SATISH KUMAR, III Singapore
The world is going through a new normal phase along with changes which are influencing the strategies of companies to survive.
The insurance industry has got a new word "Insurtech", which seems difficcult to comprehend. Actually it means the innovative technologies which have brought a revolution to the insurance industry and are pushing it towards a paperless world.
Uncertainties have increased in the last two years with Covid-19 hitting industries and people across the globe.
With the growing demand for insurance, there was a need to deliver insurance products in the easiest and quickest way possible.
Insurtech has helped the insurance industry in these challenging times to reduce the timelines from product innovation to delivery.
More advanced IT systems and software have helped to maintain the historical data and develop a trend to modify the existing insurance products and innovate depending on market research.
For example, during the pandemic, data has helped to add a new rider to the generic insurance products, to protect the customers from its direct and indirect consequences, such as hospital bills, loss of revenue and travel requirements.
Insurtech's major innovation is the API (Application Programming Interface) which is basically a framework that can be used internally or externally to meet the requirements of a customer or within the company to complete the process of product delivery.
For example, a product is developed with requests from the marketing and research team with the support of API to modify the internal systems.
Under the same principle, API works in the external environment where a customer interacts with a company's software to submit his details, generate a quote or payment and a policy is issued.
Have we ever thought of taking a travel policy just before getting on a flight?
Hope we remember the traditional methods of buying insurance like going to the insurance company, filling up a proposal form, paying the premium and getting the policy issued.
Nowadays, a customer need not spend half a day to search for an insurance product and visit a company to get a policy issued.
Thanks to Insurtech, a travel policy can be simply purchased using the mobile phone just before getting on a flight.
With the help of aggregators, a customer can compare the premiums and benefits of insurance products of various insurers.
A customer can also visit the insurer's website to keep updated with the latest promotional activities or discounts and get the best offers.
The benefits of Insurtech are not only restricted to the initial process of buying but has also reduced the timelines of claims servicing.
Gone are the days when surveyors were required to physically visit the accident site.
These days, surveys can be done online by uploading the photos of an accident and the damaged vehicle. In many cases, the turnaround time of settlement of claims have been reduced to a few hours from few days or even weeks.
During lockdown situations, technology has helped in surveys getting done of remote locations through drones or live streaming.
Earlier, these kinds of jobs used to take at least two weeks which has now been reduced to a mere two days.
With reduced timelines, losses can also be minimised when surveyors can suggest measures to be adopted to reduce the impact of the damage.
At India International Insurance (III), Insurtech has been adopted in all the processes to ease the delivery of the insurance products to customers.
With online policy issuance, a contactless payment system, claim settlements and e-statements, III has made progress in working towards a paperless world.
III was incorporated in 1987 in Singapore and has a robust Financial Strength rating A-by Standard & Poors. III offers various insurance products like Motor, Home, Travel, Maid, Personal Accident, Marine and Property Insurance.
Please visit www.iii.com.sg for more details