COVID-19 Has Made Digital Transformation A Business Necessity: Saurabh Tiwari

If necessity is the mother of invention, then the Covid-19 pandemic has forced us to reinvent our daily lives. With many countries under lockdown, people have moved to work from home, children attend school from home, we socialize with friends and relatives through video calls and stream movies online.

Even when the lockdown is lifted, social distancing will remain the new normal until a vaccine for coronavirus is invented. Thus, we need to adapt our organizations to sustain business continuity amidst this unprecedented challenge. “Covid-19 has made digital transformation a necessary condition for survival for most organizations. If you look back at the pre-Covid era, there were certain inefficiencies or broken processes that used to have a lot of impact on customer satisfaction. Those are the areas we are focussing on,” Saurabh Tiwari, Chief Executive Officer, Zphin said at the ETBFSI virtual summit.

According to Tiwari, right from identifying a customer till the issuance of an insurance policy, the entire process should be done digitally. “For instance, when you buy term insurance, there is a need for doing a medical test. With Covid-19, when digital transformation is becoming a necessity, people are going for telemedical on our platform and looking out for simplified medical grids to issue policies,” said Tiwari.

ROLE OF E-KYC AND VIDEO KYC
Lending in India usually meant the physical presence of the lender and borrower, to verify documentation such as KYC and sign on documents to complete the transaction.  However, now lenders and credit card issuers are working to make the process totally digital. Soon, you will be able to get unsecured loans, consumer durable loans and credit cards at home with zero paperwork.

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Video KYC allows an officer of the financial institution to remotely assess a customer's identity through PAN or Aadhar cards and a series of questions. The agent will also have to ensure that the customer is physically present within the country by capturing their geo-coordinates.

Further, the origin of the video call must be from the domain of the concerned bank and not from a third-party source such as Google Duo or WhatsApp video call.

ROLE OF DATA AND ANALYTICS
Data and analytics are a big focus area for Policybazaar too. “ That is one area that is going to drive a lot of innovation. Just take the example of insurance. This is the time when insurance products should be the right fit for the customer. We should be able to profile those customers and come back with innovative solutions that can be very competitively priced for the consumer,” Tiwari said.

“We are analyzing sentiment and intent analysis of customers through voice analytics. This is done through artificial intelligence and machine learning models which allow us to convert the voice into text and then pick up certain intent from the conversation of the customer. Through this, we figure out whether the customer is interested and at what time he should be called, or how many times he should be called. The system will become intelligent enough to drive conversions along with improving customer experience,” he added.

“Through this technology, we understand the customer profile and patterns and come back with suggestions to insurance companies to build and develop products which are the right fit for the consumer,” said Tiwari.

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