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Advantages of Digitizing the Insurance Claims Process

Digitization has taken the entire world by the storm. In the last decade, our lives have transformed completely with everything going digital. From sharing every moment of your life on social media to virtually buying anything from anywhere with just a tap on your mobile phones have made our lives easier. So much so, that the winds of digitization have also taken the insurance industry in its stride. Whether you buy want to buy a motor insurance policy from Oriental Insurance or a travel insurance policy from Bajaj Allianz General Insurance, you can do so by visiting their website online. In fact, the insurance industry’s digital game is not just limited to buying a policy online but even the claims process has gone digital.

Digitization of the Insurance Industry

Traditionally, an insurance policy could be purchased with the help of an insurance agent. But with the advent of digitization, the insurance industry has been gradually trying to go digital. Both life insurance and non-life insurance can be purchased online today and it constitutes 1% of the overall online market for insurance. Customers too prefer buying insurance online as it offers them greater options, better prices and tools to find the best-suited policy at their own convenience. While term insurance is most commonly bought online under life insurance, motor, travel and health insurance is preferred under non-life insurance for online purchase.

Besides online purchase, several services such as payment of premium, policy renewal and filing claims are available online. Gone are the days when you had to contact your insurance agent or ring endlessly at the customer care number to know the status of your claim. Today, you can raise a claim online and follow up from within the comfort of your house.

Advantages of Digitizing the Insurance Claims Process

All insurance companies in India have gone digital and allow people to buy an insurance policy. Most of them including Oriental Insurance, Bajaj Allianz General Insurance, HDFC ERGO General Insurance, etc also allow their customers to register a claim online. Let us take a look at what are the advantages of digitizing the insurance claim process:

Faster Processing

Digitization has led to faster claim processing, especially in cases of cashless claims. If the insured gets admitted at a network hospital, he or she needs to get a pre-authorization from the insurer. Given the fact that everything has gone digital, the hospital staff can send the pre-authorization to the insurer as soon as they receive all the information from the insured. Similarly, the insurer can send a pre-authorization approval within a few hours. Moreover, digitization also reduces the chances of any delays or errors as everything is more transparent.

Better Customer Experience

Nobody can deny the fact that digitalization has led to better customer experience. Earlier a person had to one had to visit the nearest branch of an insurance company or call on the customer care number to register a claim. Even though many still ask customers to register a claim by calling, several insurance companies allow people to register claims online. Online registration is, undoubtedly, more convenient and customer-friendly. Moreover, most insurance providers in India including Oriental Insurance, Bajaj Allianz General Insurance have mobile applications that enhance the whole customer experience.

Automated Claims Process

Several insurance companies such as Oriental Insurance and Bajaj Allianz General Insurance have made their claims process automatic. Everything from filing the claim to managing the documents has been automatic. Insurance companies take the help of artificial intelligence to speed up the procedure for customers and allow give them necessary suggestions. In fact, even the payment of the claim amount is automatically made online. Customers don’t have to collect the cheque and wait for it to get cleared. The amount is automatically transferred online in the beneficiary’s account.

Better Coordination amongst Multiple Parties

To stay ahead in the market, insurance companies such as Oriental Insurance are introducing new products and add-ons. While a simple insurance claim gets settled in no time, a complicated claim involving multiple parties can take forever to get settled. But with digitization, even these complicated claims can be handled swiftly as better coordination is possible. For example, a motor insurance claim at Bajaj Allianz General Insurance involving vehicle theft as well as the loss of personal baggage can take a long time to get settled. But with digitization, the claims team can coordinate between multiple parties easily.

Build Better Communication

With the insurance industry going online, it is easier for the industry as well as the customers to reach out to each other. Companies such as Bajaj Allianz General Insurance and Oriental Insurance make use of social media platforms to inform the customers about the new products and changes in existing policies. It also enables them to take cognizance of any complaints or suggestions from the customers related to the claim procedure. Moreover, customers can also contact the insurer in case a claim settlement is stuck for a long time. It has been noted that writing about a stagnant claim on social media platforms like Twitter helps in the faster settlement of claims.

Easier to Check Claim Status

Insurance companies such as Bajaj Allianz General Insurance, Reliance General Insurance and Oriental Insurance don’t just allow customers to buy and register their claims online. Instead, they allow their customers to keep a tab on the status of their claims. Customers don’t have to get into the hassle of any calling up the customer care or visit the nearest branch. They just have to enter their policy number on their insurer’s website and they will be able to check the status of their claim while sitting at home.

The Last Words

Digitization of the insurance industry has happened for the good. It has not only benefited the insurance company to gain more customers but also made it easier for people to register a claim and keep a tab on it. Hopefully, all insurance companies will go completely digital in their claims process just like Oriental Insurance and Bajaj Allianz General Insurance.