Max Life's digital endeavour begins to pay rich dividends

Until even 18 months ago, the proportion of customers that used digital channels to buy insurance from Max Life Insurance Co. Ltd was less than 5%. "That was around the time we started our digital journey with a serious intent," recalls Manik Nangia, director of marketing and chief digital officer of Max Life--a joint venture between Max Financial Services Ltd and Mitsui Sumitomo Insurance Co. Ltd. Now the number of users who "come through the digital door" is 20-22%. Digital initiatives, according to Nangia, should either increase productivity, pare costs or reduce friction in processes. For instance, "three-fourths of our policies are issued within two days." The error rate is also much lower, as the agents now fill up the details in front of the customers.