Insurance Taking a Turn, Gets Tech-Savvy with Several Initiatives
Updated On Feb 15, 2021
Thinking of the process of buying a health insurance without getting involved with the paperwork or the insurance agents was impossible until recently. Lately, the insurers have used technology with several steps of insurance services value chain from applying to the claim settlement stage. Wearable devices, virtual assistance, artificial intelligence, video conferencing, etc. are now replacing paperwork. Let us learn more about the importance of these services and the challenges that come along with these.
Artificial Intelligence (AI): AI first got into insurance via chatbots and some insurers now have integrated its use on Whatsapp. AI reduces the time taken in claim processing. For example, Reliance General Insurance Co Ltd used AI with RIVA, i.e. Reliance Interactive Virtual Assistant. It accepts claim intimation, generates policy quotation, provides a copy of the insurance policy on Facebook and Whatsapp.
Wearable devices: Health insurance companies offer discounts on health insurance premium by tracking lifestyle of the insured persons. For instance, ‘Get Proactive’ offered by Manipal Cigna Health Insurance is integrated with their Healthy Rewards Program. It helps the insured individuals to earn incentives if they adopt a healthy lifestyle. The activities that help people earn more incentives are walking, running, exercising etc.
Mobile applications: Some health insurance companies let the customers upload claim documents digitally by charging a certain amount. For instance, Bajaj Alliance General Insurance’s feature of Claims by Direct Click (CDC) allows the customers to submit documents via mobile application ‘Insurance wallet’ to assess.
Video conferencing: Bajaj Allianz General Insurance Co Ltd’s Motor On The Spot service lets the claimant submit original hard copies, after which a physical inspection of the motor vehicle is done.
Such initiatives are making it easy as well as indulging fun for the customers by simplifying the overall process of insurance.
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