Digitisation of Life Insurance in India
Updated On Jun 14, 2021
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People who have already purchased an insurance policy from an agent wish that purchase of a life insurance policy could have been a simple process. Purchasing an insurance product is not an easy task. A classic process of purchasing a life insurance policy involves analysis, observing multiple quotations, benefit illustration, filling up of application and then finally issuance of the life insurance policy. This process can be exhausting and can lead to a bad purchasing decision. Life insurance sector can fully utilise this opportunity of using the digital platform to make the life insurance purchasing process seamless and satisfying.
Regardless of the word around the market about digitisation, its process is different from one insurance company to another. Some insurance companies are adapting the process to attract and increase customer engagement while others are adapting digitisation for addressing specific issues or reverting back to queries only.
Digitisation of Life Insurance in India
During CoronaVirus digitalisation became one of the reasons that insurance companies could provide consistent experience for potential customers and regular customers as well. Here are some digital services and methods adopted by the insurance company during the global pandemic:
1. Contactless Orientation
After CoronaVirus took over the world social distancing became normal, many life insurance companies have now built complete digital orientation or onboarding platforms. Insurance companies now provide an built-in interface for purchasing policies in a contactless manner by just a few clicks. You can easily access your preferred insurance company’s website 24x7. You can get brief information about the products.
2. Pre-approved Offers
Conducting medical tests in such difficult times has become a challenge so many insurance companies have come up with offers for the potential buyers who do not require medical tests. This helps the potential buyer to purchase the life insurance policy easily.
Some insurance companies have introduced Artificial Intelligence Chatbots on their websites and mobile applications. These chatbots come with layman language processing to solve common customer queries. These chatbots provide assistance in filling out application forms and assisting customers through some pre established process. These chatbots are responsible for connecting the potential customers to agents.
4. Video Conferencing
During the lockdown period the insurance companies provided e-learning procedures to train their agents and employees on video calling/meeting digital platforms. Insurance companies also ensured that their agents and employees or consultants were provided information on various digital facilities like premium calculators, recorded video pitch and different e-campaigns. The agents now have appropriate skills to continue customer assistance from the comfort of their own homes.
5. Online claim Intimation and Registration
Digitalisation has now let companies simplify the claims process for its customers. You can now easily register your claim through websites, Whatsapp and mobile applications. You can even download claim forms and upload necessary documents through websites and mobile applications of insurance companies. Now you can also check your claim status online. Digitalisation has led to hassle free and quick claims processing.
Insurance companies who have successfully adopted digitalisation are able to turn challenges that arose due to CoronaVirus into opportunities. Now every potential buyer has access to websites and mobile applications for e-meetings, video conferencing consultations, e-Learning and e-commerce. Now purchasing life insurance, paying premiums, insurance related assistance, customer care and claim process is easily available online.
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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.