Adobe Powers Max Life Insurance To Deliver Simple, Relevant, and Effective Experiences
No one likes filling out forms or standing in line for insurance, financial planning, or banking. For most people, this time-consuming manual process tends to be a dreary task, even more so for an audience increasingly accustomed to high speed and personalization of digital platforms. It is no wonder that for companies in this fiercely competitive space, high-quality digital customer experiences are fast becoming the primary driver of scale and success.
Insurers typically rely heavily on existing distribution networks, like those of banks, for customer acquisition. For those without the substantial reach that traditional banks enjoy, it is crucial to combine a great product with incredible experiences and high-quality service across channels offering speed, personalization, and intuitiveness. That’s what Max Life Insurance, one of India’s leading insurance companies, is doing to make rapid headway in this complex market while competing with the best.
With 239 offices across the country, the company is India’s largest non-bank private-sector life insurer. It knows the importance of bringing simplicity to insurance customers, both through a comfortable purchase journey and a quick and straightforward claims process.
“Being a Life insurer, engineering and tech is not core to our business, and we needed a jumpstart to compete for market leadership in online term insurance,” says V Viswanand, Deputy Managing Director at Max Life Insurance. “Adobe Experience Manager and Target have allowed us to deliver best-in-class experience while sustaining our focus on delivering simple, relevant, and effective offerings.”
Using tech to drive market leadership
Max Life is neck-and-neck with the country’s leading insurance players despite being a relatively new player in the market. It attributes this competitiveness to the quality of products, purchase process, and post-purchase experience for users looking to buy insurance online.
“We know that our service had to stand out for innovation and customer excellence. Like with any technology decision, our primary objective was to evaluate the tradeoff between building and buying,” adds Suhail Ghai, Executive Vice President & Head – Information Technology at Max Life.
“Business growth is at the center of our decision, and right from the outset, our model has been heavily reliant on Adobe Experience Manager and Target. The entire customer journey is built on Experience Manager, and we use Target for personalization.”
From the conceptualization stage, the first customer journey to the philosophy of creating customized templates, Max Life has ensured that its user-centric service delivery injects agility and flexibility into the insurance process.
Transforming an industry through exceptional service
Since the quality of customer service and experience is Max Life Insurance’s most significant competitive advantages, all decision-making in the organization is centered on flexibility and ease of use for both internal and external users. Also, to eliminate bottlenecks and empower teams with editing capabilities, Max Life Insurance leverages reusable components that can be customized by individual departments. For instance, the hero banner on the homepage was created as a reusable component that was then used by different users in the product and marketing teams. This ease also applies to other assets like call-to-action buttons, carousels, accordions, and images.
“To be contextual externally, we needed to be agile internally. Adobe Experience Manager allowed us to decentralize authoring changes and gave us the agility to make template and content edits at speed. We wouldn’t know what it was like to run this model without Experience Manager.”
The company measures a wide range of parameters to assess the performance of its digital platform. Landing page experience, crucial to conversion and retention, is benchmarked not just against other insurance players but also the broader e- commerce segment. With business growth at the heart of the company’s planning process, every aspect of the buying journey, new tech releases, and product marketing efforts is assessed based on forecasted funnel impact.
Customers on the Max Life Insurance website can expect a highly personalized and customized experience, an advantage delivered by the ability of Experience Manager to scale a decentralized approach that eliminates the need for a technical release cycle. The one-time effort has allowed Max Life Insurance to maintain a laser focus on the constantly changing needs of its digital native customers, a crucial factor in the company’s success. The business either matches or outperforms peers on crucial website performance metrics. From a speed standpoint, the Experience Manager powered website offers a 3.2 second load time against the 5-second best-in-class BFSI benchmarks. In a segment resistant to change but ripe for disruption, Max Life, with Adobe’s support, is pioneering the move to digital insurance purchase through its commitment to innovation and customer experience.
“Adobe Experience Manager and Target help us solve for scale. We have been able to build a pipeline from scratch and draw customers through an innovative channel that eliminates the bottlenecks and inefficiency typically associated with insurance providers.”