In our #HappyCustomers Series., we bring to you the success story of Bajaj Capital who deployed Mobility Solution for their sales executives. With the changing consumer demands and the rising cost of operations, Financial institutions are investing in technology and reaping the benefits of mobility solutions. A configurable mobile application helps in streamlining the field operations, save information on the field and identifying new customers.
We happened to have a word Mr. Rachit Mongia, Executive Vice President at Bajaj Capital Insurance Broking Limited & Mr. Jolly Asija, Vice President-Customer Services. Here is the gist of the conversation we had with them.
About the Company:
Bajaj Capital Limited ("Bajaj Capital") is India's premier "Investment Services" Company, with nearly 50 years of experience in helping people protect and grow their wealth. We've helped to create more millionaires than any other firm in India. But it's our deep personal relationships with clients that truly sets us apart. No other firm can match the depth of our experience and our dedication to personal service. The markets may fluctuate, but our dependability never does. BCIBL has been in the insurance broking business since 2004 providing a wide range of insurance products to over 6 lakh clients. BCIBL ensures the maximum level of client satisfaction by providing them with correct information about every insurance product combined with an emphasis on specialized advisory on any type of insurance solutions throughout leading to higher financial security. The collection process is the backbone of BCIBL. This involves the collection of KYC documents, money collection & ECS. An efficient collection process helps in customer acquisition and customer retention.
Q: Hey Rachit, we would love to know about the core objective of your business?
A: The motto of our business is: giving the right advice to the people, showing them right choices and right insurance policies they should take for their families for a better future.
Q: How do you see the change in investment now and then?
A: In terms of investment options there has been a change in the various options available. Initially, there were very limited options to invest, but now the investment options have increased. Also., now people have more options to spend money, they don’t know where to invest and how to save money. Overall, the money that has to be saved is decreased.
Q: Hmm, I agree. So, Mr. Jolly how do you see the shift in customer centricity?
A: Previously clients used to come and take the policies from business houses like us. Now., we go to the client and show them the multiple options they have in front of them. Then the customers choose from them. The customer today has become so demanding, he doesn’t want to come outside, he wants to do everything online or do it on mobile.
Q: How do Field Sales go in your organization?
A: KYC documentation is a critical part of Bajaj Capital’s business practice, typically relies heavily on paperwork/admin work. Over time the amount of time on this spent has activity has increased with the expanding business and with the increase in the number of customers.
Q: What other challenges did Bajaj Capital face?
A: Other than KYC documentation we have money collection and ECS collection. We have a large field collection team, comprising field or sales personnel and collection managers, spread across various geographies. There were many operational inefficiencies in the day-to-day operations and there was no transparency in the field operations and this resulted in rising cost of operations.
Q: How do you think technology like us FarEye helps you in managing your field operations?
A: Our customer base is spread across various geographies, it is very difficult for us to keep a track on each and every sales executive. Technology is the only way forward to meet the customer's demand. To execute faster than what clients expect it to be and delight him., business houses like us need a robust technology that connects us with our customer better. Company’s like FarEye are the game-changers that help legacy businesses like us to adapt to the changing consumer behavior.
Business houses like us need a robust technology that connects us with our customer better
Q: Do you think a mobility solution has helped you in streamlining the operations?
A: Yes, of course! With a configurable Mobile Solution, we could optimize the day of runners. With Far-Eye, the sales executive can immediately save the data of the customer on the field. Also., with automated scheduling and dispatching of follow-ups to the mobile workforce and with customer information handy the entire sales process is made smoother and quicker. The previous meeting information is pushed from CRM and this helps the sales executive to be prepared according to the customer requirement. By automation of the sales process, the effective sales time increased.
Q: Mr. Rachit, How did the solution help the backend office?
A: With the mobile solution, geo-tagging provides the exact location of the field employee allowing the backend office to find out the location of the client, and whether the sales executive have actually visited the location or not. By keeping a regular check on the field operations, and reducing the time spent on the roads by each executive, we ensured that the executive visited the customer as promised and on-time.
Q: Other than streamlining the operations and reaching the customers on time., were you able to analyze the customer expectations and make the changes accordingly?
A: Mr. Jolly: With the immediate feedback systems, we were able to hear the voice of the customer and make the processes more customer-centric. We regularly check and analyze the feedback on our service and make changes accordingly. Previously, we didn't concentrate much on collecting feedback and hearing to customer concerns.
Only 35% of the customers go online and give feedback.
Q: How important it is to invest in technology?
A: Bajaj Capital is committed to serving customers with better policies and services. We are innovative and pioneering the independent leading solutions. To do so, we invested in technologies that could solve these problems with field workforce and the managers.
Q: Investments in the financial technology in the Asia-Pacific region have grown four-fold in the first nine months of 2015 compared with the entire 2014, according to a report by global consultancy firm Accenture Plc. Business houses in Financial sector are now--days are investing a lot in technology. How do you see the rise of FinTech in the recent times?
A: Mr. Jolly: Today, financial services companies are waking up to the vast opportunities created by the wake of FinTech. Technology is the only way forward and company’s like FarEye are the game-changers. To meet the consumer’s demands while keeping the costs intact, financial services institutions are embracing cloud & mobile technologies to fundamentally redefine their business and operational models.
Want to be a part of #Happycustomers series? Then drop a message here: http://bit.ly/1PeRweA; We shall feature you too :)
With Indonesia’s burgeoning ecommerce market, the archipelago is at the cusp of ecommerce revolution. The unique geographic spread of Indonesia have become a challenge for the logistics players that are working for delighting the customers.
Gartner has recently released a Market Guide for Vehicle Routing and Scheduling, mentioning the notable vendors including FarEye. The report emphasizes the increased need for real-time, dynamic technology by logistics enterprises to improve vehicle routing in a volatile transportation environment.
Growth in eCommerce is fuelling the need for automation of logistics and superior delivery experience. In this interview with the Times of India, our CEO & Co-founder Kushal Nahata talks about how technology can transform logistics operations.