Page 51 - The Insurance Times August 2024

GIS, on the other hand, provides a spatial dimension to those areas. Predictive analytics can also help generate
traffic management by mapping the entire highway proactive maintenance schedules for road infrastructure,
network and integrating various data layers such as traffic ensuring that potential hazards like potholes or worn-out
flow, accident hotspots and road infrastructure. road markings are addressed before they can lead to
accidents," he says.
"Spatial analysis provides a comprehensive understanding of
where road signs are needed the most and how to maximise Smart Signs
their impact. GIS can also facilitate the simulation of traffic
Smart traffic management systems on NHs can create an
scenarios, helping authorities anticipate the effect of new
interconnected mechanism where road signs, traffic signals,
road signs on traffic dynamics," he says.
and real-time data analytics work together to manage
traffic more effectively.
AI and Road Safety
Highlighting AI's role in predictive analytics for road safety, "One of the primary ways in which smart traffic signs reduce
Misra says that by analysing historical data on traffic congestion is by optimising traffic flow. Traditional static
patterns, weather conditions, and accident reports, AI can signs offer fixed information that may not always be relevant
identify high-risk areas and the various times at which to the current traffic situation. In contrast, smart signs can
accidents are more likely to occur. readjust their messages in realtime, directing drivers to
alternative routes when there is congestion, roadwork, or
"This information enables authorities to implement targeted an accident ahead. This helps distribute traffic more evenly
safety measures, such as installing additional signage, across the network, preventing bottlenecks and reducing
enhancing road lighting, or increasing patrol presence in overall travel time," Misra says. (Source: Business Line)

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Governance and Reporting: Detailed governance supersedes several older guidelines and circulars,
requirements for managing unclaimed amounts, ensuring a consolidated regulatory framework.
including quarterly reviews by the Policyholder
Protection Grievance Redressal and Claims Annexures and Forms
Monitoring Committee (PPGRCMC). The circular includes several forms and annexures, such as:
Form PB-1 and PB-2: For opening new offices or
8. Policyholders' Engagement and Awareness relocating existing ones.
Customer Information Sheet (CIS): Mandatory
provision of CIS to policyholders. Form FPB-1 and FPB-2: For opening representative or
branch offices outside India.
Regular Contact: Systems to verify and update
contact information of policyholders annually. Form A, B, and C: For reporting unclaimed amounts and
settlement progress.
Annual Statements: Insurers must send annual
benefit statements to policyholders. Conclusion

9. Servicing of Policies in Case of Exit of This Master Circular aims to streamline the operational
aspects of insurers, ensuring compliance with regulatory
Distribution Channel
requirements and enhancing customer confidence through
Alternative Servicing Options: Provide options for robust governance and transparent practices. The emphasis
policyholders to opt for online servicing or allocation
on technology adoption, grievance redressal, and regular
to an insurance agent if a distribution channel exits.
policyholder engagement reflects a comprehensive
Commission Payment: Renewal commissions may approach to modernizing the insurance sector in India.
be paid to the allotted agent or direct sales staff.
For a complete and detailed understanding of each section,
10. Repeal of Guidelines and Circulars stakeholders are encouraged to review the full text of the
Superseding Old Guidelines: This circular circular available on the IRDAI website.

46 August 2024 The Insurance Times