Page 6 - Insurance Times April 2021

block e.g., a financial year and is facilitating new business and renewal has pointed out that while India
estimated in the first month of the transactions. accounts for a low share of marine
next year and so on i.e. the one-year Kayzad Hiramanek, Chief, Operations & insurance globally, its software
persistency ratio is indicated as 13th- Customer Experience, Bajaj Allianz Life prowess can be used to give India the
month ratio and so on. necessary leg-up in the area.
said, "We developed WhatsApp
"In the case of persistency level, while services just at the onset of the Subhash Chandra Khuntia, Chairman,
we had some issues in April 2020, but pandemic. And over 11 lakh customers IRDAI, stated that primary insurance
May onwards we were back to doing used this platform over the year for (for marine sector) can grow if there
more collections than the pre-COVID renewal premium payment, sourcing is presence of reinsurance and called
times. Our 13th-month persistency has new policies, and servicing existing for starting a protection and indemnity
gone up by 200 basis points compared policies". club in India.
to the same time last year," stated Arti Mathur, GM, Oriental Insurance
Kamlesh Rao, MD and CEO, Aditya Birla NICL asks Axis Bank to Company stressed that growth in this
Sunlife insurance. "Digitalization has reclassify as public area depends on the availability of
played a big role here. Our Artificial ecosystem. Marine insurance business
Intelligence (AI) driven Conversational shareholder in India is in the range of 1.5-2%, which
Renewal Bot offered a seamless digital Axis Bank has recently said that one of further shrunk during the pandemic,
renewal engagement journey, helped its promoters, National Insurance Mathur added.
policyholders to renew their policies Company Ltd (NICL), has asked it to According to the experts, Gujarat
anytime, anywhere", he added. classify the insurer as a public International Finance Tec-City IFSC
shareholder. The bank, in this regard,
Ashish Rao, Chief Customer Experience (International Financial Services
received a request letter from NICL to
& Operations, ICICI Prudential Life Centre) can be a platform for such
reclassify NICL to public category from
Insurance said that recently, ICICI promoter category, in accordance with activities.
Prudential Life has launched a speech
listing regulations, Axis Bank stated in
recognition AI-humanoid for renewal HDFC ERGO launches
a regulatory filing.
premium reminder calling. "With this Business Kisht Suraksha to
automated solution, we can reach out "The aforesaid request for re-
to over 50,000 customers in an hour classification will be tabled at the protect MFIs from natural
and can converse with customers in ensuing meeting of the Board of calamities
Directors of the Bank and all necessary
multiple languages.
steps will be undertaken in accordance HDFC ERGO General Insurance has
For the period from March 2020 to with Regulation 31A of the Listing recently introduced a unique cover,
December 2020, we reached out to Regulations," the bank said. Business Kisht Suraksha, focused at
over 4 lakh customers and protecting the balance sheet of
approximately 87% of customers Marine insurance: IRDAI in financial institutions, MFIs and banks in
contacted paid their renewal the event of natural disaster or
premiums. Our customers can make discussion with INSA to set catastrophe. Business Kisht
renewal premium payments through up P&I club predominantly aims to limit the
net banking, UPI, ECS, credit and debit IRDAI is in talks with Indian National impacts on the balance sheet of
cards, Google Pay and other mobile Shipowners Association (INSA) to financial institutions, due to non-
wallets," remarked Rao. develop a protection and indemnity payment of EMIs by borrowers,
During the pandemic, technology has insurance club (P&I club) in India, a resulting out of listed calamities such
been the centre of all customer move which will support the as floods, earthquakes, cyclones, etc.
engagement activities for insurers. development of a marine insurance As a product, Business Kisht can be
Whether it is self-servicing insurance market in India. customised as per the needs of an
portal for customers or AI-enabled bot, Marine premium formed about 2% of individual MFI or financial institution.
all-digital offerings have been designed the gross domestic premium in FY20. It can also be tailor-made depending
to enhance customer experience and India has been looking to put in place on the geographical presence of the
reduce time for servicing them and a P&I club for a few years now. IRDAI borrower, MFI or any financial

6 The Insurance Times, April 2021