Page 6 - Insurance Times Octoberr 2022

types of risks emerging, be it the pan- The Department of Financial Services The company said that it will assist the
demic, climate change or data privacy, (DFS) has mandated the chairman and insurer to streamline the customer
and these call for comprehensive cov- members of IRDAI, chairman and man- journey through digitalization and pro-
erage steered by the changing cus- aging directors of LIC, and other pub- cess simplification, enhance customer
tomer behaviour and the advent of lic sector insurance companies to seek experience, and expand the use of the
new technological solutions and oppor- the Centre's prior permission before bancassurance channel. TCS will also
tunities, the company said. taking up any post-retirement jobs, leverage its innovation centers and
and share their professional/personal capabilities to help Zurich scale its in-
Mantri said that launches were en-
and the future employer's details. The novation efforts at speed and launch
abled and fast-tracked by the IRDAI's
comes after Centre had reportedly re- new digital services and products, it
recent guidelines on 'Use and File' for
ceived complaints against two past added.
insurance products.
IRDAI chairpersons, Subhash Chandra
"We have a product for virtually every TCS will help Zurich embrace a new IT
Khuntia and T S Vijayan, for accepting
segment and fuelled by regulatory re- operating model, leveraging
post-retirement positions that were DevSecOps and automation. This will
forms, we have accelerated our pace
related to the insurance sector.
of developing and launching new prod- enable the insurer to bring innovations
The IRDAI Act requires that chairman faster to market, and enhance the digi-
ucts. The current era is an exciting
and members of the insurance regula- tal customer journey. TCS will also work
period to usher in innovation and
tor do not accept any central or state closely with Zurich IT in joint agile
reimagine possibilities," he said.
government position and appointment teams to build a stronger internal IT
Some of the products launched include
in an insurance company without prior core competency by leveraging TCS'
an insurance cover for senior citizens,
approval from the Centre. Talent Transformation framework, the
a first-of-its-kind cashless OPD policy, a
IT firm said in the press release.
single motor policy for multiple ve-
TCS expands partnership
hicles, an emergency medical cover
SBI General showcases en-
during accidents, home protection for with Zurich Insurance Ger-
HNI and ultra HNI customers, and hanced buying journey of
many
travel insurance for new-age require-
Tata Consultancy Services (TCS) and health insurance on
ments such as adventure sports and
Zurich Insurance Germany (Zurich)
VISA rejection. WhatsApp at the Global
have expanded their partnership, mak-
The insurer also introduced drone in- FinTech Fest 2022
ing TCS the exclusive strategic IT part-
surance, retail cyber liability insurance, SBI General Insurance, in its effort to
ner for Zurich's life insurance IT land-
and a telematics add-on in motor in- simplify the insurance buying process,
scape.
surance wherein policyholders will
strengthens its collaboration with
The IT major said that it has been a
have the option to pay premiums as WhatsApp to launch an enhanced ver-
partner to Zurich Insurance Germany
per 'Pay-As-You-Use' or 'Pay-How-You- sion of its WhatsApp chatbot. This will
since 2016 and has been working
Use' plans.
further enable easy access to insur-
closely to deliver key business initiatives
ance products through the popular
in general insurance, customer and
Govt tightens norms on messaging platform. It has made avail-
sales, and life legacy portfolios.
IRDAI, public insurer top able a larger array of Health Insurance
With the expanded strategic partner-
products and introduced Two-Wheeler
brass' post-retirement jobs ship, TCS will help the insurer modern-
Motor Insurance to customers for buy-
The Union government has asked top ize, transform and manage the entire ing, in a simpler and secure manner.
brass of IRDAI and public sector insur- application estate supporting its life
ers to make a declaration that their insurance business; improve, and stan-
post-retirement assignments do not dardize IT and business processes; ac- SBI General Insurance first launched
involve conflict of interest and their celerate cloud and digital adoption; its WhatsApp chatbot in 2020 with a
employer is not involved in intelligence and drive technical and domain inno- first-of-a-kind buying journey for its
gathering. vation at scale, the company stated. health insurance policy. This initiative
6 The Insurance Times, October 2022