HDFC ERGO launches Vault, digitally-enabled rewards program

HDFC ERGO General Insurance Company, a private general insurer and a digital-first company leads the way in customer loyalty with the launch of the Vault program, an industry-first digital customer engagement and rewards program, it said in a statement.

HDFC ERGO has taken advantage of the Regulatory Sandbox by IRDAI, in the form of VAULT, an experiment to test a new idea, it said.

Under this program, the insurer will incentivize its Optima Restore health insurance customers by way of reward points for performing certain activities like staying insured under the policy for more than two years, holding two active HDFC ERGO retail policies, interacting digitally, using the cashless network of healthcare providers, etc. These reward points, equivalent to cash, can be redeemed against a wide range of wellness offers like pharmacy vouchers, doctor consultations, etc; or can be used for social causes or buying insurance products.

Speaking about the launch of VAULT, Ravi Vishwanath, President – Accident & Health Business, HDFC ERGO General Insurance said, “The Regulatory Sandbox gives us the impetus we need to innovate and introduce new and unique offerings for our customers. We believe that with VAULT, the relationship with our policyholders will go beyond the traditional transactional mode and help us provide more value to them. While it will pave the way to deeper engagement, it will facilitate reaching out to many new such customers”.