The COVID-19 outbreak has not only bruised the economy, but has also changed the business dynamics. However, the insurance industry has smartly adapted to the challenging environment by going paperless, which is reflective in their growth.
It is only natural that life and health insurance products witness a surge in demand during a health crisis. The insurers had to be ready to fulfil all the demands digitally with social distancing. The investments that insurers had made over the years in Artificial Intelligence (AI), digital payments, and sales platforms proved to be vital but potential innovations were introduced to make things function.
One of the first steps towards being digitally-able was to empower the employees.
“The first step was to ensure all our employees are safe and we enabled them to work from home on a short notice. App-based tools for servicing customers, cloud telephony for renewal calling, inbound emails, and video-based servicing were handled by staff, restricted to their homes,” recalls Parvez Mulla, Chief Operating Officer, HDFC Life Insurance.
The entire policy-life cycle has been digitised by insurers, including underwriting claims, to ensure customer’s support is not hampered.
“Our IVRS facility has been moved to homes of call centre agents so that customer queries can be addressed without delay. Our servicing and underwriting teams are also enabled to work-from-home so that they can continue to do necessary post-sale and underwriting activities,” claims Yusuf Pachmariwala, EVP and Head of Operations, Tata AIA Life Insurance.
Denne historien er fra October 2020-utgaven av Outlook Money.
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 2020-utgaven av Outlook Money.
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
Stay Ahead Of AI-Powered Cyber Fraud
AI has become an integral part of our lives, right from customer service at banks to insurance claims. But it has now become a powerful arsenal for the fraudsters too who are increasingly using AI to scam individuals and corporations alike to commit fraud. The key is to stay vigilant
Travelling To Europe? Pack In The Essential Covers
Smart travellers must know that insurance is a must-have. From essential health coverage to theft protection and trip interruptions, know what you need for a worry-free Europe trip
How To Spend Wisely This Year-End
We all spend during the year-end. But the trick is not to overspend or borrow, either from friends, or your own investment, to fund your indulgence. Maintaining balance is the key
Travel Now Pay Later (TNPL)
Travel now, pay later (TNPL) is a close cousin of the more popular buy now, pay later (BNPL) schemes.
12 Books Devina Mehra Loved Reading In 2024
Listing books of her choice, among the ones she reads during the year, is ace investor Devina Mehra's favourite year-end activity. She says it's a daunting task to pick around 12 books from a list of 50.
Here's How To Avail Of Ayushman Bharat Yojana
Launched in 2018, the Ayushman Bharat Yojana aimed to provide health coverage to targeted benefi ciaries from the Socio-Economic Caste Census (SECC) 2011, based on deprivation and occupational criteria.
'Focus On The Business, Assess If You Want To Be A Partner For 10-20 Years'
Professor Sanjay Bakshi, a value investor, behavioural economist and adjunct professor at Flame University, Pune, gives his unique perspective on how to choose a stock, in an interview with Nidhi Sinha, editor, Outlook Money, as part of the Wealth Wizards series. He also shares his learnings from role models Warren Buffett, Charlie Munger, Benjamin Graham and others, and how being a chartered accountant, economist, investor and teacher make him into what he is today. Edited excerpts from the interview
The New Trump Card For IT, Pharma
Donald Trump has been re-elected as the 47th President of the US after a gap of four years. Here's how it will affect the Indian markets and how it will benefit sectors such as IT, pharma, export-oriented sectors and others
European Sojourn
Tight on budget? Dump the popular European destinations for the little-known wonders that are equally attractive
Gold ETFs And FoFs
While Indians love to invest in physical gold, even mutual funds offer the option, but in paper format.
