India's Insurance Industry Simplifies Process with New Age Technology Providing Ease to the Customers
Updated On Dec 08, 2020
Insurers faced a pressing problem in the previous year of a sudden rise in claims in home insurance after the devastating floods witnessed by Kerala.
As Reliance General Insurance witnessed an unusual rise in the number of applications received for relief from destructive regions, it decided to make use of a video conversation feature that will process the claims for motor vehicles and fasten up the claim settlement process.
The two-way video chat helped the policyholders to show the extent of damage caused to the person examining. As a result, the claims got processed within 3 days which took over 2 years earlier.
This was just an instance of how the insurers are putting a step forward by using new-age technology for higher efficiency and greater customer satisfaction.
Insurers are using Artificial Intelligence-powered platforms that help the agents to market the right insurance policy. They are using the technologies including big data analytics and blockchain to change IT systems for better.
Speaking on the Kerala home insurance claims, the CEO of Reliance General Insurance, Rakesh Jain said, “We took a blended approach and did a few home insurance claims on video on an experimental basis,” to the Kerala home insurance claims.
The insurers have advanced the system that helps to advise the agents on products designed for specific customers, on the basis of their history with the insurer and income band. Bajaj Allianz even uses a mobile application to hire agents.
The insurers and their customers have benefited the most by making use of new-age technology. This is because of the digital platforms quite a few offerings including numerous choices, a wider reach and ease of operations.
As per the Founder and CEO of IndianMoney (a Bengaluru-based online platform which offers free financial advice and education), C.S Sudheer stated, "The digital platform is a low-cost point of sale, and studies show that by 2020, three out of four policies would be influenced online. Going digital has a disruptive impact on everything - from sales and marketing to post-sales services and claims management”.
Agreeing with the opinion, the Head of Product and Innovation at Policybazaar, Vaidyanathan Ramani said that availability of the product information online keeps the customers at ease. They find it easy to compare policies online and make an informed decision by saving on pennies too.
With many insurers coping up with the new age technology to provide the best possible insurance solutions to the customers, many believe that there is still a lot of scope left to explore more.