In the past couple of years, the exploding popularity and reach of mobile devices, internet and social media has made digital a core part of life for many consumers. This megatrend is only growing exponentially. Now,consumers crave for convenience and are willing to pay a premium for solutions that deliver it. However, the process of buying insurance has been the opposite of convenient. Consumers often complain about complexity and confusion, with many struggling to distinguish any difference between the brands or wary of hidden excesses or policy exclusions.

COCO by DHFL General Insurance wishes to plug this gap by offering simple customisable insurance solutions. The Digital platform of DHFL General Insurance with its unique brand name of COCO signifies an always on and omnipresent swathe of protection that reaches even the farthest corners of the nation with just a click on their mobile phones. “We aim to utilize Artificial Intelligence, Machine Learning, and other technologies to create hyper-customizable, multivariate customer journeys where the digital platform actively learns from user behaviour to serve unique communication as well as purchase experiences depending on the need of every individual customer,” states Vijay Sinha, CEO & MD.

On a mission to demystify insurance, COCO by DHFL General Insurance is solving a major pain-point that the customers have to

face-lack of understanding and confusion during the purchase. Traditionally, customers have been bombarded with complex insurance terms and jargon that leaves them clueless as to what is covered in the insurance and what should they buy. On COCO’s website, information is communicated in a simple way, using common analogies coupled with an extremely intuitive UI and UX.

"COCO has won the award for Brand Excellence in BFSI category for the COCO Brand Launch Campaign in the BFSI Category at CMO Asia in Singapore on July 31, 2018"

“We believe that personalised communication is the future, and one-size-fits-all is a thing of the past. With underlying technologies that assist tracking of user interaction behaviour with the website, the users are bucketed in micro-targeted buckets and they are reached with personal communication depending on - their product affinity, geography, position in user journey – on social media platforms. The communication is crafted in a way it adds value(in form of articles, infographics, explainer videos)to the customers instead of in-your-face advertising done by insurance brands traditionally,” he says.

Carving a Niche
The differentiation which COCO by DHFL GI brings on to the table is the product recommendation in the property & casualty business which is ideal and apt for the prospects and the customer. Rather than focusing on one click buy of an insurance product, which may not be a best fit for the customer, COCO harnesses the capabilities and power of digital to create the ecosystem which recommends products and coverage which are customised to the customers’ requirement and help them make an informed choice on the same.

Debuting in November 2017 with four key retail products, and a strong synergistic partnership with Group Companies DHFL & Aadhar Housing Finance,DHFL General Insurance’s Gross Written Premium (GWP) in its first five months (at the end of the first financial year(2017-18)) was an encouraging INR 141.07 Crore, a performance that has seldom been seen from a new entrant in the General Insurance market of India. COCO has won the award for Brand Excellence in BFSI category for the COCO Brand Launch Campaign in the BFSI Category at CMO Asia in Singapore on July 31, 2018, the Mobby’s award for COCO launch on November 30, 2018 and Drivers Of Digital Award for COCODrive Launch Campaign. These accolades are just the foundation for a burgeoning InsureTech juggernaut for the private insurance space that has just begun its journey so emphatically that the future is immensely revolutionary and profitable.