Bhart Axa General Insurance Company is getting a hard look at it business and services recommending. The company is looking to go slow on non-profitable services and ramp up on sections which have the potential to turn profitable quickly.
The general insurance companies in India are encountering a problem as nearly all of them are running on their major business and earn money only from investment income. This trend has to be reversed and moreover companies have started aligning their businesses to services which can drive earnings for them.
Bharti Axa General Insurance Company will go big with the retail segment and further focus on car and health insurance sectors. The group health insurance comparison segment has not been profitable and moreover the premiums there have seen a considerable raised over the last 2 years. The plan to go retail is something which will require time as it needs investments in IT infrastructure, building distribution networks and utilizing the web to sell policies online. The company would be investing in IT infrastructure for both its back-end, claims processing and customer interface in the following one to two years to gear up to the challenge. The company would also be making use of technology to better the output of agents by building systems which would make the job of the agents easier and provide quicker access to precise info.
With a proper IT base in place insurance companies would find it a lot easier to service customers for car insurance and health insurance in the retail segment. As these products are of 1 year and even the products are standard, customers do not require much hand-holding and convincing to buy these policies. The foremost method would be to take the customers online which will see a considerable drop in transaction costs. There is usually a one-time setup cost which is long term in nature and insurance companies can look at leverage the same to supply better service to their customers in a real-time manner.
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