Our Solutions

Customer Retention Tools

Most life insurers prioritise new customer acquisition over customer retention. While both are critical, existing customer retention costs 80% less to generate value vis-a-vis acquiring new customers.

Understanding which existing customer cohorts have substantial value unlock potential and which ones have the highest propensity to be retained is imperative for Life insurers.

Our domain expertise around Actuarial, Data Science and Insurance products enable us to design optimal solutions for Life insurers and their customers.

Customised customer retention tools and a dedicated contact centre further aids Life insurers overachieve on desired outputs of persistency and retention ratios.

Policy Loan Marketplace

Life insurance as a long term financial asset is often considered illiquid. However, with the availability of a loan feature, policyholders can now get the much needed liquidity without surrendering their policies and compromising on the policy ownership.

This could be either via the policy loan feature embedded in the product or by taking a secured loan from an external lender, where the insurance policy acts as a collateral.

Having realised this, the private insurers have been growing their loan book consistently at more than 25% p.a. for the last 5 years. LIC, on the other hand, has always been active in issuing policy loans with a massive loan book size of INR 1.08 lac crs as at Mar’20 and an average new loan issuance of around INR 7,000 crs p.a.

Unfortunately for private insurers’, the headroom for using self-issued policy loans as a surrender aversion tool is often limited, as more than 80% of surrenders stem from unit linked products, where the in-built policy loan feature is mostly missing.

A loan from an external lender doesn’t come easy either, often taking 8-10 days for the entire process to complete making it further complicated to fully leverage the potential of policy loans.

We wanted to solve this with our End-to-End digital policy loan marketplace, which enables a seamless policy loan issuance process from an external lender, thereby accelerating it’s adoption for liquidity purposes. We work closely with Insurers providing their policyholders with easy access to a wide variety of loan choices across lenders.

Policy Assignment Platform

ValuEnable is elated to present India’s foremost Policy Assignment platform. In cases where the policyholder has decided to surrender their policy, we provide them with a beneficial alternative in the form of Policy Assignment,

wherein the benefits under the policy are transferred to an investor who pays a financial consideration not less than the surrender value under the policy.

The original policyholder's premium obligations along with rights to future maturity and survival benefits are now transferred to the assignee (investor). And that’s not all, the original policyholder also continues to enjoy a part of his/her death benefit, which would have otherwise been lost in case of surrender.

For the life insurer, most importantly, the policy remains on their books, boosting retention ratios, effectively making this a win-win proposition for all involved.

We are proud to inform you that our Policy Assignment structure has been validated by India’s top-most lawyers.

*Source : IRDAI Reports