Page 9 - Insurance Times April 2024

curb high charges," said Tapan Singhel,
chairman of the General Insurance Bajaj Allianz General launches GenAI bot 'Insurance
Council and MD & CEO of Bajaj Allianz Samjho'
General Insurance. Leading private general insurer Bajaj Allianz General Insurance launched
According to Singhel, even if hospitals "Insurance Samjho", a Gen AI powered bot designed to simplify insurance
were required to disclose their sched- complexities for customers.
ule of charges for various procedures, The bot aims to address the dissatisfaction of policyholders during claim
it would significantly enhance transpar- settlement arising due to lack of understanding, intricate details and fine
ency. "We have initiated the effort to print of the insurance policy.
provide cashless treatment in all hos-
pitals...," said Singhel. He said the "Insurance Samjho" addresses this challenge by offering a user-friendly in-
National Health Claim Exchange would terface with intuitive AI capabilities to break down complex insurance terms
into simple, conversational language.
boost transparency.
The Gen AI powered bot is planned to act as a virtual assistant, which will
Non-life insurance companies can pro-
vide standardised rates for medical allow customers to ask questions about their coverage, exclusions, and pro-
procedures, aiding the government. cedures or even ask for clarity on some specific medical conditions.
The SC asked central govt to imple- The bot is similar to Chat GPT as the customers can ask questions and seek
ment a law mandating notification of clarification on various aspects of their policies based on the document that
standard rates for medical procedures. has been uploaded and the bot will provide clear, concise answers in a con-
The insurance industry settled Rs versational style, ensuring complete transparency and easy comprehension.
80,000 crore of health insurance
claims, bringing data transparency.
try by bringing more technology, pro- Bima Yojana (PMFBY), 56.80 crore
Policybazaar becomes cess control and data analytics based farmer applications have been enrolled
innovation into re-insurance capacity. and over 23.22 crore farmer appli-
composite insurance bro- cants received claims," the Agriculture
Last month, PB Fintech reported its
ker after IRDAI nod first-ever net profit of Rs. 37.2 crore on Ministry said in a statement. About Rs.
Policybazaar Insurance Brokers, a a revenue of Rs. 871 crore for the 31,139 crore was paid by farmers as
wholly owned subsidiary of PB Fintech, quarter ended December 31, 2023. their share of premium, against which
has now become a composite insur- For the nine months ended December Launched in 2016, PMFBY shields farm-
ance broker with the insurance regu- 31, 2023, PB Fintech reported a net ers from crop loss or damage arising
lator IRDAI handing over the certifi- profit of Rs. 4.2 crore. from unforeseen events claims of over
cate of registration to the company. Rs. 1,55,977 crore was disbursed to
Farmers' enrolment in them by insurance companies, the gov-
This latest upgrade from the earlier
category of direct insurance broker crop cover scheme up 27% ernment said. There is no mention of
(general and life insurance) to a com- this fiscal total premium collected by insurers
posite insurance broker will allow during this period.
The government has said there is a 27
Policybazaar to enter reinsurance
per cent increase in farmers enrolled Government gets ready
products selling.
under the flagship crop insurance
The IRDAI Certificate of Registration as scheme PMFBY and the share of non- for GIC Re stake sale
a composite broker will be valid from loanee farmers was 42 per cent in the The Government kickstarted the pro-
recently, according to a stock exchange total enrollment during 202324, both cess for additional stake sale in General
filing by PB fintech. PB Fintech had kharif and rabi seasons. However, the Insurance Corporation (GIC Re) with
recently announced that IRDAI had increase this year has been attributed roadshows in key global financial hubs,
granted in-principle approval for by experts to Maharashtra and including New York, Singapore, Hong
Policybazaar to function as a compos- Odisha's decision to completely bear Kong, Dubai and London.
ite insurance broker. the farmers' share of the premium.
According to an official source, the
This will allow Policybazaar to deepen "During the past eight years of imple- outreach has elicited "quite positive re-
the insurance penetration in the coun- mentation of the Pradhan Mantri Fasal sponse" from global investors, which

The Insurance Times April 2024 9