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Recycling Customer Payouts
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(May 17, 2020)

Recycling of payouts is a unique initiative at HDFC Life to tap potential new business opportunity and address customers evolving financial needs. Customer chooses Insurance solutions for various life cycle needs, viz. protection, investment, pension and saving. The payout is one of the core business processes of insurance industry, where customers receive benefits of the policy. The money in the hands of the customer/ beneficiary is used for different purposes including re-investment in appropriate asset class. There is an opportunity for the organization to position the Insurance products as re-investment option among the other considerations. This paper presents a successful case study showcasing as to how based on the Nielsen study, the organization tapped this segment of customer needs and created a business process to recycle the out flowing cash. The case highlights, how the project team re-organized the back end business processes and integrated with front line sales process, with structured Quality Improvement Story (QI Story) format. The team operated with pilot based innovative approach, starting with one channel and then on the basis of the learning, expanded across sales channels pan India. The impact to the business was over Rs 175 Cr, a significant addition to the top line in FY 2012-13 and it has become one of the business focuses with channel wise targets and business review in the subsequent year.

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