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IDFC FIRST Bank was founded by the merger of Erstwhile IDFC Bank and Erstwhile Capital First on December 18, 2018. IDFC First Bank intends to fast-forward its growth trajectory, by using technology to serve many more customer segments that are growth drivers of the Indian economy.

Challenges

IDFC bank wanted a smooth and intuitive insurance distribution platform for all verticals and insurers to help their users save time instead of going to different insurance platforms to sell a policy.
IDFC also needed a back-end administration for user and lead management.

Solution

Turtlefin designed a robust platform that can fulfill various needs of lead generators and lead creators making insurance selling hassle-free for them. 


Turtlefin also created a back-end platform for the administration and operations team to manage users and data on the insurance distribution platform.

The Front-end Insurance Distribution Platform

Turtlefin aimed to transform the insurance distribution journey for the Lead Generators and Lead Convertors at IDFC by customizing the workflow on the front-end platform.

  1. The platform is designed for two types of users: Lead Generators and Lead Convertors. Any leads brought or converted by Lead Generators are sent to the Lead Convertors for approval through the Distribution Platform.

  2. The platform gives relevant product suggestions based on customer information provided or fetched from IDFC’s database.

  3. It enables the creation, comparison, and sharing of quotes for motor, health and life insurance in a few easy steps.

  4. The platform provides a clear view of Product Details such as eligibility criteria, product features, benefits and exclusions.

  5. API Integration with IDFC’s CRM system to fetch customer information and prefill the proposal form saving 40% time on proposal creation.

The Back-end Administration Platform

The Back-end Administration Platform plays the role of a lead and user management tool for IDFC’s administration team.

  1. The back-end platform ensures effective management of the users on the front-end platform. The platform enables IDFC’s administration team to onboard, assign and manage roles and permissions for the front-end platform.

  2. The platform has been automated to auto deactivate users based on their license expiry. This prevents regulatory issues during audits.

  3. As a Lead Management tool for IDFC, the MIS oversees and manages lead creation and conversion and any permissions that might be needed from Lead Convertors for converting a lead into a sale.

  4. SMS and Email communications are sent to IDFC customers during the journey. All communications are branded as per IDFC’s requirements.

  5. The Operations team closes NSTP cases for health insurance using the back-end platform.

Both the platforms created by Turtlefin have helped IDFC create a smooth insurance purchase journey for their users and at the same time made it easy for the administration team to manage and track data and activities on the front-end platform.