Digital Assets of BAGIC
The idea of digital transformation differs from business to business. Digital transformation is the process of using digital technologies to create new - or modify existing - business processes, culture and customer experiences to meet changing business and market requirements. P os tc ovid, digital in itself got revolutionized. Everybody uses digital services considerably surpassing what was expected pre covid. Almost every activity right from the start of the day is done digitally across online platforms. So, yes, digital just got enhanced and different from before in its truest sense. The customer approach has completely changed, so have his priorities.
The customer of the present times demands services and solutions both at his fingertips. He does not want to wander door to door to get things done. From the organizational point of view as well, the enterprises want the digital transformation to get enhanced for effective delivery of services, timesaving strategies and less human intervention. The customers as well have shown a greater tendency towards adoption of digital platforms for availing services which have just boosted the determination of the companies to go completely digital. This approach is costefficient as well. Also, the processes do not get tangled in paperwork. To have an agile and effective digital strategy, we first need to understand the needs of the customer. Only after we completely comprehend those needs, we can have an effective digital system in place.
Digitization just gets better with continuous customer feedbacks and thereby plugging the loopholes.
We need to have an open platform where the customer can share his experiences, both good as well as bad ones, while accessing our digital services. Once we have that feedback with us, we can sit over its plan for converting the bad experiences into good ones. The strategy should be one aspect at a time. We need to pick a certain scenario, ace it and then go after other problem statements. Before rolling out any digital transformation we should first experiment with it in a certain framework. Once we get all the bases covered only then we can roll it out for general masses.
The most important thing about digital transformation is that
the more flexible we are towards the change, the more success we can taste.
Business organizations have been actively investing in AI & ML as this is the future. These technologies require less manual intervention which gives a boom to the quality of the services. There is minimal human intervention required in servicing the customer. A customer chats with the bot where he is guided for the right product. The policy gets issued through RPA and the policy is delivered to the customer through an online platform like e-mail. At the time of the claim, the customer again interacts with a bot, is directed to the concerned channel where he captures the damages in the system. The cost analysis is done through AI, the customer accordingly gives the consent and the settlement is reached. Throughout the process, human intervention or the human aspect of servicing is minimal. Companies have adopted a business rules engine for accurate and faster decision makings. It is a software system that executes rules in a runtime production environment.
Enterprises also use data lakes for bettering the services they provide. The data lake is a repository that holds a vast amount of raw data in its native format until it is needed. It proves to be very effective for research and analysis purposes. We also need to be aware of whether our framework and infrastructure can support and sustain the digital initiative and accordingly reconfigure it to meet the customers’ needs.
Choosing the right technology is of prime importance.
AI has helped Bajaj Allianz General Insurance to solve numerous issues thereby allowing it to understand and cater to the needs of the customers.
Saksham: Bajaj Allianz has a large base of corporate customers and managing the huge amount of data generated from them was an onerous task. Taking an example of group health insurance, we need to collate details of thousands of employees and their families spread across the country which was a tedious task. Even after collating huge data, processing for inclusion, exclusion and endorsements is a challenge. With the launch of Saksham, we have moved from a traditional endorsement process to a tech-based innovative process with the help of ML algorithms. It is also integrated with the corporate portal for ease of access.
Raftaar: Raftaar which means speed in English, is an RPA based bot launched specifically for policy issuance. With Raftaar, the per policy processing
time has drastically reduced by 60%. In addition to speed, a quality check is maintained as less human intervention takes place and multiple sources of information are avoided.
DigiSwasth: One of the challenges for underwriters is the pre-insurance medical check-up results. To ease it out, we leveraged AI and IoT to develop an industry-first Android an di OS application with an integrated lean medical check-up process. The integrated labs send the data directly to our database and Digiswasth enables quick analysis of the results leading to hassle-free and faster policy issuance. With Digiswasth, a huge number of cases get straight through pass and only the filtered ones go for underwriting. This has enabled a seamless onboarding process and increased efficiency.
Farmitra: We launched the industryfirst farming app which caters to the specific needs of farmers. Through this app, we intend to help farmers address their worries and provide the relevant information which they can use in optimizing their farming practices. Users of this app can regularly check weather forecast specific to their area, advisories customized as per the selected crops, market position, news regarding agricultural developments and also locate seed/soil testing labs. In terms of insurance, the farmers can access the Pradhan Mantri Fasal Bima Yojana (PMFBY) portal to buy crop insurance and also register claims. They can also buy motor and health insurance policies offered by the company.
CY A pp: Our customer selfservice mobile a pp-Caring ly Yours-is technically our office at the fingertips of our customer. Every process is a click away. The customer can buy and renew the policy and also seek a claim over it.
CDC: Pioneered by Bajaj Allianz General Insurance ‘ Claim by Direct Click’ is an app-based feature that allows policyholders to initiate and track their claim settlements in a hasslefree manner. To avail of this benefit, the customer needs to install the Bajaj Allianz Insurance Wallet app. Using this
app, claims up to a limit of `20,000 can be made.
MOTS: We created the motor on the spot feature within our customer self-service mobile app CY. Through this, customers can click images of their damaged vehicles and submit them for the claim processing. Through Motor OTS, claim settlement takes place within 30 minutes up to certain amounts.
Tr ave lEzee: Having travel insurance assists you with any financial aid that you might need when you are travelling. Normally when we travel for vacations, we would love to have travel insurance and at the same time, hassle-free claim settlement in case any misadventure takes place, as nobody would like to spend vacations running after claim settlement. Therefore, while purchasing a travel insurance policy, the claim settlement process is of topmost importance. Travel Ezee is an automatic claim settlement service for Bajaj Allianz customers. The uniqueness of these services is that the customers need not initiate the claim process. The process of claim registration and settlement is automated and it is the insurer (i.e us) that keeps a track of claim events and initiates payout.
Connected School: Connected school initiative includes an IoT enabled technology solution combining safety, security well as insurance coverage for school students thereby addressing the parent’s worries around school travel and transport. Connected school initiative was launched with Fidel Softech as IoT technology partner. It is an industry-first initiative as Bajaj Allianz believes in the relationship beyond insurance.
Drive Smart: Bajaj Allianz introduced a new telematics-based service called DriveSmart, which customers can opt for while purchasing policies for their cars. With this new service, a customer can monitor his driving habits through data feedback and in return, their safe and good driving behaviour gets rewarded with discounts in premiums.
Doc On Chat / Call: using the caringly yours app can even land an appointment with the doctor on chat/call without the need of physically going to the doctor. You can get online assistance for all general medical queries from certified and registered doctors.
These technologies are just the tip of the iceberg for the entire insurance industry. To be prepared for a digital future, insurance companies of today must adopt the tools of digital transformation. Not Just adopt but find creative ways to optimize all areas of their operations. The digital transformation of insurance operations is reshaping the current and future state of the industry.