The innovative approach of Telenor India to integrate mobile technology with a life insurance product to secure lives of the mass market consumer has been recognized at a global platform.
Telenor Suraksha, an industry first initiative to offer free life insurance to all customers, bagged the award in ‘Best Disruptive Product or Service’ category at the first edition of the prestigious Efma and Accenture Innovation in Insurance Awards event held at Milan last week.
- Telenor Suraksha judged Best Disruptive Product or Service in insurance category
- Only mobile operator among financial companies to showcase a mass market innovation
- Applauded for integrating mobile technology with a financial product
- Competed alongside 225 innovations of 149 institutions from 38 countries
Telenor India competed with financial services companies in the category and was the only mobile telecom operator to be applauded for its proactive approach in transforming the insurance sector by integrating it into the telecom sector. Telenor Suraksha, the free life insurance scheme by Telenor India, was launched in October last year as part of Telenor’s new brand strategy in India. Telenor committed to offer not only affordable voice and Internet services but also give more value through simple to understand and easy to subscribe offers.
By combining mobile technology with an insurance product, Telenor has extended financial security net to a segment that has traditionally stayed away from a insurance product due to various challenges.
“This is a proud moment for Telenor India team. The award is recognition of Telenor’s commitment to extend the benefits of mobile technology to enrich the lives of our consumers. The free insurance scheme enables us to offer added value in every transaction through recharges that guarantee a life insurance commitment. This award further motivates us to keep driving the agenda of offering superior value to customers and to contribute significantly to the government’s agenda of financial inclusion in the mass market that we serve”, said Sharad Mehrotra, CEO, Telenor (India) Communications.
In Telenor Suraksha, the customers’ needs to just give consent to get enrolled in the scheme and he gets an insurance cover of 100 times his monthly recharge value. In case of an unfortunate demise of a subscriber, the company promises of an easy, quick and hassle free claim settlement. Currently, more than 23 million Telenor subscribers have enrolled for the scheme.
The winners of Efma and Accenture Innovation in Insurance Award were selected based on votes of a panel of judges comprising exclusively of senior executives from the insurance industry and online votes from Efma members.
About The Awards:
Efma, an association of 3,300 retail financial services companies in more than 130 countries, and Accenture (NYSE: ACN) have announced the winners of their first annual Innovation in Insurance Awards. The program, jointly launched by Efma and Accenture, seeks to reward and foster innovation in the industry, and recognizes the most innovative insurance initiatives and projects around the world. More than 149 institutions from 38 countries submitted 225 innovations within five categories: Customer Experience & Engagement; Claims Management; Digital & Omni-channel Distribution; Best Disruptive Product or Service; and Global Insurance Innovator.
To learn more about the award-winning innovations, visit www.efma.com/innovationininsurance.