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HDFC Life Insurance

Here’s how convenience of Digital Payments helped HDFC Life Insurance with seamless customer experience!

HDFC Life is one of India's leading life insurance companies, offering a range of individual and group insurance solutions that meet various life stage needs of customers. The products include Protection, Pension, Savings & Investments, Health, etc. It has 421 Branches with presence in 980+ towns and cities across India.

HDFC Life Insurance
Business Challenges

Being one of the leaders in Life Insurance spaces in India, HDFC Life has its unique business challenges that were affecting their customers' experience. They were facing frequent transactions drops mainly due to link failures while connecting to multiple payment gateways.

There was also no readily available analytics to comprehend the end to end customer transaction lifecycle that can help them to know the reason for dropping or to work on to improve the conversion as well as the retention of their customers.

HDFC Life Insurance was searching for answers to critical business questions
  • At what step in the payments process are transactions most likely to fail?
  • How to reduce transaction drop off rate?
  • How to analyse the payment behaviour of customers?
  • How to increase the persistency ratio?
  • How to increase the renewal premium collection?
  • Are there any other revenue opportunities?
Business Challenges

The Ingenico ePayments Solution

Ingenico ePayments India is the trusted payment partner for HDFC Life since 2017. It is working consistently to give superior personalized digital payment solutions over all these years.
  • By understanding the business challenges, Ingenico ePayments quickly suggested –
Payment Gateway Ingenico Advantage_1
A Payment Orchestration Platform solution that is a completely hosted platform to handle all types of transactions giving customers seamless payment experience across multiple platforms irrespective of the choice of payment providers/banks.
Payment Gateway Ingenico Advantage_1
Intelligence on user behaviour through built-in analytics in the payment platform helped HDFC Life immensely to understand the customer pain points or reasons for droppings. This had a significant impact on the overall renewal premium collection, increase in conversions & understanding the end to end transaction lifecycle of a customer.
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The customer persistency ratio also improved with digital mandates along with one-time payment options. It also enhanced the payment coverage by including all latest payment modes available in the market.
Payment Gateway Ingenico Advantage_1
Ingenico ePayments enabled its link-based payment solution – LinkPay to manage droppings and failures. It is designed keeping in mind the convenience of the customer by sharing the payment link via email, SMS making the payment experience frictionless.
Payment Gateway Ingenico Advantage_1
It enabled Cross-sell and Up-sell opportunities within the existing policyholders for HDFC Life.
Payment Gateway Ingenico Advantage_1
To make the payment experience seamless for the channel partners, Ingenico ePayments developed and managed customized payment flows which are specific to the channel partner requirements.
Reduced Transaction Failures, Frictionless Customer Payment Experience
  • Ingenico’s Payment Orchestration Platform solution not only reduced link failures, transaction drops but also increased conversions and retention with best in class analytics to understand the user behaviour.
  • It has significantly helped with frictionless customer payment experience and overall growth of the business.

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