Today, technology is completely changing the flow of work as well as the processes involved in the industry of financial services. The tasks which were once handled by bulky computers, paper money, and human interaction have become completely digital. Almost all types of financial work including but not limited to banking, payments, wealth management and so on are receiving blockbuster investments as these have become much more efficient. Well, with so many changes happening in this sector there is a lot to benefit from the gradual rise of the digital technology in the banking and Insurance sector.
How ICICI Lombard is Adopting Technology For Better Customer Experience
Technology is a major focus area for ICICI Lombard. Over the years it has seen a shift on a very large scale, to technology which is significant across different socio-economic, geographic as well as demographic strata, which needs a digital roadmap. Not only this roadmap needs to be comprehensive but also takes into cognizance the location, language, age as well as variations in the devices. Some technical tools have been adopted across various functions such as operations, underwriting, and claims, sales and distribution among others. Moreover, ICICI Lombard was the very first insurer to have launched a sales platform on the internet in the year 2005.
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Different Applications Used By ICICI Lombard
Apart from the robust website of ICICI Lombard, there are plenty of other ways in which they utilize the latest technologies in order to offer the best to their customers. One of the most impressive aspects of the applications as well as the website of ICICI Lombard is that they are all focused on both the PC and the mobile users and ensure a smooth and fast performance in any of these internet accessible devices.
- Issuing Policies– Among the applications used for issuing policy by the bank is iPartner which offers very easy to use interface and is deployed with Corporate agents, agents, brokers and assurance partners. It allows the intermediaries to issue certain policies for the customers as well as to provide services for the renewals required by existing customers of the bank. The Risk assessment application helps to capture information on the risks of the property insured by low sums. Through this application, it is also possible to take photos to geocode the photographs to locate the risks within the locations specified. Mobile Printers are also used by the agents to instantaneously issue a policy document in no time. The policies are then synced with our central servers at the end of the day.
- Settling Claims– The applications used for settling claims include the e-cashless module. It helps hospitals to make requests which are cashless directly through the claims processing system. Seventy percent of the transactions in the hospitals are made through this mode. The claim process automation system has helped in automating the claims payment process. This system handles ninety-seven percent of the claims on this day. It is much greater than the forty percent which was achieved in the year 2011. Claims Assist allows the system to help the customers schedule surveys on the internet through the IL Insure app. On the date that has been fixed, the customers can record a live video of the vehicle that is registered with the IL Insure application. The video is then reviewed by the manager as per the respective guidelines. Within a few hours, the video is approved, and the claims are paid accordingly. The status of the claim can also be checked through the application.
- Regular Operations– The Motor damage surveys allow more than ninety percent of the surveyors to assess as well as record the damages to the vehicles through tablets and other mobile devices which have some connection to the central servers. It eliminates the need to carry heavy physical forms to offices. It also reduces time as well as the operational cost to a great degree.
The Ultimate Benefit Of The Customers
Through such services, the customer gets a lot of benefits. It is possible to get automated as well as seamless purchases on an end to end basis. It is also possible to access a process of renewal that allows the customer to renew the services at their very own convenience.
It has led to a reduction in the time required for the transaction. There is no longer any need for humans to intervene to respond to the queries made by customers. It is possible to establish a direct conversation between an agent and the robot. This conversation can provide a quote for the proposal on fire risks. It also allows a faster way of generating quotes as well as issuing policies.
There is no need for humans to intervene to generate a quote. It also provides tools for the employees to get all their queries solved on the policies made by human resources. It can even help to perform the employee lifecycle transactions, so there is no need for humans to intervene from HR department to solve such problems.