Page 21 - Life Insurance Today OCTOBER 2017

Renew lapsed policy

faster through self-

inspection

A lthough renewing a motor in- ICICI Lombard General Insurance re- "Once we get the information through

surance policy is easy and can
cently launched a feature in its app
the app the data is stored in a reposi-
be done online too, about
case of a lapsed policy, a vehicle
of claim before approving or rejecting
20% of car insurance policies called 'Mobile Self Inspection'. In the tory. We compare the data at the time
and 40% of two-wheeler policies lapse owner can use this app to shoot a it,'' says Vijay Kumar, president motor,
in India. Now, however, private gen- video of the vehicle and submit it to Bajaj Allianz General Insurance.
eral insurers are offering the facility of the company. The insurer can renew
self-inspection that can speed up re- your insurance within a couple of Customers should ensure that their
newal of lapsed policies. hours of receiving the video. motor policy gets renewed without a
break to ensure the continuation of
Renewing a lapsed motor insurance A few conditions apply. The video the No Claim Bonus (NCB), which is
can take two-three days or more as must be shot at one go. No editing is the discount on the premium in case
inspection of the vehicle is mandatory allowed to prevent fraud. In case the there are no claims. NCB can be trans-
in such cases. "The insurer needs to shooting gets disrupted, you have to ferred if you sell your vehicle. If you
know the state of the asset being re- start all over again. The video should renew your policy within 90 days you
newed. So the customer has to wait be shot in daylight and in a particular can get the NCB, subject to inspection.
for the surveyor's report before the sequence, which should include the
policy is renewed,'' says Sanjay Datta- vehicle's engine and chassis number. But if you renew it after 90 days, you
head, health and motor, underwriting This ensures that all parts of the ve- lose this benefit. In case there is a gap
and claims, ICICI Lombard General In- hicle are covered and existing dam- in renewing the policy and your ve-
surance. ages too. The camera should have a hicle meets with an accident, you will
resolution of 3MP or more. If the have to pay for its repair out of your
The surveyor checks the vehicle for video is blurred, you need to reshoot. own pocket. The bigger risk arises if
existing damages. Based on his find- You will get a confirmation from the you have to pay for third party dam-
ings, the policy could be approved or company if the video's quality is found ages, which could amount to a
rejected. "If you make a claim in the acceptable. The video can be shot humongous sum.
future, the report will help the insurer only through the app.
differentiate between existing and Both ICICI Lombard and Bajaj Allianz
fresh damages, and pay only for the Bajaj Allianz General Insurance too offer self-inspection only for four
latter," says Naval Goel, chief execu- offers a similar facility wherein the wheelers currently. Bajaj Allianz allows
tive officer, PoliciyX.com. The vehicle customer or intermediary can upload renewal of two-wheelers without in-
is not inspected if you renew your a video of the vehicle through the spection, provided it is done online.
policy before it lapses. company's app for verification. (Source : Business Standrad)

"To save a family, abandon a man; to save the village, abandon a family; to save the country, abandon a village; to save the soul,
abandon the earth."

Life Insurance Today October 2017 21

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