Claim settlement is one of the most important services that an insurance company can provide to its customers. Insurance companies have an obligation to settle claims promptly. Technology is now being increasingly utilised to make the insurance claims simpler, faster, and more cost effective The nature of the claims process makes certain tasks repetitive, and the outdated processes do little to improve claim turnaround times, leading to frustrated customers. Advancements are being made in the field of Artificial Intelligence (AI), and the technology holds enormous potential for disrupting the insurance industry, especially the claims process. Times are changing slowly but surely as insurance companies are embracing technology in an attempt to make the claims process faster, consistent and qualitative.
Agriculture in India is highly susceptible to risks like droughts and floods. It is necessary to protect the farmers from natural calamities and ensure their credit eligibility for the next season. Risk is inherent in agriculture since the production process takes place under the open sky. Crop insurance has of late been found to be more effective way of helping farmers tide over unfavorable weather outcomes, besides reducing the financial burden on the farmer.
Insurance Intermediaries play a vital role in insurance distribution & services. Distribution channels are the extended arm of insurers. Physical sales forces and intermediaries are responsible for the majority of insurance distribution across geographies and lines of business. Insurance intermediaries serve as a bridge between consumers and insurance companies.
Health insurance is a living benefit product and provides people with a much-needed financial backup at times of medical emergencies. One-time hospitalization can burn a hole in your pocket and derail your finances if you do not have a health insurance plan in place. Customers are slowly realizing the fact that comprehensive plans will give them complete protection against hospitalization not just due to Covid-19 but other illnesses as well.