Indian private sector lender Axis Bank has launched a tablet-based financial planning app facilitating the purchase of life insurance through the bank.
The app, introduced in collaboration with Max Life Insurance, will work seamlessly across the bank and the insurer.
The new application will enable policy issuance in less than 4 hours and will involve advanced analytics tools allowing Axis Bank and Max Life to offer customized life insurance solutions for customers.
The financial planning app will benefit both the firms enabling them to utilize the latest technology to provide both front end need analysis and an entire sales fulfillment system to the customers across 2,500 branches of Axis Bank across the country.
Axis Bank group executive & head of retail banking Rajiv Anand said: "The launch of this app will further help us in identifying the customer’s needs and constraints and then offer the best product to realize those goals. 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 6 in the current process."