What are the trends in Insurance Industry?
The main goal is to serve customers better and stand by them in such testing times. Insurers are focusing on making buying and issuance of insurance policies simple. Due to the outbreak of Coronavirus in India and lockdown, people are confined to their houses. In such a case, digital innovation is a must, which is already taking place in the insurance sector. For instance, telemedical check-ups, sending kits to the customers’ homes for self-medical tests, including video-based medical tests.
Furthermore, insurers are coming up with new COVID-specific products to help customers in having a health cover specifically to Coronavirus. For motor, a few insurance companies have come up with a concept of pay as you drive insurance products. Even though most operations are done remotely, digital transformation to provide instant customer support is on high priority where AI-based text and voice bots are becoming a part of trends.
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The main challenge is to continue the operations seamlessly and serve customers, and to deal with an increasing number of claims with a shorter response time while working remotely.
Rakesh Goyal,
Director
Probus Insurance
Insurtech Broking Company
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What are the big technologies influencing Insurance Industry?
Adaption of Cloud-based technology is the one that is helping the insurance industry to work and operate without hassle. There are several innovations influenced by AI and ML, which are helping to come up with customized solutions. Data-driven services to offer superior customer experience are the results of AI and ML. Robotic Process Automation (RPA), is a new way to automate time-consuming manual processes.
What are the challenges Insurance industry facing in current times?
Corona is the biggest challenge for the insurance industry as of now. The spread of disease across India will be a threat to many insurance products. Another threat would be to see a rise in the number of health and life insurance claims across the country. The main challenge is to continue the operations seamlessly and serve customers, and to deal with an increasing number of claims with a shorter response time while working remotely.
However, this is an opportunity for the insurance industry to stand by the customers and win their trust. Furthermore, people may likely see insurance as one of their essentials, which may make health and life insurance a pull product.
What are your solutions for the insurance industry?
We are heavily leveraging technology, have introduced Robotic Process Automation (RPA) to send renewal notices through email and WhatsApp, AI-based WhatsApp Chatbot to help customers, and automating the claims process. We are making our product seamless and straightforward, making it a customer-centric product ultimately. We are also taking initiatives on one-click renewal process for motor insurance.
Probus Insurance has launched online insurance solutions for Home and Business insurance, which covers the risk of loss due to fire & burglary and other natural and man-made perils. Moreover, soon, in the same line, we will launch products like Marine, WC Policy, and PA on our online platform.
What your plans for this COVID 19 lockdown to assist your customers
Our team is continuously in touch with customers to understand their needs and guide them with whatever they need help with. We have AI-based WhatsApp Chatbot along with Live Agent customer service to support customers. Whether be it policy details, renewals or reach out to the claims department, one can reach out to us right from the WhatsApp. In case any customer needs a life or health policy, we are helping with the telemedical and other processes as required by the insurers to issue a policy. We have set a Robotic Process Automation (RPA), to send automated, timely renewal notices to customers through WhatsApp and Email. Our team is assisting customers at every step of their buying process and filing claims.
