HDFC Life, one of the India’s leading life insurance companies, has been driving several strategic initiatives to address the head winds facing traditional insurers in India. Specifically, HDFC has now identified the need for a multi-distributional IT infrastructure specifically to identify cross selling opportunities online in addition to identifying growing niches within digital insurane ecosystems (such a small the ‘on demand’ platforms) through which insurance can be cross sold.
To this end, HDFC Life has embraced the TEBT program (Technology-Enabled Business Transformation), which is fostering a business transformation philosophy that shuns rigid feature sets and product development schedules in favour of an agile methodology ease and speed of on-boarding, ease of policy servicing and fulfillment of claims.
The core tenets of the TEBT philosophy include:
- Time to market for consumer focused product development has reduced dramatically.
- The ability to launch direct B2C offerings has been streamlined to dispense with the need to obtain multiple approvals from layered management tiers.
These two steps alone have already generated almost$21 million in online premiums for HDFC Life. While new ‘intrapreneurship’ projects under the TEBT plan will rapidly develop B2C online propositions that will compete with the increasing number of health insurance startups in India. Ultimately, although TEBT is an interpretation of the agile software development philosophy, more insurance companies are embracing similar initiatives to breathe new life into their product development teams and ready themselves for the digital disruptions.
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