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adherence to the Protection of Policyholders' Interests To truly revolutionize claim settlements, insurers must not
(PPHI) regulations, which outline the protocols for all only adopt new technologies but also maintain a customer-
procedures including claim settlement, with timelines and first philosophy, ensuring that the process remains
documentation requirements, is crucial for maintaining accessible, understandable, and user-friendly for
consumer trust and legal compliance. policyholders of all backgrounds. With concerted effort and
a dedication to continuous improvement, the Indian general
Leveraging Fintech Partnerships: insurance sector can aspire to become a global benchmark
The collaboration between insurance companies and fintech/ for excellence in claim settlement practices.
point of sales/ firms has the potential to transform the
insurance industry ecosystem. For instance, blockchain By working together, stakeholders can create a more
technology can be used to create immutable records of claims efficient and customer-centric claim settlement process,
and policies, enhancing transparency and reducing fraud. which will ultimately benefit the insurance industry as a
Fintech startups are also pioneering peer-to-peer (P2P) whole.
insurance models, which could redefine how claims are funded
and processed. This collaborative model could also drive down The above suggestions need attention of all stake holders
costs and result in faster claim settlements due to the collective with integration of thoughts by a platform accepting
stake in minimizing fraud. An effective way to gauge the feedback objectively for constant improvement for dynamic
potential of new initiatives is by looking at success stories. For system building to achieve adequate level of business
example, case studies of insurers who have successfully penetration. With the above methodology and reaching
implemented telematics to expedite auto insurance claims or different demographics will improve penetration.
those who have used telemedicine to swiftly process health
insurance claims can provide valuable insights. About The author:
Qualifications: FIII , MBA and Founding Director & PO -
Sustainability and the Future of INS FIN MART IMF PRIVATE LIMITED, Ex-Army Officer,

Insurance: Retd. Senior Divisional Manager - The New India
Assurance Co. Ltd.
The general insurance sector is also aligning itself with
sustainable practices. By considering environmental, social, Capt. Dr. Gulshan Satija, an exemplar in the Indian
and governance (ESG) factors in underwriting and claim insurance sector, holds an esteemed position as the
settlement processes, insurers can promote sustainability. Director of INS FIN MART IMF PVT. LTD. His prolific
Climate-conscious insurance products that offer incentives career is marked by substantial contributions, including
for using renewable technologies or implementing published articles in leading journals such as Insurance
sustainable practices can pave the way for a new era of Times, dedicated service as a faculty member in
responsible insurance. insurance education in various institutions such as CII,
Institute for Company Secretaries, and notable
Conclusion: recognition for excellence in marketing insurance
products across the country. A retired Senior Divisional
As we survey the horizon of general insurance claim
settlements in India, it is clear that the path forward is Manager from The New India Assurance Co. Ltd. and
marked by technological innovation, regulatory compliance, with his latest position, he now plays an advisory role in
customer education, and strategic partnerships. The Chandigarh Tricity's non-life insurance companies
industry's stakeholders must continue to work collaboratively including but not limited to Tata AIG GIC Ltd., ICICI
to enhance the efficiency, transparency, and responsiveness Lombard GIC Ltd., The New India Assurance Co. Ltd.,
of the claims process. etc. and underscore his continued influence in the field.

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The Insurance Times June 2024 41