HDFC Life Insurance
HDFC Life Insurance Witnesses Reduced Transaction Failures And Frictionless Customer Payment Experience With Tailored Solutions From Worldline India
Our Client
HDFC Life Insurance Co. Ltd. is one of the leading long-term life insurance providers, offering individual and group insurance solutions. Serving customers for over 20 years, HDFC Life Insurance provides them affordable plans across different life stages. The products include Protection, Pension, Savings and Investments, and Health plans. It has 421 branches and is present in over 980 towns and cities across India.
What Were The Business Challenges Faced By HDFC Life Insurance?
Being one of the leading life insurance providers in India, HDFC Life Insurance was facing certain business challenges which were affecting their customers' experience. While connecting to multiple payment gateways, transactions were getting dropped frequently mainly due to link failures. Our client wanted to analyse the end-to-end customer transaction lifecycle to understand the reason for transaction drops, and improve conversion and retention of customers. The company also wanted to improve the persistency ratio, the renewal premium collection, and explore other revenue possibilities.
Our Solutions
Worldline India has been a trusted payment partner of HDFC Life Insurance since 2017. It is working consistently to provide a seamless digital payment experience to them and their customers.
The solutions we offered included:
Payment Orchestration Platform (POP) to handle all types of transactions across multiple platforms. This ensured that every customer who landed on any of the platforms with an intent to pay was successfully and securely taken to the payment mode of their choice, thus, providing them a seamless payment experience.
Intelligence on user behaviour through built-in analytics to understand the customer pain points or reasons behind abandoning transactions.
Digital mandates along with one-time payment options. Enhanced payment coverage by including all latest payment modes available in the market.
Worldline also enabled its Payment Link Solution - LinkPay, to send payment links to the customers via SMS or email to manage transaction drops and failures. The solution not only helped a customer to pay online from wherever they are, in a fully secured and contactless manner but also helped HDFC Life to enhance the customer persistency ratio.
Cross-selling and up-selling opportunities within the existing policyholders of HDFC Life Insurance.
Seamless payment experience for the channel partners by developing and managing customised payment flows specific to their requirements.
Business Benefits
With Worldline India’s solutions, HDFC Life Insurance was able to:
- Offer customers a hassle-free payment experience across multiple platforms, irrespective of the choice of payment providers/banks.
- Reduce link failures while connecting to multiple payment gateways and transaction drops with LinkPay.
- Increase conversions by capturing user behaviour and providing important analytics.
- Manage persistency ratio through all types of recurring payment solutions, both digital and physical.
What Our Clients Have To Say About Us
“We are happy to partner with Worldline India for our digital payment solution experience. Being a global player in the payments space, we are confident that the company’s technology offering will help HDFC Life offer a secure and harmonious experience to the customers making payments for premiums and registering for digital mandates. We will continue to invest in customer centric technology partnerships that will help us re-imagine the life insurance business.”
Parvez Mulla, Chief Operating Officer, HDFC Life.
Related Customer Stories
“After integrating Worldline India, we have seen a significant improvement in our service level. Owing to their amazing team who works round the clock, they provide us with the best personalised solutions. With quick integration and best-in-class performance, their product solutions resulted in more customers using our website and mobile app. We couldn’t have asked for a better payment partner than Worldline India.” – Nitin Sawale, COO, Sarda Farms.
“Thanks to Worldline India's tailored solution, we reduced cash handling at our workshops to make collections smooth and contactless. We made it possible for our customers to pay for cars as well as commercial vehicles’ service and spares without visiting the outlet via a payment link sent over email or SMS.” – Spokesperson, The Leading Global Automaker.