Mumbai: HDFC Life, one of India’s leading private insurance players, was conferred the prestigious Innovation in CRM award by IDC Financial Insights at its inaugural Financial Insights Innovation Awards (FIIA) – Insurance or FIIA (Insurance) held at the Asian Insurance Congress (AFS) in Singapore today. HDFC Life’s initiative was among the 68 high-quality entries submitted for this award by leading insurers across the Asia Pacific (excluding Japan).  HDFC Life won this award for its ‘Customer renewal & Retention System – MINT.’

Commenting on the achievement, Thomson Thomas, Vice President – Business Systems & Technology, HDFC Life said, “Since life insurance is a long-term business, retention of existing customers is key to both customers and our business. Customers can reap the benefits of a life insurance contract if they continue long term and strong renewals help us build a long term, sound, and sustainable business. MINT – Renewal & Retention System was instrumental in driving up the persistency levels of HDFC Life. The award is recognition of HDFC Life’s constant effort towards improving its persistency levels and ensuring that customers continue with the risk cover, thus ensuring that the financial interests of the customer’s family remain protected.” In fact, this is the second award for Mint. It  has also received CIO 100 2011 award.

The FIIA (Insurance) program recognizes achievements of Asia/Pacific insurers in applying innovation to drive business differentiation. Insurers were invited to nominate initiatives that clearly demonstrate innovation in customer engagement, channel enhancement, product development, and operational transformation. The initiatives were rigorously evaluated and scored against a set of criteria with weight age given to responsiveness to market needs, effectiveness of implementation, market take-up, sustainability, customer impact, and nature of innovation. For more information on this criteria, please visit:

http://www.idc.com.sg/insurecongress/2011/fiia.asp

Headquartered in Framingham, Massachusetts, USA, IDC Financial Insights is a leading research and advisory firm, helping banks, insurers and financial institutions choose or short-list solutions and vendors, assess their business or IT master plans, and devise operational best practices. IDC is a subsidiary of IDG, the world’s leading technology, media, research, and events company.