Kasparus Cromhout
Internet penetration and demand for smartphones are interacting to drive greater acceptance of fintech systems, e-health and e-learning platforms, and online payment tools. central governmentdigital india‘The initiative has further improved the penetration and reach of digital technology, especially in rural areas, especially in the insurance segment where turnaround time (TAT) is a key factor for insured persons.
As the country embraces the digital revolution at the behest of its 750 million smartphone users, insurers are uniquely positioning themselves to insure more lives with just a few taps of their mobile phone. For example, a quick and easy video MER (Medical Examination Report) underwriting has significantly reduced the publication TAT. Again, automated processes and data analysis proactively respond to customer needs and improve his TAT of service.
Technology has eliminated the need for customers to travel long distances to access products and services. Digital payments, especially his UPI, have revolutionized payments and purchase transactions. This eliminates the need for customers to be physically present at the point of sale/service.
In the insurance industry, technology is having a positive impact on several areas, especially insurance companies. Life insurance companies have created various processes that incorporate technology to facilitate easy settlement of claims.
These technological interventions facilitated a range of processes and became powerful policy enablers.
eKYC – a breakthrough
UIDAI’s approval of e-KYC certification for insurance companies is important for instant and secure customer onboarding. This is a notable step in the policy aggregation process, helping the insurance agent replace piles of paperwork and image uploads with something as simple as her OTP. Finding a certified eKYC agency is still difficult. Even in rural interiors where you have basic documentation like Aadhar, partnering with a partner can greatly increase your chances of getting a cover.
Simplifying the ECS mandate
Achieving good retention depends on technology making it as easy as possible for users to pay for renewals. Linking your bank account to your smartphone is a surefire way to power your Electronic Payment Service (ECS), which helps automatically deduct insurance premiums for free. In the rural market, especially in areas where banks and insurers do not exist, this service is a core continuity differentiator.
Billing and other services
For local customers, response patterns to complaints have changed significantly. Technology enables companies to be more focused and empathetic in their approach by matching it all with speed and clarity. The availability of native languages on digital platforms has removed many barriers to reaching these customers. For example, at Shriram Life Insurance, not early claims are settled within 12 hours, considering that almost half of the claims are from the rural segment.
With technology in place, customers can make changes related to designees and actively regulate policies the way they want rather than relying on outsiders. It also serves as a major regulatory change touchpoint while offering a wide range of value-added services.
Conclusion
Numerous digital interventions based on app technology, chatbots, voicebots, artificial intelligence, virtual BoT, Sales Force software, etc. will further help rural and semi-urban customers in India to access and take advantage of insurance products. increase. The consumer experience in Indian villages will soon be on par with those living in big Indian cities.
(The author is MD and CEO of Shriram Life Insurance Company. The above views are those of the author and not necessarily those of financialexpress.com)
