6^th Annual Edition

Thomas tapped into his creative prowess to design an application called Mint for enhancing the ability to retain customers and collect premium. The solution manages the premium collection process and automatically notifies contact center agents and HDFC Life's front office team, who then inform the customers about renewals and revival details. The data of policies which are lapsed or due for renewal is updated in Mint. It then performs segmentation of data, allocation to the agents or executives for subsequent follow-up through managed workflows. Thomas' efforts fructified when the project yielded financial benefits. The persistency ratio increased to 82 percent. Post- deployment the renewal premium collection is Rs 49.45 billion. The company's market share increased to 11.9 percent in the private insurance space in 2010-11 from 8.7 percent in 2009-10.