The Digital Insurance

By Mohit Rochlani, Director - IT & Operations, IndiaFirst Life Insurance

The insurance Industry is going through a massive disruption. Each and every aspect of the Insurance value chain i.e. from the time a Customer is identified to registering and processing of Claims is undergoing transformation.

Point of Sale:
All insurance companies have embarked on the journey of digitally enabling their Point of sale. They have started with digitizing the customer acquisition cycle which will enable cost reduction and efficienciess on two major fronts viz.
• Data Entry
• Scanning of documents

Leveraging on the UIDAI platform via. Aadhar verified by OTP, the customer identification is enabled and it also minimizes the actual data entry efforts. The users are also enabled to upload their documents by clicking pictures to enable faster processing and eliminating the need of document scanning. However as the document service will require good network connectivity even after using the compression algorithms; the applications are enabled to work in offline mode also so that customer journey can be seamless. Once the user comes online, auto synchronization enables data to be sent for further processing.

Some companies have gone ahead to provide a learning platform on the system that enables learning at the last mile for any new product launch or process introduced through training videos. Another aspect that is being tested in inbuilt analytics to help the sales person to suggest right products to the customer on the basis of real time data capture.

With the advent of e-commerce and simpler product being sold over internet, Insurance has been translated into a pull product. The online broking houses / aggregators in the market are working on providing automated real timeproduct suggestions based on the enhanced machine learning capabilities being deployed through Chatterbots.

Risk Assessment
To improvise on sales process, insurance companies have enabled mobile platform to perform underwriting on tablet through business rules engine. This has resulted in decision making at point of sales leading to better customer satisfaction.

E-repositories have enabled digitization of the Insurance Policy in line with the de-materialized account further reducing the cost of physical document delivery and then safekeeping the same throughout the Insurance LifeCycle. This will also help the customer consolidate all the policies brought through various insurers to be at one place.

Analytics is another area which is catching up mainly to customize the customer experience. Personalized data, which will be available through the wearables, ingestible and implantable technologies, will create an ecosystem where the risk can be underwritten at an individual level. 

Customer Service
The concept of multi-channel presence for the purpose of customer engagement and service is the next wave in customer service. This will be enabled through platforms which can have a 360 degree view of the customer including social media presence.

The other concept which is gaining momentum in this field is the machine learning capabilities or AI. The services like chatterbot will enable people to interact / chat with a virtual agent. The virtual agent will possess the ability to learn through experience and will be able to make conversations rather than just  preconfigured responses. 

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