India-based private sector lender Axis Bank, in partnership with Max Life Insurance, has introduced a new financial planning app that will help to provide effective services to life insurance customers.
The new tablet-based financial app has been developed to complete policy issuance in less than four hours.
It allows Axis Bank and Max Life to provide both front end need analysis and an entire sales fulfilment system to the customers across 2,500 branches of Axis Bank across the country.
Max Life Insurance senior director and chief distribution officer Ashish Vohra said: "Through this financial planning app, we are now able to utilize the latest technologies to speed-up and ease the processes for our customers."
The digital initiative also includes latest analytics tools, allowing both organizations to provide customized life insurance solutions after complete understanding of life stage needs of their customers.
The tool works seamlessly across the bank and the insurer, leveraging improvements in operational efficiency.
Axis Bank retail banking head and group executive Rajiv Anand said: "A tablet-based financial planning app is yet another milestone in our journey to offer digital solutions with customer needs being the epitome of all our sales efforts.
"We will also be able to provide a straight through process with minimal paperwork with the customer interacting with just a single person instead of six in the current process."