Page 40 - Insurance Times March 2021
P. 40
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.
40 The Insurance Times, March 2021