Nominee for The Digital Insurer's Asian Insurance Innovation Award

1. Max Life Insurance
Digital Journey
Application for The Digital Insurer Asian
Insurance Innovation Award
August, 2016

2. Max Life Insurance 2
Agenda
01
Introduction
About Max Life Insurance
Problems of LI Industry
02
Digital Transformation
- Bancassurance
Digital Journey in Bancassurance
03
Digital Transformation
- Agency
Digital Journey in Agency

3. Max Life Insurance 3
Agenda
01
Introduction
About Max Life Insurance
Problems of LI Industry
02
Digital Transformation
- Bancassurance
Digital Journey in Bancassurance
03
Digital Transformation
- Agency
Digital Journey in Agency

4. Max Life Insurance 4
We are a non-bank promoted insurer with Max Financial Services and Mitsui
Sumitomo Insurance Company as our promoter shareholder
Mitsui Sumitomo
Part of India’s leading conglomerate with Market
Cap of ~$ 1.5 Bn*
Revenue of ~$ 2.3 Bn (FY15)
30 year history of nurturing successful business
partnerships
First Indian listed company exclusively
focused on life insurance business
Superior brand recall, marquee investor
base (IFC, Goldman Sachs)
Multi business corporate focused on
people and service
68 26
Robust Financial Strength
Market Cap
$18.4 Bn
Total Assets
$142 Bn
Net Premium Underwritten
$23.6 Bn
Proud Lineage & Global Network
Present in 40 countries
with 36,000 employees
No. 1 general
insurer in Japan
Highest Credit Ratings
A+
AM Best
AA+
JCR
A1
Moody’s
A+
S&P
Max Financial Services
* As on Mar 22. 2016

5. Insurance Company
Management through
principles, input
tracking and incentives
Seller Customer
Limited time and patience for detailed
need assessment
Create connections among the key constituents
1
Make information flow seamlessly to automate
2
Analyze all the information, resulting in better customer experience and better return for sellers effort
3
Recommends Solution
 Low conversion ratio
 High cost of sales
 Mis-selling of products
 Painful purchase journey
 Complex product
 Risk of losing money
Pain-Points
How Digital Can Help?
5Max Life Insurance
The current Life Insurance business structure presents challenges, providing an
opportunity for digital solutions to raise the bar

6. Max Life Insurance 6
Agency and Bancassurance channel contribute more than 80% to new premiums
written
…banks and agency have a lions share
in new business~ Of various proprietary and partnership channels...
• Banks and Agency
contribute more than
80% of new premiums
underwritten
• Axis Bank, Yes Bank
and Lakshmi Vilas Bank
are major contributors
in the banks channel
• 44000 agents in 205
branches across 137
districts of India
23%
58%
19%
Agency
Banks
Others
New Premium Breakup for FY16
‘Percentage

7. Max Life Insurance 7
Agenda
01
Introduction
About Max Life Insurance
Problems of LI Industry
02
Digital Transformation
- Bancassurance
Digital Journey in Bancassurance
03
Digital Transformation
- Agency
Digital Journey in Agency

8. Max Life Insurance 8
Axis Bank and Max Life co-created the Maxis 2020 program to leverage digital
technology assets to deliver the following set of objectives
▪ Become more customer centric – ensure “right-selling” through a need-
based approach
▪ Build long-term relationship through ‘stickiness’ of sales and service
▪ Long-term capability building
▪ Increase earnings and long-term sustainability in job
▪ Build reputation as a “high quality bancassurer”
▪ Improve regulatory compliance
▪ Increase fee income from life insurance
Guiding principles for Maxis 2020
Customers1
Employees2
Max-Axis Banca3

9. Max Life Insurance 9
Bancassurance digital roadmap revolves around 4 key pillars
Sales Force
Management
Lead
Optimization
Customer
Engagement
Re-imagined
Fulfillment
▪ ‘Beyond Visual Range’ real time funnel visibility
▪ Mobility based access to sales teams for activity tracking
▪ Artificial Intelligence based triggers for increasing in-
branch lead throughput
▪ Intuitive & modular customer
engagement tool, for effective &
convenient need analysis, and
solution generation
▪ One stop shop for all LI related info
▪ A seamless & paperless e-Sales
process, that creates a wow for the
seller & end customer
▪ Leverage digital surrogates for docs
▪ A single fulfillment ‘pipe’ that can
serve both online & offline fulfillment
▪ Digitally empower RA sales force for :
– Performance management
– Customer Servicing
– Sales pipeline management
– Self Training
– Admin tasks

10. Max Life Insurance 10
Multiple digital assets across the value chain of bancassurance channel have been
deployed to enhance customer experience and sales productivity
01Lead Optimization
N2S (Need to Solution Engine)
• Warming up the customers to their needs
• Algorithm based solutioning
02Customer Engagement
M-Sales
• Modular tool with intuitive features that will guide,
prompt and help the seller to sell better according to
customer profile
03Re Imagined Fulfillment
M-App
• Online fulfillment tool with 100% paperless journey
– Integration of eBCC, Credit Bureau, TPA, eVerify,
eSign etc.
04Sales Force Optimization
Seller Ecosystem
• A comprehensive performance management tool for
Relationship Associate (RA virtual office)

