Page 15 - Insurance Times May 2019

Online insurance aggregators make claims settlement Aegon Life and MobiKwik
easy
launch a smart digital
Online insurance aggregators and brokers are offering insurance claims settle-
ment services not only to their customers insurance product
but also to others confronted with multiple In a bid to enable financial inclusion
issues in getting their claims processed and and ease of buying for the Indian
settled. masses, Aegon Life Insurance,
Insurance aggregator platform InsureMile pioneer of digital insurance in India
says India's 220-million policyholders can and MobiKwik, India's leading
download the free app on their FinTech Company; have joined hands
smartphones to update, renew, or cancel to launch an Rs 20 smart digital
policies and, more importantly, file claims and check claims status. InsureMile insurance product. The strategic
went live last month, and has partnered with 24 leading insurance companies partners have announced the launch
to offer more than 200 products across general and life insurance sectors. of an assorted insurance product
called the Aegon Life Group Term
Similarly, insurance broker IndianMoneyInsurance.com, a subsidiary of
Bengaluru-based IndianMoney.com Group, which also went live last month, has Plus Plan with both death and
opened up its platform to assist policyholders in India with free claims settle- accidental disability benefit,
ment services. available exclusively on MobiKwik
App. One can purchase this plan by
"Once the insurance salesman sells a policy to you, he is not reachable after paying as little as Rs 20 in premium
that. However, if you do manage to reach him after several attempts, he will for a sum assured of Rs 2 lakhs which
ask you to contact the insurance firm for assistance.
includes term insurance and
"Recent data reveal that currently in India Rs. 11,000 crore of premium is un- accidental disability.
claimed due to the complex process of reaching out across multiple touch
MobiKwik has created a lightning
points. InsureMile is addressing this challenge by providing free policy services
fast, fully digital in-app purchase
for all existing policies issued by insurance firms," said Mallesh Reddy, co- flow on its App for this new smart
founder and CEO, InsureMile.
insurance product. Buyers have the
According to the IRDAI, 1.1-crore policies worth Rs. 15,617 crore are lying un- option to choose from 3 sums
claimed with 23 life insurers as on March 31, 2018. The amount has remained assured variants of Rs 1 lakh, Rs 1.5
unclaimed beyond six months from the due date for settlement of the claim lakh and Rs 2 lakhs, which are
amount. bundled with an additional Rs 1 lakh,
The question one must ask before buying an insurance policy is if the money Rs 1.5 lakh and Rs 2 lakhs of accident
will reach the nominee if anything goes wrong, said CS Sudheer, founder CEO disability, at no additional cost. The
IndianMoney.com Group. policy can be availed at a premium
"In most cases, the nominees are not aware of the policyholder's insurance plans of Rs 20, Rs 30 and Rs 40 respectively
or whereabouts of the policy documents, resulting in unclaimed amounts pil- and is issued instantly.
ing up with insurers, and family members not receiving the money they badly "Digital has always been intrinsic to
need," said Sudheer. our DNA. Being Direct-to-Customer,
To make beneficiaries aware of policy documents and the claim process, Indian we wanted to be closer to our
Money Insurance ensures that the proposal form is filled by the policyholder. customers and design offerings that
Then a letter is sent to the nominee, telling him/her about the insurance plan, are better suited to their needs. This
claim amount, and claim settlement process to make sure the money reaches association with MobiKwik further
the nominee. fortifies Aegon Life's commitment to
providing innovative and need-based
insurance solutions to everyone via
the online channel", said Vineet
Arora, MD and CEO, Aegon Life
Insurance on the partnership.

The Insurance Times, May 2019 15