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GENERAL INSURANCE BLOG

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How technology-aided insurance services can be a benchmark in efficient customer handling

In recent times, technological advancements have been table-turners for corporates in the insurance industry. They aim to bring a noteworthy revolution to the conventional business management approach. The reorientation of the entire business using these futuristic technologies can be a great advantage in bridging the gap between service and convenience, which are major pain points for insurance providers.

Talking about the insurance sector, "efficient customer handling" is the need of the hour that demands the maximum technological support. If you think on a broader level, customer handling encompasses every aspect of the service provided by the insurers.

Customers are seeking higher expectations from their insurance providers to enjoy services conveniently. Insurance companies have been analysing and implementing every strategy placing customers as their top priority. With automation establishing itself diversely in every field, insurance industries are now ready to upgrade their business model to consolidate their position in the market and be more liable to their customers.

Moving into 2023, the insurance world will be riding this wave of technological advancement. It will be interesting to watch how technology-aided services help the insurance sector build a solid customer-centric approach.

Automation: Where imagination shapes into reality!

Who had imagined that getting tasks done automatically would be a practical thing? The introduction of automation is significantly impacting behind-the-scenes operations, making them more hassle-free. The involvement of automation technologies is a boon to the insurance industry that works as the brain behind all data handling tasks and achieves all desired objectives.

Companies can now supervise various processes and real-time monitoring and delivery of the services with the help of automation. This allows the organisations to lower their servicing costs, keep an eye on the operations and maintain transparency, which helps ensure faith and trust in their employees and customers.

There is a lot of sensitive information shared by the customers during their interactions with the insurers, be it purchasing, renewing, claims, etc. And this information needs to be carefully stored and safeguarded to avoid any data breach.

The technology like blockchain will help companies keep track of customers' vital information and help consistently revamp the data, along with developing robust and resilient networks to mitigate the risks of cyber-attacks and identity theft.

What other aspects of insurance are influenced by incorporating technology-aided services?

Technology-aided services enable insurance companies to track customer demands and preferences, current industry trends, and product innovation. Adopting artificial intelligence and similar technologies will help analyse a pattern and eventually create more applicable and prevalent algorithms, transforming how an insurance company handles its customers and curates an unmatched customer experience.

These technologies will humanise the process, thus increasing productivity and providing better touchpoints for the customers to interact with. There will be efficient data storage and analysis, thus helping the professionals gain insights from past interactions and offer reliable solutions to all problems to keep up with the frequent change in consumer demands and buying patterns.

A new era of storage and computation:

The businesses are future-ready and opportunistic about the evolution of cloud technology and believe that it will advent the massive shift of insurance companies and their infrastructure. This switch of all the core systems to the cloud will make it significantly more accessible for the insurance sector to launch new products and services. Once this transformation to the cloud completes, the large data sets will be easier to analyse and draw patterns.

Cloud technology aims to create an entirely different ecosystem that balances customers' expectations and insurance companies' aspirations.

The services are being reshaped with the involvement of automation and other prominent technologies. This global adoption in the insurance sector will help reform the life, health, asset management, and other fields of customer handling. Technology is the backbone of the insurance framework, from instant applications to faster claims and customised purchases to hassle-free settlements. These smart services will be a massive bonus for the customers to interact with their insurers, mention their grievances, and provide their feedback.

With the global advent of technology-aided insurance services, you need to be proactive to keep up with the pace of advancement and the changes in the expectations of the customers. The world of insurance is observing a digital shift, and you need to welcome it to see what it offers.

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Here's all you need to know about a lapse in car insurance

Buying a car in India is seen as more than just a mode of convenient travel. It is seen as an investment and a status symbol too. In such pursuits, people spend way more on their vehicles than they should.

However, considering the income disparity, uncertainty of economic activity, and rising costs in the current scenario, purchasing such high-value assets without security is not feasible. This makes car insurance a necessity.

Despite the benefits of car insurance, there are several things a policyholder has to consider while going through the buying process. It is essential to remember the policy period and renew it before it lapses. Read on to learn all about a car insurance lapse.

What is a policy lapse?

