Insurance in India can benefit from Technology/AI

Sankarnarayan Raghavan

Insurance is a protective net that protects our loved ones by providing them with financial support when they may need it the most. Technology now plays a significant role in improving that safety net.

With better internet penetration and advancement in technology, the insurance sector is now simplifying its processes and product offerings. While earlier, the general public used to stay away from insurance as they were apprehensive about the complexities involved, now they are more comfortable transacting insurance on account of technology. What used to be a product that needed selling has become one that is being purchased. While product developments assumed an imperative part in taking protection closer, innovation has significantly helped in achieving this objective.

Appropriateness of products

Insurers assist clients with a wide exhibit of necessities. However, evaluating the product depends on a wide age classification. In addition, the uniqueness of a product along with different add-ons makes it a personalised offering for customers. Technology identifies the right product for the customer along with its precise term and accurate coverage for the best customer fit.

Artificial Intelligence/Optical Character Recognition (OCR)
For customers who favour sharing a duplicate of their confirmation and also desire direct debit facilities by issuing a cancelled cheque, artificial intelligence/OCR assumes a critical part in digitising the records with next to no manual mediation.

Process automation
There are many processes in insurance, which can be automated through technology. Automation speeds up the interaction conclusion as well as diminishes errors that might sneak in when handled manually.

Do-It-Yourself
The present-day customer is now comfortable doing things at his or her own speed. They love to get things done without help from anyone else at every possible opportunity. Do-It-Yourself combined with computerisation of processes helps customers to complete transactions independently. A client self-administration gateway is an application that empowers the customer to operate in a DIY mode.

Chatbots
Chatbots help clients with intuitive responses and support the successful closure of the interaction.

WhatsApp integration
WhatsApp has become integral to modern lifestyles. It has become the favoured method of communication for customers. Through WhatsApp, customers can receive status about their different insurance contracts, claims, etc.

Voice-bots
Voice-bots are chat bots utilising voice. For clients who favour talking in their local language to get their questions answered, voice-bots can be the preferred mode of administration for the future. Customers can send in voice commands rather than typing out/sending/composing/ choosing inquiries.

Insightful models
Logical models that are lined up with the insurance processes truly do have an effect. Data scientists’ have developed measurable models for evaluating various parameters. As well as valuing, scientific models are utilised in a) risk underwriting, b) recognising the penchant of
a client to pay, c) identifying and eliminating frauds, d) selecting the customers with the right commitment, when to draw in, what to connect and how to draw in, e) persistency investigation and renewal of contracts, f) getting the right valet share from the client by recommending the right solutions at different phases of the client’s life and g) handling of claims. These are some of the areas where scientific models are utilised in the customers’ insurance journey. The potential is immense. Logical models can also be developed to assist the sales team to convert leads, engage customers, deploy employee force and recommend the right solutions.

APIs store
Creation of APIs store assists not just in amalgamating with another merchant rapidly but in drawing them by giving the right dashboards and experiences to deal with the relationship. The APIs for administration will likewise help distributors to offer timely service to the customers.

Pay-outs
Technology can enable faster processing of death claims, especially in cases where preliminary formalities have been completed. Right from the evaluation of the case, to estimations and handling the endorsements, technology can handle the claims flawlessly and ensure early disbursal.

Right from the outset of recognising an insurance offering till the time the advantages are understood and realised, innovation is helping insurance become a more robust safety net.

Views expressed by: Sankarnarayan Raghavan, Chief Technology Officer & Chief Digital Officer at IndiaFirst Life Insurance.

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