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Digital solutions implemented by Life Insurers to tackle COVID

With more and more people becoming tech-savvy, customers have become increasingly comfortable with buying products online. In response to this, even insurers have come up with digital solutions. Read ahead to know more.

By: Abhishek Kumbhar | 
Read Time: 4 minutes, 24 seconds | 
Last Updated: 11-03-2022
Digital solutions implemented by Life Insurers to tackle COVID
Before COVID-19, no one ever thought that we would be forced to stay at home in the 21st century. But with the new normal, we somehow learned to adapt and improve. With the changing circumstances, even the insurance industry is trying to adopt new technologies so that it would be easier for customers to purchase insurance remotely. Right across the insurance industry, we are seeing signs of massive and unprecedented progress. Some are exploring new technologies and partnering with Insurtechs and their existing technology partners to develop new models and tools. We have seen major initiatives in online term insurance plans and with general insurance products too.

Let us look at new tech additions to our Insurance industry-

Bajaj Allianz Life Insurance Co. Ltd.

In order to ensure business continuity, the Company has devised the following digital solution:
  • Smart Assist: It is helpful for the sales teams to assist the customers to fill up their proposal form to purchase a product.
  • Whatsapp BOT: It is launched by the company which responds to 36 types of queries, posed by the customers anytime and from anywhere.
  • i-Serv: During COVID times, iServ was launched on Whatsapp which enabled consumers to make a video call in 11 different languages.
  • e-Sampark: The company has launched e-Sampark which allows agents to personalize the communications with their name and contact details.

Canara HSBC OBC Life Insurance Co. Ltd.

The company launched various initiatives using cloud services and solutions like customer relationship management, document AI-driven new business, and an underwriting system.
  • Robotic Process Automation: It is meant to improve operating efficiencies across the organization while enabling faster service delivery, WhatsApp-based messaging, Customer Communication Management, etc.

ICICI Prudential Life Insurance Co. Ltd.

The company has taken the following initiatives on the technological platform for enhanced customer experience:
  • PASA (Pre-Approved Sum Assured): This mechanism simplifies the onboarding journey of the customers which offers a frictionless, contactless, and instant issuance opportunity.
  • Bulk policy issuance: The company has created a new flow in the policy administration system to issue group policies in a fully automated manner, thereby achieving a drastic reduction in the turnaround time.
  • Instant call patch for tele-medicals: Through this system, the doctor and customers are connected over a call for conducting the tele-medical interviews.
  • Smart document upload: The e-document collection process has been upgraded through an app that helps distributors and customers to upload documents from their mobile phones at their convenience.
  • Humanoid: An AI-based conversational tool is deployed for renewal premium reminder calls. Humanoid can converse with customers in multiple languages and can reach out to over 50,000 customers in an hour.
  • Video-based verification in regional languages: To service regional/remote customers, 11 languages are enabled for Pre-Issuance Video Verification (PIVV). PIVV is also enabled through WhatsApp.

SBI Life Insurance Co. Ltd.

  • Smart Care (Customer Engagement app): It provides the user with a seamless experience and to have the same functionalities and experience on any device ranging from mobile to web applications.
  • Alternate Sales Process: With the launch of the ASP process, the entire onboarding journey became ‘Paperless – Pen-less’, the need to submit physical documents or the movement of physical documents across offices is completely eliminated.
  • Customer Services on WhatsApp: With the help of these services, the customer is empowered to get information as per their needs and convenience by maintaining all the required security and safety of the same.

Acko General Insurance Ltd.

  • Navitization: The company has done nativization of the purchase journeys and payment models (for both Android and iOS) to bring the entire end-to-end experience in line with that of top global and Indian new-age technology companies.
  • Cover on Consumables: The company has launched a new add-on called consumables cover which pays for non-insurance payable items such as gloves, syringes, etc.

ICICI Lombard General Insurance Co. Ltd.

The innovative technology-driven solutions that have been developed and deployed throughout the year by the company are:
  • Multilingual portal and BOTs: The new multi-lingual portal for CSCs is helping to service customers through RAPs and VLEs in their language.
  • Launch of SME digital portal: Launched digital portal to help cater to the internet savvy SME/MSME customers which helps them understand commercial insurance products, buy policies as well as intimate claims.
  • App-based diabetes and cholesterol management programs: Customers with diabetes and cholesterol were offered app-based disease management programs that included nutritionist counseling and coaching to help lead a healthier lifestyle in terms of diet and exercise.
  • AI-based medical tele-underwriting using Voice BOTs: This is an innovative voice-based solution that records responses from customers based on their medical history.

Niva Bupa Health Insurance Co. Ltd.

The company has adopted the following technology for better customer servicing:
  • Automated chatbot: This is launched to handle customer queries and is working on an AI-based solution to automate claims adjudication.
  • Use of Artificial Intelligence and Machine Learning: It is adopted for pre-authorization approval
  • Easy payment for Renewals: Sharing personalized payment links to customers to directly pay for renewal.
In the digital era, purchasing a policy online can prove to be more convenient, cheap, and transparent. You can now compare and buy insurance on MyInsuranceClub, India’s 1st IRDAI Approved Insurance Web Aggregator.

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Abhishek Kumbhar
Abhishek Kumbhar is an Insurance Analyst with rich experience in the Finance Industry. With his extensive knowledge and exposure of the Insurance sector, he writes articles to provide insights about different aspects of Insurance.

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