Page 40 - Insurance Times March 2021
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involved, they scan barcodes instead to process requests  Bajaj Allianz has made its workforce part of its digital
         such as claims and refunds.                          journey. Managers have mix of humans and bots working
                                                              for them, with staff being reskilled in new technologies so
         This rapid digital evolution has placed experience at the heart  they are comfortable both using them and working alongside
         of the customer journey. Genpact has seen the number of  them. But it recognizes that even as its operations and
         insurers looking to replicate this touchless, digital evolution  customers move to a digital way of life, the human traits of
         increase several-fold and is working at scale to deliver to  care and empathy will become even more important.
         the new timescales set by the pandemic.
                                                              Developing future talent is key to drive innovation in any
         Reimaging Insurance                                  sector but especially so for the insurance industry. Both
                                                              Genpact and Bajaj Allianz share this vision and both firms
         The pace and scale of the changes insurers have made this
                                                              live and breathe its execution everyday.
         year are remarkable, but there's no going back to the old
         ways of working. Customers will expect these new     The Big Reset
         touchpoints to continue, presenting insurers with an
                                                              COVID-19 has given carriers an opportunity for a huge reset.
         opportunity to redefine their role in customers' lives with
                                                              As black swan events become more frequent, a constant
         new products enabled by new data sources. One example
         is Bajaj Allianz's connected schools product that includes a  assessment and flexible agile responses to systemic risks are
                                                              required. The insurers who successfully navigated the seismic
         non-intrusive tool so parents can track a student's location.
                                                              changes of 2020 were those with workforces able to work
                                                              alongside digital tools and with the right mindset for change.
         In health insurance, it has moved strategically from illness to
                                                              It's been a year of constant education - pushing people outside
         wellness by offering a digital tool called Pro-Fit where
                                                              their comfort zones and embedding the mental adoption of
         customers can store all their health and medical information
                                                              new ways of working from a human perspective.
         in one place and monitor their health. This shift to proactively
         preventing claims and playing a more holistic role in  In retrospect though, customers have been the real winners.
         customers' lives is echoed in Genpact's research and ongoing  There are more communication channels, its' easier to make
         customer work, where it predicts insurers will make the move  claims, and the new digital mindset is spawning new
         from being premium collectors to lifelong protectors.  products. The B2C experience delivered by other industries
                                                              is finally within insurers' grasp.
         Future Talent
         Even before the rapid adoption of new technologies What's next?

         witnessed in 2020, insurers knew they had to ramp up the  As 2020 draws to a close, insurers and their service providers
         digital skills in their workforce. One solution is for employees  are reflecting on the achievements and hurdles they've
         to adapt and fill these gaps, moving from long term jobs to  overcome together. It's time to share learnings and
         a more flexible model where they move between employers,  knowledge with the wider industry and move beyond the
         taking time out to learn the latest tools and techniques in  initial fire-fighting response to a forward-looking, customer-
         between. Another route is for insurers to tap into the  centric, truly digital and real time future, where insurers
         previously unavailable talent that has opened up as a result  become data companies in insurance rather than insurance
         of the widespread adoption of remote working.        companies with data. T

                   National Insurance settles case with SEBI, pays Rs. 75 lakh

           National Insurance Company has settled with markets regulator Sebi a case pertaining to alleged shareholding disclosure
           lapses after paying settlement charges of nearly Rs 75 lakh. Sebi agreed to settle the case after the insurance company
           approached the regulator with a plea to settle the matter "without admitting or denying the findings of fact and
           conclusions of law". "The proposed proceedings to be initiated for the default...are settled by the applicant... Sebi
           shall not initiate any enforcement action against the applicant for the said defaults," the regulator said in a settlement
           order passed. It was alleged that National Insurance Company had made delay in making disclosures in respect of
           change in its shareholding in Axis Bank.

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