 "Fintechs in the country have grown in the last decade, both in the number of entities and scale. The key growth sectors have been payments, credit, insurance and wealth management, fuelled by angel investors, venture capital (VC) and private equity.")
The insurance industry can use technology to assist customers and reduce grievances about delay and rejection of claims, according to experts.
Satyajit Tripathy, member-distribution at the Insurance Regulatory and Development Authority of India, said that in the non-life insurance sector grievances were mostly related to claims — either rejection or underpayment.
Artificial intelligence (AI) and automation are helping the general insurance industry's processing of claims by improving accuracy, communication and resolving customer complaints, said Shashi Kant Dahuja, executive director & chief underwriting officer, Shriram General Insurance.
Customer grievance in health insurance is usually regarding unclear communication about policy terms and the claims process. Concise explanation and robust support systems for policy terms will help in prompt resolution of claims, according to experts.
“Multi-channel support, including online chatbots, mobile apps, and 24/7 help lines, enhances accessibility and helps customers receive assistance when needed,” said Priyanka Kamdar, head-growth at Mihup, an AI-powered conversational intelligence platform.
Delays can be addressed by streamlining claims processes that are backed by advanced technology. Periodic reviews of grievances also help insurers to identify common concerns, said experts.
“Turnaround time, speed and customer experience are great enablers in bringing down customer complaints. Using technology is critical in servicing customers but equally when it comes to claims, delivering empathy is important. We consistently monitor complaint rates which have significantly come down,” said the senior executive of an insurance company who didn't want to be named.
Rishi Agrawal, chief executive officer (CEO) and co-founder of Teamlease Regtech, said: “Data analytics can aid insurers in identifying the root causes of frequent grievances by analysing trends and patterns in claims data. This allows insurers to proactively address common issues, refine their products, and improve overall customer satisfaction.”
AI and machine learning enhance claims processing by reducing errors and ensuring consistency.
Navneet, co-founder and chief business officer of Finhaat, explained how the fintech company uses technology to sell insurance products. “Our portal has streamlined tracking and maintaining collective claim data with customised API Integration connecting us to insurance companies. This has not only helped reduce the time required for claim processing but also receive real-time status updates on claims," said Navneet, who uses only one name.
