With a keen focus on meeting the evolving needs of its customers, Arohan introduced several new products and services in FY 2024. These include pioneering initiatives such as the Arohan Suraksha Kawach Mediclaim Insurance, tailored specifically for microfinance customers. Additionally, products like Hospicash cater to the unique needs of Micro Enterprise Loan and Privilege segment customers, while the inclusion of 5G smartphones in the product lineup further diversifies Arohan’s offerings. Expanding its reach, Arohan has extended its eBazaar product line to new regions like Nagpur, enhancing accessibility and choice for customers. Through continuous improvements in customer experience and service delivery processes, Arohan remains steadfast in its commitment to boosting customer satisfaction and retention rates, ensuring a lasting and mutually beneficial relationship with its clientele. Looking ahead, Arohan is poised to elevate its Cross Sell business, aiming to onboard a broader customer base while diversifying its product and service offerings to enhance customer satisfaction and operational efficiency. A pivotal step in this direction is the acquisition of its Corporate Agent license from IRDAI, empowering Arohan to extend a wider array of insurance products to customers while streamlining associated transactions with both customers and insurance partners. In line with its evolving insurance marketing strategy, Arohan is exploring innovative approaches such as offering insurance products as post-disbursement cashless offerings. This strategic shift not only enhances customer lifetime value but also aligns with Arohan’s commitment to delivering a seamless and value-driven experience throughout the customer journey. Furthermore, Arohan is actively researching methods to facilitate cashless payments for policy renewals and implementing a Claim Portal for Non-Life Insurance, thereby enriching the overall customer experience. This customer-centric approach underscores Arohan’s dedication to continuously improving customer experience at every touchpoint. Lastly, in its commitment to sustainability, Arohan is exploring the solarization of branches as part of its efforts to minimize the organisation’s carbon footprint. By embracing renewable energy solutions, Arohan reaffirms its commitment to environmental responsibility while contributing to a cleaner and greener future for all. DIFFERENTIATOR MODELS, FOR ENHANCED CUSTOMER EXPERIENCE ArohanPrivilege Digital lending Arohan remains steadfast in its commitment to innovation and excellence, continually striving to enhance its reach and serve customers more effectively. A significant milestone in this pursuit was the introduction of ArohanPrivilege, a ground breaking Digital Lending offering for microfinance customers, marking a historic first in the industry during FY 2023. At the core of ArohanPrivilege lies a bold vision: Any Customer from Any Geography is able to avail of Arohan’s Microfinance Loan and Repay it Digitally On Time. By the end of FY 2024, ArohanPrivilege had successfully extended its services to over 30,000 active customers, managing an outstanding portfolio worth INR 144 Cr. ArohanPrivilege Digital Lending stands as a testament to Arohan’s commitment to innovation and its ambitious Vision 2028 of impacting 28 million lives. Tailored as an alternative channel, this service caters specifically to customers with a proven track record of timely repayments, empowering them with swift and convenient access to financial assistance. The advantages for ArohanPrivilege customers are manifold: • Quick disbursement of funds within minutes of a successful loan application. • A seamless user experience facilitated by intuitive interfaces. • Convenience of applying from the comfort of one’s home, eliminating the need for group formations or centre meetings. • Elimination of wage loss associated with visiting branch offices or centres. • Flexibility to select loan amounts and tenures that suit individual needs. • Choice of repayment schedules tailored to customer preferences. Debt Receivable Department In FY 2024, Arohan continued its strategic approach to managing overdue accounts through its Debt Receivable Department, enhancing existing practices and pioneering new methodologies for more efficient and effective handling of NPA accounts. With a structured approach led by 3 Divisional Receivable Managers (DRMs), supported by over 70 39 | Annual Report 2023-24
RkJQdWJsaXNoZXIy NTE5NzY=