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IndiaFirst Life launches MagicBoard

Posted on Oct 03, 08:20PM | UNI

IndiaFirst Life Insurance, a joint venture between two of India's largest public sector banks - Bank of Baroda and Andhra Bank along with UK's leading risk, wealth and investment company Legal and General, today launched 'MagicBoard', a one-of-its kind integrated portable fulfillment device for a fully compliant, truthful and efficient customer sales and service process that has a potential to be a force multiplier in sales productivity, customer delight and cost efficiency.

MagicBoard was launched by Dr P Nandagopal, managing director and chief executive officer of IndiaFirst Life Insurance, here.

Speaking on the sidelines of launch, Dr Nandagopal said 'Life insurance is the most essential element in the family financial planning. The product truly offers financial security, comfort and happiness. But customers many times fail to understand its true benefits, do not get the right information for clear decisions, perceive the product as complex, sales process cumbersome and service poor.' Insurance companies, on the other hand, are grappling with disenchanted agency force, long documentation, field level mis-selling practices that erode customer credibility. Due to fragmented, manual interactions with the customer spread across several meetings, the sales process is slow and tedious costing money for the agent and the company alike. Life insurance industry has been facing challenges for embracing innovation and cutting edge IT to bring simplicity and instant fulfillment to the customer door step.

MagicBoard is a revolutionary idea in that it not only automates and simplifies the sales processes at the customer end, but in a single platform, it connects the customer with the distributor, employees and the insurance organization in a 360 degree integration where every stakeholder has a single page view in his hand held tablet PC for real-time information, intelligence and intervention.

Dr Nandagopal added 'IndiaFirst through this initiative paves the way for a brave new world of insurance that is simple, transparent, truthful and efficient to benefit all the stakeholders customer, distributor, shareholder and employee. MagicBoard is our sincere effort to achieve a game change in the life insurance industry.' MagicBoard is a first-of-its kind approach to have a standardized sales process across the country, integrating all processes - B2B, B2C and C2B into one single platform. It offers instant insurance, in a compliant and honest manner, helps enhance sales person's productivity and optimizes resource allocation. It also offers instant, practical business intelligence for real-time decisions for customer delight, agents support and cost control.

The first module of MagicBoard concentrates on improving customer delight and sales person productivity through the Customer Module that MagicBoard also allows the sales person cater to customer requests, complaints and claims instantly through live video calls and instant access to key personnel in the corporate office.

It integrates the customer, distributor, employee and insurance company into one single platform of information, interaction and fulfillment for both sales and service, Dr Nandagopal stated.