Insurers are sharpening their focus on the speed of claim processes to enhance customer experience.
Nobody wishes for the day when he has to make a claim against an insurance policy, but that is precisely the day insurance policies are meant for. The insurance premium that you pay will be worth it if you are able to sail through the crisis without going broke. This is also the time when an insurer can make a difference by making the claim process easier for the troubled customer. This is an era of internet, where word of mouth resonates fast and loud across social media platforms, amplifying both positive and negative experiences. No company wants to be seen on the wrong side of customer experience, and insurers are focusing on improving their claim processes to be on the right side. “For years, insurance companies have mostly focused on development and automation of various business processes, which are recurring in nature and require less decision-making skills across the value chain,” says Kalpesh Mehta, Partner, Deloitte India. “The focus, however, is now tilting towards exploring automation of more complex and risky processes such as insurance risk assessment, claim evaluation, claim settlement, etc.,”he adds.
Many insurers have changed their claim settlement systems to accelerate the process and with technology playing a bigger role in this, it has become more user-friendly. “Filing a claim online is simple with a lot of information being pre-filled. Customers can also attach scanned documents for faster processing of claims,” says Mehmood Mansoori, Member of Executive Management, and Group Head, HDFC ERGO General Insurance.
For motor and health claims, policyholders prefer a place of service close to their residence or workplace, but may need an insurer’s support anywhere. So insurers that have a large network of hospitals and garages have an edge. Many have identified this opportunity and are working on increasing their service footprints via new collaborations.
Denne historien er fra October 07, 2018-utgaven av Business Today.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra October 07, 2018-utgaven av Business Today.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Pension Scheme - Safety Net
The move to introduce the UPS has evoked mixed reactions. Analysts believe its funding will have limited impact on the fiscal math
The Reit Choice?
Real Estate Investment Trusts (Reits) Are Gaining Traction As Interest Rates Stabilise. But Returns Could Be Affected By Adverse Economic Conditions And Market Volatility
CORPORATE - Calling to Account
The sudden exit of Byju's auditor BDO marks the latest in a long series of setbacks for the edtech firm
EMPLOYMENT: Skills Push
The skill development ministry plans to partner with the UGC to improve the employability of undergraduates
Building on a Vision
L&T'S CHAIRMAN EMERITUS A. M. NAIK HAS BUILT A MAMMOTH ENTERPRISE THAT IS BUILDING A NEW INDIA, FROM ITS METRO RAIL SYSTEMS TO THE RAM TEMPLE
"KYS more important than KYC"
Vijay Kedia is a renowned equity investor; the value of his listed portfolio stands at around ₹1,750 crore
ROXX STAR
THE THAR ROXX COMBINES LUXURY WITH PERFORMANCE TO MAKE A STRONG STATEMENT IN THE MID-SIZE SUV SEGMENT
HIT THE GROUND RUNNING
Smartwatches have become indispensable tools for runners, offering real-time insights into pace, distance, heart rate, and more. Here are a few you can consider
TURNING THE TABLES
INDIA'S FURNITURE MARKET IS POISED FOR A GLOBAL TAKE-OFF. ALREADY, A HOST OF GLOBAL BRANDS HAVE MADE THE COUNTRY THEIR HOME, BUT INDIAN COMPANIES ARE NOT TOO FAR BEHIND
THE EVOLUTION OF ATHERA
IDENTIFYING OPPORTUNITIES IN ADVANCE HAS STOOD THIS BENGALURU-BASED VC FUND IN GOOD STEAD. NOW, WITH A HEIGHTENED FOCUS ON TECHNOLOGY, IT WANTS TO SUSTAIN THE SUCCESS