Why ULIP mis-selling has become rampant ?
Why is there so much mis-selling of ULIP? How to avoid this mis-selling? Who should take ULIP?
Automation of services not only saves cost but also increases customer satisfaction by reducing the time required to settle a claim or renew a policy. It also helps in maintaining social distancing during these stressful times of Covid-19. That is why insurers have been registering a significant increase in online claim settlements. For example, Edelweiss General Insurance (EGI) processed 55% of claims in FY21 through its video-based remote survey app, BOLT. Similarly, ACKO processes 77% of its bike claims and 33% of car claims instantly using the app or website.
Shanai Ghosh, executive director and CEO, Edelweiss General Insurance, said, “Our digital operating model held us in good stead, ensuring smooth business continuity and efficiency in operations. I am confident that we will continue performing well this year too. Along with our focus to offer innovative solutions to customers and enhance their experience, we also endeavour to continuously improve operational efficiency using our digital platform and leveraging data analytics for risk selection and pricing.” Riding on the digital wave EGI, registered a robust growth of 49% in premiums in FY21 over last year, while the private general insurance industry grew at an average of 5.1% in the same time period.
The automation eliminates manual intervention of claims officers, as a policyholder doesn’t need to take the vehicle to the workshop. This saves cost, time, and trouble moving a damaged vehicle.
Suman, SVP, Health Claims, ACKO, said, “We have implemented a completely paperless and hassles-free claims experience for our customers in all lines of business. We have mostly automated micro claims like flight delays, cancellations of buses, flights, etc. 96% of our micro claims are automated using our proprietary system algorithms and with the help of real-time data fetched through deep integration with various internet data intelligence sources (e.g. VAAHAN, OAG, etc that provides accurate, timely, and actionable digital information).
Suman added, “77% of our bike claims and 33% of our car claims customers get their claims instantly settled using our app or website. We have set all our digitally enabling processes simple that helps our customers to avoid going out, visiting an office, or printing/copying a paper, etc for making a claim at this unprecedented pandemic time.”
How to claim motor insurance online
In offline cases, you have to call your insurer, take your car to the nearest garage and wait for the inspector to come over and check the vehicle. With the help of the new-age apps, you just need to login using your registered mobile number and take photos or shoot a video of the damage. Here are a few quick steps to file a motor insurance claim online:
Step 1: Click the pictures/video of the damaged vehicle
Step 2: Upload it on the app.
Step 3: The inspector will watch the video live to instantly approve or disapprove the repairs.
Step 4: In case photos are uploaded insurer will run the algorithm and assess the damage using AI based on historical data of claims.
Step 5: Based on the assessment the claim amount is suggested, which if accepted gets directly credited to the policyholder’s account.