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Digital transformation in the General insurance industry 🔎🔗📊💻✉

Digital transformation is rapidly reshaping the general insurance industry, enabling insurers to better understand their customers, develop more personalized products, automate manual processes, fraud detection and improve operational efficiency. Here are some key ways that digital transformation is impacting the general insurance industry: Robotic process automation (RPA) is a software technology that automates repetitive and rule-based tasks. Eg: Data entry and processing, Order processing, Invoice processing, Customer service tasks, Financial reporting, IT support tasks etc. Artificial intelligence (AI) is transforming claims and underwriting in the general insurance industry in a number of ways. Eg: In Claims: Triaging, Investigation , Claims processing, Fraud detection etc. In Underwriting: Risk assessment, Pricing and New product development etc. Predictive insurance analytics is the use of historical data and machine learning algorithms to predict futu...

Where PSU General insurance Companies stand-up in Technology: A Perspective

Private insurance companies in India are more technologically advanced than Public Sector Undertaking insurance companies (PSUs). This is partly due to the fact that PSUs are government-owned and operated. Private insurance companies have been quicker to adopt new technologies to improve their customer experience, operational efficiency and product innovation. They have been more responsive to changing customer needs and have introduced a wider range of innovative products. PSU Companies have traditionally relied on branches and human agents to sell and service policies. They are more cautious about introducing new products. Here are some specific examples of how private insurance companies are using technology to differentiate themselves from PSUs: · Chatbots to provide customer service and support and even generate personalized quotes. · Artificial intelligence (AI) to improve underwriting and claims processing capabilities. · ...

Do you know Hit & Run Motor Vehicle Accident Cases can be Compensated! 🏍🛣 🚙

Hit and run motor vehicle accidents are those in which the driver of the at-fault vehicle flees the scene of the accident. This type of accidents are very stressful for victims and their families. Since details of offending vehicle are not known, the injured victim or the legal heir of the deceased cannot claim compensation through the Motor Accident Claims Tribunal (MACT). India has the highest number of road accidents in the world. Various reasons such as rash and negligent driving, poor road infrastructure, inadequate lighting, improper signage and potholes are some of the major causes of road accidents in the country. Many roads are not designed properly resulting in accident-prone stretches. Condition of the vehicles also play a significant role in road accidents. Non availability of immediate medical aid to the grievously injured accident victims, especially during the golden hour period, results in deaths in many instances where lives could have been saved. Hit and Run Mot...

Consumer Education: Promoting Insurance and Policyholder Protection 📚

I nsurance is a complex financial product, and it is important for consumers to have a good understanding of how it works before they purchase a policy. Consumer education helps consumers to: · Understand the importance of insurance and the different types of products available · Choose the right insurance policy for their needs · Understand their rights and obligations under an insurance contract · File and settle claims in a timely and efficient manner · Helps to avoid making common mistakes, such as buying too much or too little insurance, or buying a policy that does not meet their needs. · Also help to protect policyholders from fraud and abuse by dishonest insurance agents or companies. Here...

Do you know eCourts: Aims and Facilities?

eCourts is a pan-India project initiated by the Department of Justice, Ministry of Law and Justice, Government of India, for providing information and communication technology (ICT) facilities to the Indian Judiciary. It is a multi-crore project covering the High Courts, District Courts, and Subordinate Courts. T he eCourts project aims to achieve the following objectives: · To provide efficient and time-bound citizen centric service delivery. · To develop, install, and implement decision support systems in courts. · To automate the processes to provide transparency of information access to its stakeholders. · To enhance judicial productivity both qualitatively and quantitatively. · To make the justice delivery system affordable, acce...

Ayushman Bharat Digital Mission (ABDM) for seamless Health insurance Services

The Ayushman Bharat Digital Mission (ABDM) is a flagship initiative of the Government of India to create a national digital health ecosystem that will enable seamless sharing of health records across healthcare providers and empower individuals to manage their own health. The mission has four key building blocks: · Unique Health ID (UHID): A unique identifier for every individual in the country. · Health Registries: Registries of healthcare professionals, healthcare facilities, and digital health solutions. · ABHA (Ayushman Bharat Health Account): A personal health record (PHR) that individuals can use to store and manage their own health data. · Health Data Exchange (HDE): A secure and interoperable platform for sharing health data between different stakeholders in the healthcare ecosystem. Th...