While the insurance coverage corporations in India have embraced the use of technologies considering that the start out of the ongoing pandemic, having said that domestic insurers want to appear at worldwide corporations to additional strengthen the technologies in insurance coverage. Robotic method automation (RPA) has been effectively implemented in quite a few European nations to enhance consumer encounter and lessen operational danger.
In India, we have noticed corporations like HDFC Life have launched Ezra, the Google Assistant bot which provides intelligent services like handling dynamic queries and supplying insights into policies. The bot can effectively answer more than 200 queries. Earlier in May 2020, the launch of Elsa, an Alexa bot, was one particular of the options offered for ease of policyholders.
Bajaj Allianz Life Insurance launched a 1st-of-its-type revolutionary technologies service in the insurance coverage business named ‘Smart Assist’. The service will allow clients to connect with the insurance coverage enterprise, via a safe screen sharing function, to avail genuine-time help on completion of their acquire journey, anyplace. Smart Assist is created to enable clients know all about their solution though enjoying virtual help, and keeping the social distance protocol.
Life, as properly as non-life insurance coverage corporations, have been fast in adopting the technologies in India, but worldwide players are one particular step ahead as they have currently introduced RPA for far better claim processing and consumer danger evaluation. However, internet aggregators have been fast to adopt the RPA technologies in India.
Web aggregator Probus Insurance brokers have been working with the RPA through the time when our nation was on lockdown to include the spread of Covid-19. There are various advantages of working with the RPA, streamlining the information method, enhanced compliance, and enhanced consumer encounter.
RPA has helped the insurance coverage aggregator in various approaches. Firstly, insurance coverage corporations supplying policy documents or renewal notices come in unique formats and it becomes exceedingly challenging for the internet aggregators to compile the information. But with the enable of RPA, internet aggregators can retailer all the information in no time. In quite a few worldwide markets use of software program, robots had led to a reduction in processing time by 40-50 per cent.
During the lockdown in India, quite a few of the staff have been not capable to attain the workplace and RPA applied to collect all the information which was completed manually prior to the Covid-19. The use of technologies has saved not only man-hours but even errors. Most importantly this has helped them in intimation of renewing the policy.
Many instances, when the insurance coverage corporations send the renewal letters, policyholders could possibly have shifted to yet another spot or they would get immediately after information of renewal of the policy. But we have been capable to send the renewal letters to our policyholders 30 days prior to the renewal information and also marked to the respective brokers. This guarantees speak to monitoring the renewal payment by the agents so that policyholders spend the quantity prior to the due date.
Even more essential is information protection and absolutely everyone wants to remain updated with the laws that prescribe how privacy need to be protected. RPAs can be applied in a really fair manner in this location as the software program generates all the facts and it is considerably less complicated to track the method and guarantee compliance with the regulations of that nation. This is the appropriate time for the insurance coverage corporations to expand their digital footprints and use the RPAs as they will be helped in far better consumer encounter and integration of many systems along with saving expenses.
by Rakesh Goyal, Director, Probus Insurance, Insurtech Broking Company