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.
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?
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 –
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.