Page 16 - Insurance Times December 2021

He said, "Install a true caller-like app experience, ICICI Prudential Life About 56 per cent of the respondents
to identify spam calls. If you get such Insurance will generate the ClickPay were in the age group of 18-40 years,
calls, do not provide any personal or link and share it with customers which 28 per cent in the 41-60 years, and 14
transactional information to will redirect them to the payment page per cent of the respondents were 60
fraudsters. They also send you links to comprising payment details. years and above.
install remote connection apps like It is a secure two-step process will help "With the contribution of insurance to
Team-Viewer or AnyDesk on your customers pay bills without the hassle GDP having risen sharply in the last
phone. The RBI has suggested not to of putting in the premium amount, and one year, it is important to also make
use AnyDesk. So, do not install such remembering premium payment buyers feel safe about their
apps and don't give information to dates, according to a statement investment. Most companies still ask
unknown callers." shared NPCI today. for the original paper document while
processing the claim. The insurance
ICICI Prudential customers 82% of insurance buyers regulator must consider restoring
to get 'clickpay' for making prefer physical copies of section 4 and mandating issuing
physical copies of the policy document
insurance premium policy documents at the earliest in the interest of
payments The insurance penetration has seen a buyers," said Mehul Desai, former
spike in recent times and over 80 per President and current Managing
ICICI Prudential Life Insurance cent of the insurers prefer a physical Committee member of Bombay
customers will now be able to make copy of their insurance document, Master Printer's Association (BMPA).
use of the 'ClickPay' facility to pay their according to a recent survey.
insurance premiums. NPCI Bharat However, only less than half of the The companies not only ask for the
BillPay Limited - the wholly-owned purchasers received a physical copy of physical copy of the insurance policy
subsidiary of National Payments their insurance from the companies, but also other necessary documents.
Corporation of India announced that it increasing uncertainty around Over 60 per cent of the survey
tied up with ICICI Prudential Life receiving claims among the buyers, respondents felt that the insurance
Insurance to provide its marquee the finding of the survey said. companies push for only digital copies,
instead of physical copies. 67 per cent
offering - ClickPay to the insurer's The survey, conducted by Bombay of the participants said that they take
customers.
Master Printers Association (BMPA), a printout of the policy from a cyber
ICICI Prudential Life Insurance is the stated that as an insurance policy is a cafe printer, a printer shop, or home,
first insurance company to offer this contract between the insurance to be on a safer side.
facility of ClickPay to its customers to company and the insured individual, As per regulation 4 of IRDAI (issuance
make renewal premium payments. nearly 82 per cent of the buyers of e-insurance policies) Regulations,
''.... as a customer-centric organisation preferred a physical copy over the 2016, an insurer has to issue both
it has been our endeavour to provide digital, according to the findings of the physical and electronic insurance
survey based on around 5,900
our customers with easy to-use certificates to policyholders. However,
interfaces that offer a hassle-free and responses spread across age groups as an interim measure in view of the
seamless premium payment and regions. COVID-19 pandemic, IRDAI had
experience. We strive to keep The policy certificate contains critical allowed insurers to issue only
improving customer experience and details of the insurance cover laying out electronic policy documents and
have been leveraging new-age the benefits, terms and conditions, the exempted them from the requirement
technology and digital platforms to procedure to file for a claim if needed, of sending insurance policies in physical
provide our customers with an and the contact details of the insurer. form till March 31, 2022, following two
immersive experience across the policy Close to 80 per cent of the survey extensions.
lifecycle,'' said Mr. Ashish Rao, Chief - participants feel that during the time About 73 per cent of the survey
Customer Experience and Operations, of the claim or an emergency, a hard participants believed that it was better
ICICI Prudential Life Insurance. copy of the policy issued by the to have a physical copy of the
To offer an automated and valuable insurance company would be document for records, especially in the
insurance premium payment preferable. case of life and health insurance. T

16 The Insurance Times, December 2021