • Website Queries/Feedback – All queries/feedback received by KGI on its website are created and resolved in Talisma Digital Platform.
  • Knowledge Base Management – Provides a repository of data required by Agent/Supervisor with real-time access to do their job much efficiently.
  • Reports
    1. Detailed reports are provided to analyze, identify and improve processes.
    2. Specific reports are available that uncover patterns which are otherwise tough to see such   as performance reports for each platform, channel and the blended Agents’ data.
    3. Data points are presented on a dashboard  that is easy to use and can help improve customer experience and consistency of service delivery across channels. Thus, highlighting shortcomings, service mismatch, improving staff training and promoting better interactions.

Key Milestones Achieved After Using Talisma

Implementation of Talisma Digital Platform has helped in achieving consistent and positive customer experience.

  • Talisma Digital Platform has helped KGI automate customer interaction management across all touch points and all modes of communication.
  • Identifying needs more effectively by understanding specific customer requirements as products are mapped to individual customers in KGI’s implementation of Talisma Digital Platform.
  • Workflow based and Time bound assignment of interactions to multiple departments has helped KGI improve their turn-around time drastically.
  • By tracking Claim registrations in Talisma Digital Platform, that is directly integrated with KGI’s Core Policy Admin System, KGI can offer best services to its customers, when they need them.

Benefits Realized by Kgi After Using Talisma

KGI is glad to have Talisma as their partner in Customer Experience Management. Above achievements have led  to consistent service quality.

  • Tracking resolutions to customers’ needs has become simpler. This has helped KGI meet and exceed customer expectations.
  • Automation and real time sync of service requests with KGI’s core system has helped multiply productivity, maintain quality and improve efficiency.
  • 360-degree customer view provides instant access to all the requisite customer information to enable “first time right” services improving KGI’s reliability amongst customers.

Ultimately, this has led to:

  • Enhanced customer satisfaction, ensuring KGI’s good reputation in the marketplace continues to grow.
  • Increased value from KGI’s existing customers and reduction in cost associated with supporting and servicing customers’ needs.
  • Increasing KGI’s overall efficiency and reduction of total cost of service.
  • Improved service trend analysis.
  • Achieved standardization across all touch points.
  • Improved data availability for various Marketing campaigns.
  • Transparent agent performance overview through the quality assessment module.

Why KGI Chose Talisma?

KGI had evaluated multiple CRMs and finally selected Talisma over the others for its simplicity, easy navigation and  adaptive  UI  for  all  types  of  interactions  across   all touchpoints. Thus, allowing easy functioning of representatives across processes.

At the Management level, Talisma was the closest to meeting KGI’s business requirements, implementation targets and budgets.

The Road Ahead

Post the implementation of both phases, KGI plans to start working with Talisma on Chatbot, Social  CRM, and Analytics to serve their diverse  customer  base  having  distinct  demographic  characteristics  with  an   aim to strengthen loyalty through better engagement experience and customized services aligned to customer expectations.

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