Jul 16, 2021
Are Customer Centricity And Zero Tolerance towards Fraud the Same
Putting the customer at center, as core of the business and offering delightful experiences from awareness stage of product to post purchase stage is the upshot. Regardless of time, creating customer value and putting customer first and generating most & lasting business value is Customer centricity. To inculcate customer centric ‘mindset’ in the organization, the organization must plan, organize, educate, measure to create the culture. In BAGIC, customer centricity is not only propagated, preached and adhered from our top management but have been deeply embedded in every one of 10,000 employees, we have. As BAGICIAN, I take pride that over the years we have settled more than 1 crore claims, worth more than Rs. 50,000 cr. Pivotal to mention that customer centricity revolves around product offered, service offered and providing delightful experience to customers.
However, for a while all the Insurance companies are eying for Cost Management and profitable growth. Insurance Companies with high customer centricity- who understands and fulfils customers heightening expectation, provide them an awesome service and can give an unforgettable experience can be a distinguisher. In the context despite the constricted situation of the Insurance companies and pertinent competitive market, the fraud and leakages are major concern. The probable leakage due to fraud is estimated at around 10% around the globe and in India. This fraud leakages are taking a huge toil on all the insurance companies and Insurance industry as whole. These leakages are attributed to claims (in different LOBs’- Health, Motor, Non-Motor, etc) frauds, internal and partners frauds. Off late, it has been noticed that there are organized rackets / habitual offenders active in the market, who need to be dealt with Iron hand. In BAGIC, to deal with these situations we have teams within Investigation & Loss Mitigation (ILM) assigned to different LOBs’, working efficiently to catch and stop these skimmers. Fraud committed by an employee or partner directly impact culture of any Organization. It is imperative for us to raise awareness culture and evolve our company culture towards zero tolerance towards fraud.
Being in the Insurance industry for around 17 years as a Fraud Risk Manager and being National Head of department of ILM, I am certain that all the department working in sects and whole BAGIC as a company, the hard-earned reputation, personal data, stopping leakages and eventually saving for the BAGIC, is a responsibility. Responsibility, which is not only for ILM team but for all the departments, verticals and sub-vertical, the responsibility is for all the 10,000 employees we have in BAGIC.
With COVID-19 pandemic, the insurance industry is undergoing a major customer-led transformation, with high expectations and demands. Being Customer centric is call of the hour and is the only way ahead. Insurance companies, who can minimize frauds and leakages will be up on the ladder on profitability growth and have efficient cost management.
As BAGICIANs, we proclaim and pledge to keep our customer at top and propagate Zero tolerance towards fraud (#BimaSamadaan) Carling yours’.
Article Written by
Sanjay Kumar Singh
ILM- Vigilance & Deterrence
Bajaj Allianz General Insurance Co. Ltd
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