Page 42 - Insurance Times June 2024

bridging the gap between insurers and the insured. To streamline the claim settlement process, such as the
further optimize the claim process, insurers can empower online claim intimation facility and the mandate for
intermediaries by assigning them the job of settlement of insurers to settle claims within a specified timeframe.
claims, up to a certain defined limit, on merits. This will Insurers are increasingly leveraging digital technologies
ensure that claims are settled promptly and efficiently, with
to improve the customer experience. For example, AI-
a personalized touch.
powered chatbots are being used to provide real-time
claim assistance and to automate claim processing
Transparent Quantum: The Need of the tasks.

Hour New products and services are being launched to meet
Clarity breeds confidence. Policyholders deserve to know the the evolving needs of policyholders. For instance,
parametric insurance products offer coverage against
objective quantum of their claims as defined in their policy.
specific events, such as rainfall or earthquakes, without
A transparent approach, where settlements align with pre-
the need for physical inspections or documentation.
stated policy terms, will only bolster trust in the industry.
The insurance industry is also witnessing a growing focus
Charting the Future with Fresh Perspec- on customer-centricity. Insurers are adopting a more
holistic approach to risk management, offering value-
tives: added services such as preventive risk assessments and
The insurance sector in India has witnessed commendable safety training.
innovations in recent years. From the integration of AI and
machine learning to enhance risk assessment to the A Captivating Perspective for Insurance
introduction of chatbots for real-time query resolution, we
are on a transformative journey. Practitioners
The insurance landscape is changing rapidly, presenting new
However, as practitioners, we mustn't get complacent. We challenges and opportunities for practitioners. To thrive in
must always strive for a fresh perspective, pushing this evolving environment, insurance professionals must
embrace a culture of innovation and continuous learning.
boundaries to deliver unparalleled service.
Here are some tips for insurance practitioners:
Action Points for Stakeholders: Stay abreast of the latest technological developments
Digital Integration: Enhance user experience with and regulatory changes.
seamless online claim intimation platforms.
Focus on developing customer-centric skills and
Training & Development: Conduct regular workshops solutions.
for intermediaries, ensuring they are up-to-date with Build strong relationships with intermediaries and other
the latest in claim settlement protocols.
stakeholders.
Clear Communication: Transparently lay out claim Contribute to the industry's growth by participating in
quantums in policies and maintain open channels of research and development initiatives.
communication with policyholders.
Be a role model for ethical and professional conduct.
Feedback Mechanisms: Establish platforms where
clients can share their claim experiences, providing us Actionable Insights for Improving Claim
with insights to refine our processes.
Services:
New Developments in the Insurance Insurers:

Sector: Invest in digital infrastructure to create a seamless
online claim intimation and processing platform.
The Indian insurance sector is undergoing a rapid
Provide regular training and development to
transformation, driven by technological advancements and
regulatory reforms. Here are some notable developments: intermediaries on claim settlement protocols.
The Insurance Regulatory and Development Authority Develop transparent and customer-friendly claim
of India (IRDAI) has introduced a slew of initiatives to settlement policies.

The Insurance Times June 2024 39