DHFL Pramerica Life Insurance (DPLI), an Indian Life Insurer, used the power of digital and external partnerships to build a distribution channel that enabled them to identify and deliver insurance products to a specific customer segment (the rural population) in a cost effective manner.
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. The platform facilitates filling of application forms, issuance of policies, premium collections, etc, bringing value to rural customers.
As of April 2014, PPITP had 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.
DPLI has been awarded the Celent ‘Model Insurer Asia 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.