MAM
CAMM Summit 2022: ‘Retention is relevant through the customer journey’
Mumbai: Retention is no longer just about the last phase of the customer journey anymore. In a traditional organisation such as a bank, retention would only come into question when the customer would close their account. But in the digital natvive business model, where the customer goes through five phases starting from acquisition followed by activation, retention, referral and revenue, retention is relevant through the latter four phases. At the Content-Tech, Ad-Tech, Mar-Tech and More (CAMM) Summit and Exhibition 2022 organised by IndianTelevision.com co-powered by PubMatic and industry partner Adjust, experts from agency, SaaS startup, marketing deep dived into a conversation on ‘Decoding User Experience and Retention.’
The session was led by Kinnect senior vice president marketing science and CX Bharatesh Salian who was joined by Zenith senior vice president Jasmine Sachdeva, Fast&Up vice president marketing Venkat Erpina and CleverTap senior vice president marketing Jayant Kshirsagar.
The last two years of the pandemic have changed the conversation around user experience and retention. Marketers’ decisions are more guided by data as customers. “Earlier, when the consumer was on digital or offline, we were guessing what they wanted,” said Zenith’s Jasmine Sachdeva. “We leveraged static data such as the Indian Readership Survey to understand who the customer is and where the probability is of finding them. Today, tools like AI and machine learning are supporting us to be able to predict customers’ future behaviour and connect with them. We’ve moved from guessing to predictive customer journeys.”
Fast&Up’s Venkat Erpina spoke about using purchase data to better understand the customer’s preferences. “Two years back, we entered the sports nutrition category with our product. If you have a strong retail customer base then it is easier to leverage them for future growth. So, we focused on customer satisfaction in terms of delivery time, packaging communication in various instances of product delivery and product quality. Then we segmented our customers into various cohorts. If a customer falls into a relevant cohort for a new product then we reach out to them and acquire new consumers,” he said.
The panellist suggested that there is a limit to how much you can nudge a customer towards a new product. The idea is to give customers value over selling them more products to drive retention. SaaS startups such as Clevertap are leveraging first party data to help brands create a seamless customer experience and purchase journey.
“All our customers are B2C companies with a digital native business model,” said Clevertap’s Jayant Kshirsagar. “Almost all of them have created a unique experience for their customers. Now they are focusing on creating value through experience.”
“They are refraining from spamming the customer instead they are personalising. Clevertap has created a platform where we use data, analytics and recommendations. Retention is important in terms of safeguarding the consumer base as every five per cent increase in retention helps operating margins by 40-70 per cent. The cost of acquiring a customer is far higher than the cost of retaining a customer. Offering experience plus value using technology is the key to retaining customers,” he added.
Buying family medical insurance online in India has become a common option for individuals who want to secure health coverage for multiple family members under a single policy. However, many buyers are unsure about the exact steps involved in selecting and purchasing the right plan online.
In this guide, you will know the step-by-step process of buying family medical insurance online in India, along with the key factors to review before purchasing a suitable policy.
Step 1: Assess Your Family’s Healthcare Needs
Before buying online health insurance, check the healthcare needs of all family members. Check age, existing illnesses, regular medicines, and the likely need for hospital care later. This helps in selecting a suitable sum insured, policy type, and level of cover. It also reduces the chance of buying a plan that appears suitable but does not meet actual medical needs.
Step 2: Visit the Insurance Company’s Official Website
After understanding the family’s needs, visit the insurer’s official website and read the plan details carefully. Use the official platform to review eligibility, policy wording, waiting periods, cover details, exclusions, and renewal terms.
This step gives a clearer understanding of how the policy works before payment is made. It also helps avoid confusion caused by incomplete summaries on other pages.
Step 3: Compare Available Family Health Insurance Plans
A family medical insurance policy should be compared on factors beyond the premium. Review the sum insured, hospital network, room rent limits, pre- and post-hospitalisation cover, daycare treatment coverage, and waiting periods. It is also important to check treatment sub-limits and specific policy conditions.
Careful comparison helps determine whether a plan provides balanced coverage and whether its terms are suitable for the healthcare needs of the entire family.
Step 4: Choose the Right Policy and Start the Online Purchase
Once the options have been compared, select the policy that best fits the family’s medical needs and budget. Before starting the application, review the covered members, policy term, benefits, and main conditions again. This is an important stage because errors here can lead to the wrong cover amount, an unsuitable variant, or missing details that create problems during policy use.
Step 5: Calculate the Premium Using an Online Calculator
Use the online premium calculator before making the final choice. Enter the correct details, including age, city, number of insured members, and selected cover amount. The result helps in understanding the expected premium and whether the policy fits the annual budget. This step is useful because it allows cost and coverage to be reviewed together, instead of choosing a plan only because the premium looks lower.
Step 6: Fill in Personal and Medical Details
When filling in the proposal form, provide accurate details for each insured member. This includes name, date of birth, contact details, medical history, ongoing treatment, and previous insurance information if required.
Every answer should be complete and truthful. Incorrect or missing details can create difficulty later. Before you submit the form, read every section again and correct any mistakes.
Step 7: Make Payment Through the Secure Payment Gateway
After checking the form, go to the payment page and complete the transaction through the secure payment gateway. Review the premium, policy term, and entered details once more before confirming payment.
After the transaction is completed, save the receipt, reference number, or confirmation message carefully. Keeping this record is useful if you need to track the purchase or follow up on policy issuance later.
Step 8: Download and Keep Your Policy Document Safely
Once the policy is issued, download the policy document, schedule, and any related papers without delay. Read them carefully to confirm member names, policy period, sum insured, and major terms. Save a digital copy in a secure folder and keep a printed copy if needed. Proper record keeping makes future renewals, document checks, and policy servicing easier and more organised when information is required quickly.
Conclusion
Buying health cover online becomes easier when you handle each step with attention. From checking your family’s needs to reading the final document, every stage helps you make an informed choice. A careful approach can reduce mistakes, improve your understanding of policy terms, and help you choose coverage that matches your household’s medical needs, financial capacity, and long-term healthcare planning in a reliable way for your family over the long term.
