Page 49 - Insurance Times October 2023

Dr. Kumar Chatterjee, from Heritage TPA also shared his The Insurance Agency Force is one of the first and oldest
thoughts. He said the Insurance Industry will survive only if distribution channels in the Indian Insurance Industry. Their
we provide timely service. TPA's & Agent are the both sides spread & reach is unmatched by any other channel even
of a coin. If anyone becomes ill -then to admit him/her is today. Their sway over rural market continues to remain
the most important need. So, every one of us needs to come unchallenged even in the era of IT advancement.
on this common platform of helping our clients. We are all
Debasis Karmakar, Insurance Surveyor spoke on ''The Role
related to service parameter. In case of cashless service, of Surveyor's to decrease the ICR meanwhile increase the
TPAs are on their toes -as because what are admissible or market penetration with expansion and by working closely
non-admissible is not being known to the patient party - with the individual Agents".
there TPA has to work being based on some papers. So in
such situation, patient needs to be addressed properly -to He requested Insurers for not using LAA or contract
guide them about this aspects -what they will get as per surveyors and other 3rd party agency-who don't know the
geography, philosophy, sociology or mentality of the local
policy & what are outside the purview of coverage. Human
customers. They are more interested in their profit against
touch is the most essential ingredient in TPA operations.
the quick but non-professional service by 10th or 12th pass
Anabil Bhattacharya, former Chief Manager, NICL, HO, non-technical persons.
Kolkata spoke on "Role of Agents in Digital Era"
If the Local Individual surveyors are used even in a small
After the introduction of "Digital India" the flagship program claim of a retail customer, he will attend physically at the
of the Government of India with a vision to transform India place of loss and consult with the victim/insured to block
into a digitally empowered society and knowledge economy, further loss or aggregation, to minimize the loss and
this Digital India Programme is launched to prepare India estimate the genuine loss thereby decreasing the ICR.
for a knowledge future. The focus is on being transformative
As per Surveyors Regulation 2015, the rules to depute
-to realize the power of using IT platform for future
Surveyors has been amended. Now any customer can
expansion, extension and linking various links all together
like Aadhar, PAN card linked to your mobile phone, appoint an individual Surveyor for the assessment of the loss.
Insurer will be bound to indemnify the assessed loss by that
connecting your all-personal savings accounts for record &
appointed surveyor. Hence the survey fees won't be given
allowing on line payment of money, making payment of by the insurer and they can earn by slashing this fees from
insurance premium & other financial transactions on line the expenditure of a claim, and get a profit by this head,
even in holidays on 24X7 basis.
which turns to reduce the ICR of the insurer and to the
Here in India, the insurance sector has taken longer period concerned Agent's business.
to embrace digital transformation than many other sectors.
Ms. S Kalaiveni, DGM (Marketing), United India Insurance,
This is mainly for chosen preference for personal HO, Chennai, in her address emphasized the need for
relationships when dealing with insurance placements and handholding of the fellow agents. We need to help each other.
the complexity of the insurance purchase processes,
Agents should change the way that they are presently
particularly when it comes to pension, ULIP and annuity following. She advised them to upgrade themselves with the
products (in the life sector) with high-end values or Project changing environment. She emphasised that the 4 Public
& Liability insurance coverage (in non-life sector) for their
Sector Insurance Companies has played a pivotal role in
discreet specific underwriting requirements. growth and development of the Insurance Industry in India.
Fuelled by FinTech investments and Insurtech startups, Indian She also stressed that United India Insurance is an ethical
insurance now has become a hot hub of digital innovation. company which gives due respect to the hard work done by
In response, insurers started embracing various changes and the Insurance Agents. She added that the ICR of UIIC is the
rethinking on their business models to move towards a best. She underlined the problems relating to commission
compliant, secure and digitally-enabled operating model to & incentive structure by other Private Companies. She added
enhance customer, employee, partner and other stakeholder that the agents must be techno-savvy and must stand on
experiences. Newly invented digital tools and capabilities their own feet. For lowering of Commission of agents in
help insurers to streamline new product developments, certain policies she said in case of loss making portfolios
digital experiences and the transformation of key functions commissions have been rationalised and products where
- from positioning, marketing, distribution, underwriting, there is less competition and are profitable, commissions
investigations and claims to finance and accounting. have increased and incentives are also given.

46 October 2023 The Insurance Times