Page 25 - The Insurance Times May 2021

settlement of claims. Insurance productcoming in the market, claims can be reported by
intermediaries can also go uploading picture and one will get the claim amount in the
through the training material app wallet or account.
of insurance through their
smartphone. However, there are various characteristics which a mobile
app can have in order to increase its usage among clients.
Digital platforms Use of Aggregarots / Price
Y Convenient to use and speedy, faster in processing
Comparison websites,
Chatbot etc. information
Eliminate the human error Y Customization and Flexible
Blockchain element completely i.e. Y Security
technology getting used in travel
Y Better customer services
insurance claims.
Y Features and comparison on various policies
Artificial Insurers are exploring
Intelligence (AI) automation of business process Y User experience
across the value chain and Y Informative by Blogs and Articles
developing AI applications
Y Interactive and catchy user interface
such as robo-advisors.
Y Weather or an event tracking, Geo-location technology
Use of Drones Crop insurance claims,
risk inspection etc. Y Easy and quick claim settlement

Health underwriter can also use this for better underwriting.
Connected devices and wearable provide deep insights into
Mobile Applications the customer's physical condition, like blood pressure,
Mobile application has become one of the most important temperature, pulse. Now, the insurer can even explore the
tool for increasing insurance penetration in India. Mobile client's lifestyle patterns, such as the number of steps per
Apps are increasing day by day not only in insurance industry day, or how often and how long it takes someone to brush
but every company has an application to connect with the their teeth. In addition, all this data is available in real-time,
clients and customers. which provides additional value for insurance companies.
This will help in reducing premium or taking discounts for
It is now a common trend to see insurance companies insured by allotting scores and points on the basis of risk-
launching different types of mobile apps for providing round- taking ability by an insurance company.
the-clock (24x7) support to customers and tools that allow
for better and swifter engagement with the company. Mobile app used by different insurers:
According to the data published in one of the reports, 281 Y Reliance General Insurance: Reliance Selfi App
million people in India use mobile internet every day and
Y Shriram General Insurance: Shriram M. Nova, I Nova
India has become the world's fastest-growing market for
mobile apps. Y Bajaj Allianz: Insurance Wallet
Y ICICI Lombard: Insure
Mobile application has become one of the fastest, better
and cheaper way to connect with clients. Customer has to Customer can easily use the above-mentioned mobile apps.
download the app either from Android or from Apple IOS These applications ease the claims processes significantly
and he can manage all the services from this app. An app with features like live video calls assistance with claim
can provide various services starting from Proving advisors, renewal of policies with just a tap, quick access to
underwriting to claim settlement and many more and nearby garages, hospitals etc. These apps also allow users
all transaction becomes instant in one click. to track the claim/service status in real-time. The mobile
app also allows users to safely store all their policy and other
It also helps in paying bills, storing data like insurance important documents like Driving License, RC Book, etc. in
policies and various document, check the status of the claim, an E-Doc vault, which is easily accessible.
getting quotes, read articles and blog about financial
sectors, get information about various insurance To be continued in next issue

The Insurance Times, May 2021 25