15 Ways to Avoid Term Insurance Claim Rejection
India’s leading digital insurance marketplace is focussing on fixing broken digital journeys and enhancing remote services for its customers. “There are areas in the digital journey on our platform which are broken. There are still some processes that involve physical contact. For example, when buying health insurance, customers need to undergo a physical medical test. Through telemedical, we are giving customers the choice to disclose their medical condition through a video call and trying to relax some of the underwriting rules. We have been very active in this area during the lockdown,” said Saurabh Tiwari, CTO, Policybazaar and CEO, Zphin.
Policybazaar is trying to fill the gap where physical leg was required in services. “People have delayed renewing car insurance policies because of lockdown. Now, people want to renewFocussing on fixing broken digital journeys and remote customer services says Saurabh Tiwari their car insurance as unlock happened. Physical inspection is required for break-in policies and we are doing video-based inspection. We are trying to fill the gap where customers need not get in physical contact with anyone,” he added. Similarly, Policybazaar has also been issuing insurance policies to the customer through video-based KYC as well.
Mobile-first customers: The biggest trend post-Covid
There have been changing trends with regard to customer behaviour due to the pandemic. “Customers want services to be contactless. People had relied a lot upon buying insurance through traditional channels before Covid-19. For Policybazaar, there hasn’t been a massive change during Covid-19 as we were already providing contactless services and were digital since inception,” he added. According to Tiwari, Covid-19 has led to a transformational change for the insurance industry as it had not taken this route for the last 20 years. “Industry is looking at being digital and contactless. They are trying to build an omnichannel experience,” said Tiwari.
Tiwari said that the biggest trend observed on Policybazaar post Covid-19 is that the customer base has been largely shifted to mobile. “Mobile-first is a big change in terms of customers who are buying insurance through our platform. Secondly, we had been seeing a shift in buying trends amongst the younger population. They are getting aware of buying insurance. “Earlier, insurance was a joke for them. People aged above 40 years, used to think about buying insurance. Now people above the age group of 25 are also thinking about buying insurance,” he added.
Remote customer services
Policybazaar has been working continuously and improvising on remote customer service irrespective of Covid-19.“We have been guiding customers to pick the right product on our platform in a remote way. We have been trying to take help from Artificial Intelligence, machine learning, voice phonetics to understand how customers are behaving,” said Tiwari.
Policybazaar has also been trying to scrutinize customer service person’s behaviour as well and look for best fitment over call.“We intent to expedite this journey post Covid-19 and help insurance companies to pick up these technologies that we are building,” he added.
Tiwari also said that Policybazaar will continue to focus on giving a personalized experience to the customer. “We will continue to bring personalized experience for the customer as we move forward and that is the key intent to behind being dependent on data,” he added. “If there’s clarity around what a customer gets from a particular experience, he doesn’t have any problem with sharing personal information. ‘What’s in it for me’ is an important question we have to ask before we get any personal information from the customer,” added Tiwari.
08 Dec, 2023