HDFC ERGO launches VAULT

HDFC ERGO launches VAULT, an Industry-first Digitally-enabled Rewards Program

What is the news :

• HDFC ERGO General Insurance Company, a leading private general insurer and a digital-first company leads the way in customer loyalty with the launch of the VAULT program, an industry-first digital customer engagement and rewards program.
• HDFC ERGO is committed towards enhancing customer experience and making them feel valued. Staying true to this commitment, the Company has taken advantage of the Regulatory Sandbox by IRDAI, in the form of VAULT, an experiment to test a new idea.

About the Program:

• Under this program, the insurer will incentivize its Optima Restore health insurance customers by way of reward points for performing certain activities like staying insured under the policy for more than two years, holding two active HDFC ERGO retail policies, interacting digitally, using the cashless network of healthcare providers, etc.
• These reward points, equivalent to cash, can be redeemed against a wide range of wellness offers like pharmacy vouchers, doctor consultations, etc; or can be used for social causes or buying insurance products.
• The Regulatory Sandbox gives the impetus we need to innovate and introduce new and unique offerings for our customers.
• VAULT, the relationship with policyholders will go beyond the traditional transactional mode and help us provide more value to them. While it will pave the way to deeper engagement, it will facilitate reaching out to many new such customers who are keen to associate with an insurer who nurtures and values its customers’ loyalty.

About HDFC ERGO:

• HDFC ERGO General Insurance Company is a joint venture between HDFC Ltd. and ERGO International AG; the primary insurance entity of the Munich RE Group of Germany.
• HDFC ERGO is one of India’s largest non-life insurance company in the private sector.
• A digital-first company, transforming into an AI-first company, HDFC ERGO is a leader in implementing technology to offer consumers the best-in-class service experience.
• The company has created a stream of innovative & new products as well as services using technologies like Artificial Intelligence (AI), Machine Learning (ML), Natural Processing Language (NLP), Robotics and IBM Watson. HDFC ERGO offers a range of general insurance products and has a completely digital sales process with ~93% of retail policies issued digitally.
• The self-help tech platform developed by HDFC ERGO has empowered the customers to avail 58% of the services virtually in a self-help mode on a 24×7 basis with ~40% of the customer requested services digitally.
• The Company offers a complete range of General Insurance products including Health, Motor, Home, Agriculture, Travel, Credit, Cyber and Personal Accident in the retail space along with Property, Marine, Engineering, Marine Cargo, Group Health and Liability Insurance in the corporate space.
• Be it unique insurance products, integrated customer service models, top-in-class claim processes or a host of technologically innovative solutions, HDFC ERGO has been able to delight its customers at every touch-point and milestone to ensure consumers are serviced in real-time.

About IRDAI:

• The Insurance Regulatory and Development Authority of India(IRDAI) is a regulatory body under the jurisdiction of Ministry of Finance , Government of India and is tasked with regulating and licensing the insurance and re-insurance industries in India.
• It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India.
• The agency’s headquarters are in Hyderabad, Telangana
• Chairperson – Devasish Panda

About HDFC bank:

• Chairman -Atanu Chakraborty
• CEO -Sashidhar Jagdishan
• Founded – 1994 August
• Headquarter – Mumbai.

Recent news about HDFC BANK:

SBI & HDFC Bank Extends Special Fixed Deposit Scheme For Senior Citizens

• Leading banks in the country launched special fixed deposit schemes for senior citizens in the face of falling interest rates during the coronavirus pandemic in 2020.
• These initiatives were implemented for a limited time period, but the private sector lender HDFC Bank’s special fixed deposit scheme for older residents has been extended. The bank’s Senior Citizen Care FD scheme has been extended until September 30, 2022. The country’s largest lender, State Bank of India (SBI) also offers a special fixed deposit scheme for senior citizens called “SBI Wecare” Deposit, which has been extended till September 30, 2022.