Insurance providers are positioning themselves in a unique way to insure more life with just a few taps on your phone.
High internet adoption and demand for smartphones has fueled the growing acceptance of fintech systems, e-health and e-learning platforms and online payment tools. The 'Digital India' initiative of the Central Government has further improved the reach and accessibility of digital technology, especially in rural areas, especially in the insurance segment where the Turnaround Time (TAT) is an important factor for the insured.
As the country embraces a digital revolution at the behest of its 750 million smartphone users, insurance providers are positioning themselves in unique ways to insure more lives with just a few taps on their phones. For example, a quick and easy video underwriting for MER (Medical Examination Report) has significantly reduced the issuance of TAT. Again, automated processes and data analytics are meeting customer needs and improving service TAT.
Technology has eliminated the need for customers to travel long distances to avail products or services. Digital payments, especially UPI have revolutionized payment and purchase transactions. This has eliminated the need for customers to be physically present at the point of sale/service.
In insurance, technology has positively influenced many of the ways the insurer is focused. Life insurance companies have created various technology-integrated processes to facilitate easy settlement of claims.
These technological interventions have accelerated various processes into strong policy enforcers:
eKYC - A Milestone Achievement
UIDAI approval for e-KYC authentication for insurance companies is crucial towards quick and secure customer on-boarding. This has been a remarkable step in the policy aggregation process, helping insurance agents to replace the pile of paperwork and image uploading with something as simple as an OTP. Certified eKYC agencies are still difficult to find; Partnering with someone can significantly increase the chances of getting cover even in rural hinterlands where one has a basic document like Aadhaar.
ECS Mandates Made Simple
Getting a good continuity ratio depends on whether the technology enables users to pay their renewal premiums in the easiest way possible. Linking bank accounts to smartphones is a sure shot way to strengthen the Electronic Clearing Service (ECS) which helps auto debit premiums free of cost. In rural markets, this is the main difference of service policy continuity, especially in areas where there are no banks or insurance companies.
Claims and other services
For rural customers, the claim response pattern has changed drastically. Technology offers companies to be more focused and empathetic in their approach by matching them all with speed and clarity. The possibility of using local languages on digital platforms has broken many barriers in reaching these customers. In Shriram Life Insurance, for example, non-starting claims are settled within 12 hours, as almost half of the claims are from rural areas.
With the technology, customers can make enrollment-related changes and actively regulate their policies as they wish if an outsider would do so for them. It also acts as a touchpoint for major regulatory changes, despite offering a wider range of value-added services.
conclusion
Multiple digital interventions based on app technology, chatbots, voicebots, artificial intelligence, virtual bots, sales force software etc. will help customers in rural and semi-urban India access and avail insurance products. Soon, the consumer experience in India's villages will be similar to those living in India's big cities.
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