Car insurance is an annual mandatory policy as per the Motor Vehicles Act 1988. The policy document needs to be renewed within the date mentioned, after which it becomes due and expires—failing to renew it before its expiry is called the lapse of a car insurance policy.

Need to prevent lapse.

A policyholder cannot claim damages incurred after the policy has lapsed since it is no longer valid. Such expenses have to be borne by the policyholder himself. Hence, to protect yourself from getting into such a situation, it is essential to renew your insurance before it lapses.

Effects of a lapse.

Apart from bearing the entire cost of damages by oneself, several other problems arise from allowing your car insurance to lapse, including:

1. Vehicles with lapsed insurance policies must undergo the inspection process, which is rather tedious and time-consuming.

2. After your policy lapses, the premium amount on your policy may be revised and will likely be greater than the amount you were previously paying.

3. Fines and penalties are often inescapable while renewing a lapsed motor insurance policy.

4. If you are found to be driving a car without valid insurance, you may have to shell out a fine of up to INR 2000 as per the present rules in case of your first offence. For repeat offenders, the penalty amount increases, and you may be imprisoned for up to 3 months.

5. Since your insurance is no longer valid, you lose out on the accumulated amount of the No Claim Bonus.

Renewing car insurance after lapse.

Depending on the duration after the lapse, you can proceed with the steps stated below:

1. Within the grace period: Insurance companies usually offer a grace period of up to 90 days post-lapse. If you renew your policy within this period, you may avoid paying additional fees altogether or only have to pay a nominal amount.

2. Post-grace period lapse: If the grace period window has passed, immediately contact your insurer. While some may still allow renewal, be prepared to purchase a new policy if your insurer rejects your request to renew the policy.

3. Post-permanent lapse: If it has been a long while since the expiry of the policy, including the grace period, purchasing a new car insurance policy is the only route remaining. It is inevitable to undergo a car inspection for this process. Ensure you keep track of the policy duration and expiry to prevent making the same error again.

Keeping track of minute details can be challenging amid hectic schedules. Therefore, insurers do their part by sending electronic notifications through texts or emails to alert you about the upcoming renewal of your car insurance. While it is an aid you can benefit from, it is ideal to set self-reminders or set up automatic payments with your bank to stay on top of all things related to car insurance.

Using effective self-reminding mechanisms makes avoiding the consequences of a car insurance lapse easy. Ensure that you compare policies and keep track of periods each time you renew your policy.

Click HERE to buy the best car insurance in India.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

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Effective tips to make your house a pet-friendly place

The joy of having a companion is truly unparalleled. While some are fortunate to have multiple family members, some adopt pets to count on as their extended family and sail through life's journey together. However, irrespective of the type of pet, it is a significant decision that requires tremendous planning, which comes with several responsibilities.

You must think carefully before getting a pet to ensure that you can provide an appropriate home environment which is safe and happy for it. Having a house insurance India provides personal belongings cover to keep your home safe from the shenanigans of your beloved pet.

Additionally, consider the following tips to pet-proof your home while making it a haven for your furry friend!

1. Inspect your flooring:
Carpets are a standard accessory in most households but and are an easy way to sweep things under the rug. However, for this very reason, they may be a terrible addition to homes with pets. They accumulate bacteria and pet hair, making the house dirty and a breeding ground for diseases. Hardwood floors or non-white tiles are alternatives that can keep your home looking clean and prevent the build-up of dander and fur.

2. Keep fragile items and antiques away:
Adopting a pet may seem like an activity with only fun involved until you see the sacrifices and additional effort required. Before you get your pet home, ensure that you stash away all your fragile and high-value items for the long term in high locations. This way, you can prevent the possibility of damages that are bound to happen as your restless pet explores its new surroundings.

3. Secure all electrical outlets:
Think of getting a pet as the same as welcoming a baby home. You must go through all the motions of baby-proofing the home to keep your bundle of joy- in this case, your pet, safe. Ensure all electrical gadgets are out of reach and all wirings are secured to prevent accidental shocks. Since pets are prone to chewing on all they can sink their teeth on, regularly inspect and secure any worn wiring.

