Page 38 - The Insurance Times January 2025

against financial losses and preserve the integrity of the dia Assurance over the next 5 years? How do you plan
insurance process. Effective fraud detection and claims han- to navigate the challenges and opportunities in the dy-
dling not only protects the company's resources but also namic insurance landscape?
ensures fair premiums for policyholders and maintain trust A: My vision for New India Assurance over the next five years
in the insurance system. As fraudulent activities become is to solidify our position as a global leader in non-life insur-
mare sophisticated, we at New India are continually evolv- ance, driven by innovation, customer-centricity, and
ing our strategies to mitigate risks and manage claims ef- sustainability. We aim to harness digital transformation to
fectively. enhance operational efficiency and deliver seamless cus-
tomer experiences while expanding our global footprint in
Below are some of the practices / technologies which hove
been developed to enhance fraud prevention and claims strategic markets.
management. We are continuously fine tuning these tech- To navigate challenges such as regulatory changes, evolv-
niques to factor in experiences and learnings: ing customer expectations, and climate-related risks, we will
1. Obtaining KYC of customers/Firm before issuing the focus on agility, leveraging data analytics, and fostering
policy partnerships to co-create solutions. At the same time, we
will capitalize on opportunities in underserved markets and
2. Awareness mailers/SA/IS are being sent to employees
as well as customers encouraging them to adhere to emerging risk areas like cyber and parametric insurance.
fraud prevention practices. Our overarching goal is to remain a trusted partner to our
policyholders and stakeholders, delivering growth with integ-
Claims Management:
rity and resilience in an ever-changing insurance landscape.
Transparency and Efficiency in settling claims ensures cus-
tomer satisfaction. Following are the few initiatives in this
Q: Any other development at Newindia, you would like
regard: to highlight?
1. Automatic appointment of surveyor for motor OD A: A key development at New India Assurance is our contin-
claims- surveyors from different categories will be ap- ued focus on digital transformation, enhancing customer
pointed based on different claim amount limits. experience through technology-driven initiatives. We have
2. Enabling claim registration online through Agent por- strengthened our portfolio with innovative, customer-cen-
tal/customer portal/call centre/employee portal etc. tric products. These efforts reflect our commitment to ex-
cellence and industry leadership.
3. Implementation of settling claims based on Digital Sur-
vey report is underway which makes claims settlement
faster. Q : Finally, what message would you like to convey to
policyholders, stakeholders, and the larger insurance
4. Using tools to evaluate factors like hospital bills, and
community through The Insurance Times?
proximity claims to identify potential suspicious claims, A: As the leading player in the insurance sector, my mes-
fraudulent claim documents etc. which will then trig-
sage through The Insurance Times is one of commitment,
ger an investigation.
innovation, and collaboration. To our policyholders, I assure
5. Regular audit of empanelled TPAs to ensure proper you that our focus remains on delivering superior service,
claim settlements. prompt claim settlements, and innovative solutions tailored
6. Regulatory Compliance: Implement tools / process to to your needs. To our valued stakeholders, we reaffirm our
dedication to creating sustainable growth and long-term
maintain compliance with industry regulations, contrib-
value, underpinned by robust governance and operational
uting to fraud prevention efforts. (specifically for moni-
excellence. To the larger insurance community, I call for a
toring the Red Flag indicators provided by Financial
collective effort toward innovation, inclusivity, and resilience,
Intelligence Unit (FIU) for General Insurance).
ensuring that our industry remains a pillar of security and
Q: As the Chairperson, what is your vision for New In- progress in a rapidly evolving world.

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34 January 2025 The Insurance Times