Page 33 - Insurance Times June 2021

Claims Management: By using RPA, claims can be assessed protection and retirements planning, which will support the
automatically by using previous records of similar case. It growth of Indian insurance.
also helps in calculating claims efficiently. It will help in
improving claims registration process. It can help in sharing
of daily report with the management.

Client Servicing: It will help in quick issuance of policy and
faster claim settlement, and for company, it will provide
efficient data management.

Role of Government Sponsored Socially Oriented
Insurance Schemes

Y Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Y Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Y Life Cover under Pradhan Mantri Jan Dhan Yojana
Source: Automation Anywhere (PMJDY)

Y National Health Protection Scheme
Digital Offices and Innovative Insurance
Products Government is also working as a catalyst and launched few
social welfare schemes like Pradhan Mantri Jan Dhan
Innovation can come in different forms, from policy Yojana (PMJDY), Pradhan Mantri Suraksha Bima Yojana -
disbursement to claim and settlement, enhancing customer PMSBY (for accidental death and disability) and Pradhan
experience, while being an enabler to achieve scale. It is also Mantri Jeevan Jyoti Bima Yojana - PMJJBY (to cover life).
enabling insurers to move ahead and create digital offices, More importantly, the government has pushed insurance as
where salespersons could sell insurance policies via mobile and a risk management mechanism as Crop Insurance through
complete the processes within minutes and hours, instead of Pradhan Mantri Fasal Bima Yojana (PMFBY) taking insurance
the numerous days that it used to take earlier. to all the farmers.

Insurance product development companies are designing At present around 40 per cent farmers are covered under
innovative products like Cycle Insurance, Dengue Insurance, PMFBY and it is expected that by the next 3-4 years 60-70
Daily Commuter Insurance, etc. Giving wider options and per cent of farmers are going to be covered through this
flexibility to customers to choose as per their needs and crop insurance scheme thereby addressing the major
specifications is spicing up the insurance market. This is problem of 'rural distress', which India has been facing over
simplifying the products and making them reach to the decades. As 20 per cent of the premium in the non-life
customers like never before. Insurance companies are not sector is funded and driven by the government, the
only dependent on bancassurance, agency or direct sales challenge for the insurance sector is to manage these
channel to sell these products, but also some of the channel insurances well, delivering value to the rural beneficiaries
like web aggregators, Amazon, Flipkart are creating and making the schemes sustainable
collaborative approach to sell products in untapped market
segment. In the next five years, an estimated 500 million Role of IRDA in Increasing Insurance
first-time internet users are expected to come online via
mobile: The Next Half Billion. India has a young, growing Penetration (Through Insurtech)
middle class, with an increasing awareness for the need of Motor insurance is mandatory as per Motor Vehicles Act but

The Insurance Times, June 2021 33