11. Max Life Insurance 11
The Maxis 2020 program has met almost all the objectives set out in the beginning
▪ Become more customer centric – ensure
“right-selling” through a need-based
approach
▪ Build long-term relationship through
‘stickiness’ of sales and service
▪ Long-term capability building
▪ Dramatically improve activation and
productivity
▪ Increase earnings and long-term
sustainability in job
▪ Build reputation as a “high quality
bancassurer”
▪ Improve regulatory compliance
▪ Significantly increase fee income from
life insurance
What we wanted of this transformation? What it delivered?
▪ Faster policy issuance (5hrs vs. 10+ days for physical cases)
leading to customer delight
▪ Right selling to customers leading to lower grievances (50%
less compared to those sourced via physical mode)
▪ Achieved significantly high adoption (~60%) of the digital
application within 3 months of launch
▪ Easy to use templated sales tool for outbound sales channel
▪ Gives sellers ‘confidence to sell’ and enables them to do
‘right selling’
▪ Significant increase in employee productivity due to
reduction in time spent (~30%) resolving issues with the
application, customer clarity etc.
▪ Marked uplift in sales growth (more than 30%) due to
improved efficiency of sellers and enhancement of
capabilities
▪ Significant cost reduction (~40% per policy) and lower
carbon footprint , due to digital fulfillment process
▪ Better compliance to regulatory requirements
Customers
Employees
Partnership

12. Max Life Insurance 12
Agenda
01
Introduction
About Max Life Insurance
Problems of LI Industry
02
Digital Transformation
- Bancassurance
Digital Journey in Bancassurance
03
Digital Transformation
- Agency
Digital Journey in Agency

13. Max Life Insurance 13
Agency: Leveraging digital technologies to maximize output from all key
components of the business value chain (1/2)
Agent
Recruitment
Manpower
Development
Prospecting &
Solution
Generation
Customer
Engagement
Fulfillment Servicing
1 2 3 4 5 6
Opportunity
• Funnel visibility
• Standardized
recruitment pitch
for prospects
Probable Solution
• Workflow based
recruitment
process
• Tablet based
interactive
recruitment
presentation for
the ADM to carry
Opportunity
• Agency
Development
Manager (ADM)
recruitment
• Ongoing agents
training
Probable Solution
• Digital
engagement tool
to keep New
ADMs apprised of
their progress &
journey
• Self-Training apps
for Agents
Opportunity
• Lead funnel
visibility
• Intuitive customer
solutioning across
agent types
Probable Solution
• Mobile based tool
with an intuitive
journey
• Leverage UI & UX
tools to mirror the
agent’s natural
selling style, and
create an asset in
an ‘agile’ mode
Opportunity
• Facilitate an
engaged
conversation with
prospective
customers
Probable Solution
• Tablet based
interactive sales
tool for deeper
need analysis &
engagement
• Digital tool that is
‘Rich’, yet flexible
enough for an
agent to adapt
quickly
Opportunity
• Better Policy
Issuance TAT &
customer
experience
• Reduce processing
costs
Probable Solution
• Start with a basic
e-Proposal form,
and gradually ‘Re-
Imagine’ the
fulfillment process
leveraging
technologies like
e-KYC, e-Sign, etc.
for a 100%
paperless journey
Opportunity
• Empower agents
with Information
and tools for
managing their
admin tasks
Probable Solution
• Create a self-
servicing portal
where agents can
access data, MIS,
and customer
information
• Evolve the portal
into a mobility
tool

14. Max Life Insurance 14
Agency: Leveraging digital technologies to maximize output from all key
components of the business value chain (2/2)
Agent
Recruitment
Manpower
Development
Prospecting &
Solution
Generation
Customer
Engagement
Fulfillment Servicing
1 2 3 4 5 6
Digital Asset Deployed
• m-Recruitment (m-
Rec) – Tablet based
recruitment tool
Success Metrics
• 100% adoption
• 100% funnel
visibility till Agent
Selection
Success Metrics
• 50% adoption
• Over 100%
increase in
recruitment
quality & quantity
of new ADMs
Success Metrics
• In Pilot stage –
Has already
shown a 15%
jump in
conversion rates.
Success Metrics
• Will be measured
against conversion
rates
Success Metrics
• Pilot to
commence
shortly. Aim to
achieve 100%
adoption by 2017
Success Metrics
• Approx. 30-40%
adoption currently
that is expected to
increase to 60%
by 2017
Digital Asset Deployed
• ProPal –Tablet based
digital engagement
tool & e-Dashboard
for ADMs
• Mobile based Self
Training apps
Digital Asset Deployed
• Customer Solution
Generator (CSG) : A
mobile based tool
usable by all agent
types, with a ‘1
Minute’ lead
creation, and
generate preliminary
solution
Digital Asset Deployed
• Will be an evolution
on the CSG platform
– Making the tool
adaptive-responsive
& form-factor
agnostic
Digital Asset Deployed
• m-App : an e-
Proposal form that
will be device
agnostic and be
integrated with the
sales tools
Digital Asset Deployed
• Agent Portal – A
Gen-1 web-based
tool
• m-Servicing – Tablet
based app to access
data & customer
information

15. Thank you