OPINION: Evolution of Renewals & Claims in Motor Insurance

Posted on: February 23, 2019, by :

OPINION: Evolution of Renewals & Claims in Motor Insurance A lot has been done in the recent years to improve the buying experience for insurance. You can go online and can buy or renew your insurance in just a few minutes. It’s a process that used to involve forms and cheques not so long ago. The next wave of disruption will come in the post-sales services for insurance – specifically with regards to claims handling.

The New Age Claims Service

The job of a good insurance provider, online insurance broker or aggregator doesn’t end when the customer makes the purchase. It goes a step beyond that. Specially, when you are operating in a highly regulated industry which more or less ensures that there’s not much difference in the product offerings of one company vs the other. In such a scenario, the difference in service and execution, is all there is to differentiate one company over the other.

It’s a great time for a consumer in India, because all the companies realise this fact and are doing their bit to make claims handling easier.

Stepping Up the Game

Insurers, online brokers and web aggregators are putting their best forward in helping the customers. Insurers like ICICI Lombard, HDFC ERGO, Bajaj Allianz have introduced Mobile Self Inspection Service through which renewal process of vehicles has come down drastically from days to barely a few hours. The customer just has to click pictures and record a video of the vehicle in broad daylight, upload them for approval of the insurer. Once the insurer is satisfied, he sends the customer a notification of the same along with a link for making the payment and getting the policy issued.

These days all insurers have an online presence and almost all of them provide an online claim intimation service for their customers. The emphasis on ‘Convenience is Key’ remains. Some insurers have taken a step forward and empowered their customers to perform self-assessment of their damage and submit an instant claim for the same.

IRDAI Pitching In To Help

IRDAI has also allowed policyholders to perform self-assessments for claims up to Rs. 50,000/-. Currently, there are only a few companies like ICICI Lombard, Bajaj Allianz, Future Generali who offer the customers the service of making claims through their mobile via apps or live video streaming links.

Bajaj Allianz offers this service under Motor on the Spot only for claim amounts up to Rs. 20,000/- through their mobile app “Insurance Wallet”. ICICI Lombard and Future Generali accepts claims up to Rs. 50,000/-. While ICICI Lombard offers this service through their official mobile app, Future Generali provides the same through their Intelligent Video Streaming and Settlement Service called “i-ViSS”.

The Future

What we are today, we hope to be better in the future, and evolve with time. The development of technology has no limits, only its implementation and acceptance are the things that can slow down its progress. The days are not far away when our cars will carry Black Boxes from insurance providers which will be powered by Telematics.

These smart devices will communicate with the insurer and provide them complete information about the driving patterns thus customizing the policies for the owner. It will also help insurers provide spot assistance to their policyholders at all times. The regulator has already taken the matter up for consideration and insurers like Bajaj Allianz are already testing it out through its DriveSmart Service.

With the advances in Machine learning and AI, we are not far away when with a couple of taps on your mobile, most of the claims would get settled in minutes with instant disbursal of claim amount. It’ll not only be beneficial for the customers, it’ll heavily reduce operational costs for insurance companies too.

It’s time to Make Insurance Great Again!

(The author is the Founder & CTO of Coverfox)
(DISCLAIMER: The views expressed are solely of the author and ETAuto.com does not necessarily subscribe to it. ETAuto.com shall not be responsible for any damage caused to any person/organisation directly or indirectly.)