The digital world brought with itself a whole new level of competitiveness in the acquisition of new customers. No matter which industry you look at, with most providers offering similar benefits, cost and service efficiency remain the prime differentiators. If you don’t value your customers’ time and money, they won’t bother about your business – it’s really that simple.
Acquiring new customers requires a lot of time, funds and efforts. The efficiency and the nuances of the on-boarding process that you follow, lays down the foundation of your brand image in the customers’ mind.
Is your process cost and time efficient? We believe that the answer to this simple question holds the key to a bigger wallet share. Let’s look at a typical customer on-boarding scenario in the Insurance industry:
Current On-boarding Process:
- A prospective client shows interest in an insurance plan offered by you
- An insurance agent visits him at his home or office
- He asks the client to fill a form and submit self-attested photocopies of his POA / POI documents like Aadhaar Card, PAN, etc. for KYC.
- The agent then submits the documents and the form to his Operations Team for processing.
Sounds familiar?
This process has been followed by Insurance providers for decades. Does this process value the customers’ time and money? Not completely. Here are some points to think about:
1. Cost: Any paper-based process involves the cost of purchasing, printing, transporting and storing the stationary. As per various reports, paper-based customer on-boarding process costs anywhere between to Rs.150 – 200 per customer.
2. Time: The minimum time taken from receiving the documents to processing them and generating the Policy is around 2-3 days as physical documents need to be transported from one place to another.
3. Risk: The customer can claim that his signature was forged and there is nothing to hedge your organisation against this risk.
4. Storage costs: All documents need to be physically stored which implies high storage and retrieval costs.
We are sure that you will agree that digitisation can address all these limitations and can significantly improve the efficiency of the customer acquisition process both in terms of cost as well as time.
A Paperless On-boarding Alternative:
Now imagine an on-boarding process that:
1. Facilitates instant digital KYC – saves time.
2. Enables e-Sign – Makes the transactions non-repudiable and avoids potential future conflicts.
3. Can be initiated through a Mobile App – completes the process anytime, anywhere.
4. Digitises the entire on-boarding process – no physical storage/ retrieval costs.
5. Instantly generates an e-Policy signed by both parties – customer delight.
6. Seamlessly integrates with internal and external systems – end-to-end digital on-boarding.
In simple words, a solution that streamlines the entire customer on-boarding process! Sounds desirable, doesn’t it? Well, we have just the apt solution to address all the above needs!
Our new Integrated Client On-boarding Solution has been designed to radically redefine the on-boarding process. You can view the detailed concept note here and assess the benefits yourself.
Feel free to get in touch with us if you have any queries.
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Regards
Team ECS.