For most of us, insurance isn’t one of the most exciting subjects to discuss. It’s reams of written fine print that calls for serious patience and comprehension abilities. It also used to be a string of processes between the insurance company, the agent, and the customer along with financial intervention in the form of cheque payments towards premiums. Let’s face it. Once we’ve zeroed in on an insurance plan that suits our needs, we just want to get it over and done with as quickly and seamlessly as possible and safe in the knowledge that when a crisis hits, we’re covered.
A process that demanded time, attention and significant manual intervention, the act of acquiring insurance has now been simplified to a marked extent thanks to technology. In the last decade or so, this digital transformation of the insurance industry has played out at several levels be it in terms of signing up new insured, settling claims for existing insured, on-boarding new agents to facilitate new policies and programs, revamping internal workflows, or consumer grievance redressal.
Some of these key transformation elements in the general insurance industry see the use of cloud technology, artificial intelligence, automation in underwriting and a modernization of the insurance workplace to where your claims get settled faster and in far less complicated ways.
The transformation has evolved from the inside out. TCS’ BanNCS platform has played a major role in automating the process end-to-end. A rule-based automated underwriting system and automated risk assessment are other key features of the solution. Automated, rule-based underwriting and risk assessment have helped immensely with turnaround times.
Technology also folds into the next layer of the insurance universe with the creation of a unified digital platform. This brings together all stakeholders, including those in sales and lifecycle management, and comprising agents, banks, aggregators and customers. Insurance chatbots that help with customer concerns as well as general housekeeping queries is no longer unusual.
The digital platform also ties together an end-to-end sales process with real-time document verification/ and a creation of an electronic profile of the end user customer via an eKYC; personalized product offerings to customers thru a Pre-Approved Sum Assured (PASA) process; and digital payments integrating multiple payments channels.
Apart from incorporating technology to better the performance of existing industry players, TCS has been instrumental in setting up technology ground-up in a greenfield set up for a slew of newer insurance companies. The last two decades have seen TCS emerge as a powerful technology partner to several Indian insurance companies; today, it is the digital ally to over 15 of such companies.
In a broader sense, TCS has played an integral role in the ‘technologizing’ of an industry, per se. With more than 50% of claims being settled through a TCS-led system, a majority of India’s insured find themselves covered by a tightly woven digital safety net.