4. Stock up on space separators:
Most effective when in their younger ages, blockades help keep your pet away from specific sections of your home where you cannot continuously supervise or where you wish to keep them away from. Ideally, section off areas where you have large machines like the washing machine or dangerous equipment like the kitchen or your bedroom if you wish to restrict pet access.

5. Get particular about cleanliness:
Pets are messy creatures. No training can eliminate their tendency to make a mess. Use lint rollers to get pet hair off furniture and periodically vacuum the floor to eradicate dirt and pet hair accumulation. Keep your indoor trash cans covered to prevent your pet from knocking them down and creating a more significant problem.

6. Make use of furniture covers:
Depending on your pet's activity levels and age, restricting its access to particular sections may be futile. Therefore, it may be better to use preventive accessories like furniture covers that protect your expensive sofas, lounge chairs, tables, and even bed covers when not in use.

7. Create an exclusive pet zone:
We often hoard items to maximise the space in our homes, leaving our pets with minimal space to stretch out. Ensure that you allocate a small area in your house for your pet to play without obstructions.

Before you welcome your pet, check the above parameters to provide it with a safe habitat. Buying house insurance India is a prudent move to cover financial losses that may occur to your shared home. Depending on its coverage, the policy may even cover pet damages to the house. We hope you have a wonderful time with your pet and enjoy seeing it grow.

Click HERE to buy the best house insurance India.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

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Everything you need to know about family floater health insurance plan

Due to the threat of a global pandemic and the surge of different health crises, everyone now should have health insurance. Health insurance coverage can significantly safeguard you and your family from medical expenses during an emergency. This occurrence can be erratic and unexpected, and to protect the family, you or your family can purchase health insurance individually. Or, it would help if you bought a family floater health insurance plan to offer comprehensive coverage to your loved ones.

What is a family health insurance floater plan?

A family floater plan is health insurance that allows your entire family to benefit from a single health plan. These plans cover every family member under one single umbrella policy. Also, they are cost-effective because only one premium payment is needed for all beneficiaries simultaneously.

What are the advantages of getting family floater health insurance?

One of the best things about buying family health insurance is that it covers people of different ages. Neither senior citizens nor even infants require you to have separate insurance coverage. Here are some of the more notable advantages.

1. The Convenience of policy selection:
A family health plan makes it simple to choose a policy that provides coverage for all beneficiaries at once. There is no need to manage the renewals of many policies for various family members or go through the process of shortlisting them all.

2. Adding new members:
Family health insurance policies generally provide maternity benefits. It is simple to add them and provide coverage for newborns and pregnant women. So, if you are planning to start a family soon, choosing a family floater health insurance plan with maternity benefits can be a good deal.

3. Reasonable premium:
Since single-family insurance covers the entire family, coordinating several policies and their renewal dates is optional. In addition, compared to standalone individual health policies, single coverage can be modified to meet beneficiary demands at an affordable cost. Using the online health insurance premium calculator, you can quickly calculate premiums.

What should you consider when buying a family floater health insurance policy?

There are other factors to consider when purchasing individual health insurance coverage. These rely on the individual needs of each family member. Here are some recommendations for choosing a family floater health insurance policy in India.

● Your policy's coverage:
There are various features that you can review before deciding on the final coverage. Coverage is the most important thing to consider when choosing one of these policies since it varies from one to the next.

● Your plan's adaptability:
You must choose supplemental coverage to cover specific age-related ailments. If you start a family, you might have to select maternity coverage. Keep this flexibility in mind when choosing a family floater health insurance.

● No-fuss experience with claims:
Choosing a plan with fewer documentation requirements and other benefits can help you receive a seamless claim experience even though the settlement process is largely the same across insurance companies. Consider a policy that has a high claim settlement record.

Now that you know the benefits and how to choose a family floater health insurance plan, use these helpful suggestions to have your family covered and enjoy the peace of mind you deserve. Addressing your entire family's medical needs may appear daunting, but with the proper knowledge and appropriate insurance coverage, you can get the best deal. Compare different policies online, and understand their clauses, premium, and benefits before making the final decision.

Click HERE to buy the best health insurance plan for your family.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.