IndiaFirst Life launches MagicBoard

BANKING

IndiaFirst Life launches MagicBoard to Make customer delight to the next level

Mumbai, 3^rd October, 2012: IndiaFirst Life Insurance, a joint venture between two of India's largest public sector banks - Bank of Baroda and Andhra Bank along with UK's leading risk, wealth and investment company Legal & General, today, launched MagicBoard – a one-of-its kind integrated portable fulfillment device for a fully compliant, truthful and efficient Customer sales and service process that has a potential to be a force multiplier in sales productivity, customer delight and cost efficiency. . 

 MagicBoard was launched by Dr. P. Nandagopal, Managing Director & CEO, IndiaFirst Life Insurance. Speaking on the launch, Dr. Nandagopal said, “Life insurance is the most essential element in the family financial planning. The product truly offers financial security, comfort and happiness.  But customers many times fail to understand its true benefits, do not get the right information for clear decisions, perceive the product as complex, sales process cumbersome and service poor.

Offers instant insurance at customer door step with end to end fulfillmen, Uniform communications visually and verbally across all customer touch points, Complete migration of manual sales process to an integrated, IT enabled platform,  One of its kind initiative in the Indian Bancassurance domain.  Full information, consistency of communications, instant service and sale are the benefits to the customer; better productivity, total customer connect, real time organizational support are the benefits to the field sales force; cost efficiency, real time business intelligence for field support and control on sales conduct are the benefits to the insurance company in the first module. Magic Board   integrates all customer processes with distributor, employee and corporate into a seamless single page view. It’s a force multiplier in sales force productivity, efficiency, resource optimization and customer satisfaction.

Insurance companies, on the other hand are grappling with disenchanted agency force, long documentation, field level mis- selling practices that erode customer credibility. Due to fragmented, manual interactions with the customer spread across several meetings, the sales process is slow and tedious costing money for the agent and the company alike. Life insurance industry has been facing challenges for embracing innovation and cutting edge IT to bring simplicity and instant fulfillment to the customer door step.

 MagicBoard is a revolutionary idea in that it not only automates and simplifies the sales processes at the customer end, but in a single platform, it connects the customer with the distributor, employees and the insurance organization in a 360 degree integration where every stakeholder has a single page view in his hand held tablet PC for real-time information, intelligence and intervention.

The first Module of MagicBoard concentrates on improving customer delight and sales person productivity through the Customer Module that –

§  Helps optimize leads

§  Recommends the right product based on the customer needs

§  Details out the product key features and risk factors honestly through pre recorded product audio visuals

§  Eliminates cumbersome procedures – instant upload of documents, collection of premiums and policy printing

§  Provides business intelligence and MIS reports on a real time basis

IndiaFirst, with a share capital of Rs. 475 crore, is one of the country's youngest life insurance company promoted by two of India's largest public sector banks - Bank of Baroda and Andhra Bank along with UK's leading risk, wealth and investment company Legal & General. Bank of Baroda holds a 44 per cent stake in IndiaFirst, while Andhra Bank and Legal & General hold a 30 per cent and 26 per cent stake respectively.