DHFL Pramerica Life Insurance Company (DPLI) has been awarded the Celent ‘Model Insurer Asia’ Award 2014’ in the ‘Distribution: Other channels’ category for its pioneering efforts in using technology to make Life Insurance services easily accessible to the underdeveloped/ underserved rural markets. The award was presented to DPLI at the Celent Model Insurer Asia Summit held in Singapore last month.
Commenting on this, Mr. Anoop Pabby, CEO Designate, DHFL Pramerica Life Insurance Company, states, “It is indeed an honour for DPLI to be conferred the Celent ‘Model Insurer Asia’ Award 2014. A large chunk of India’s population remains uninsured and as a result, financially unprotected. As a company that is committed to protecting lives and providing financial security, it has been our constant endeavour to reach out to these markets and make Life Insurance accessible, understood and accepted by the rural population. The recognition of the novel IT solutions we have deployed to service this customer segment speaks volumes about DPLI’s commitment to making investments for this segment and its innovative abilities.”
To effectively reach out to the rural population, DPLI developed an innovative technology interface ‘Proposal to Policy Issuance Technology Platform’ (PPITP) that has been integrated with the national e-Governance agency’s platform to manage customer acquisition and service delivery in the rural markets in a cost efficient manner. The platform facilitates filling of application forms, issuance of policies, premium collections, etc., bringing value to rural customers.
PPITP has helped DPLI penetrate faster and deeper into more than 15,000 locations/touch points of rural India, acquire over 57,000 customers of the underserved rural population, and generate a fee earning for over 10,000 individuals. The platform was one of the key enablers that helped DPLI achieve its strategic business vision of penetrating and leveraging high potential rural markets. Today, business from the rural distribution channels contributes significantly to DPLI’s revenues.
Some of the previous awards won by DPLI include Best Insurer Technology Award 2011 by Asia Insurance Review and Celent, and the SKOCH Financial Inclusion Award, 2010-11.