Axis Bank, India’s third largest private sector bank, has partnered Max Life Insurance, to launch a financial planning app to facilitate better life insurance purchasing experience to customers.
"The app furthers the Axis Bank vision to be the preferred financial solutions provider excelling in customer delivery through insight, empowered employees and smart use of technology...," Axis Bank said in statement.
The application is designed to enable policy issuance in less than four hours.
The digital initiative also involves latest analytics tools that will ensure that Axis Bank and Max Life are able to offer customised life insurance solutions after complete understanding of life stage needs of their customers.
Rajiv Anand, Group Executive & Head – Retail Banking, Axis Bank, said, “The launch of this app will further help us in identifying the customer’s needs and constraints and then offer the best product to realise those goals. We will also be able to provide a straight through process with minimal paperwork with the customer interacting with just a single person instead of six in the current process.”
Ashish Vohra, Senior Director & Chief Distribution Officer, Max Life Insurance, said, “...The process enables us to leverage smart customer analytics to offer a wider spectrum of customised offerings which will help Axis Bank in creating and protecting wealth for their customers.”