Insurance is one of the noblest product we humans have innovated so far where the loss of a few can be compensated by many and Insuretech is the latest version of this noble innovation for mankind.
While Insurance was designed to help people. Due to the increasing population, throughout the world, it becomes difficult for insurers to provide the same customer service through ages.
Digitalisation has not only helped people to get everything on their palm but it also helped in increasing awareness among humans.
Talking about insuretech in India and UAE; the reason behind the loss of customer interest is the complicated claims process. This pandemic showed how it becomes difficult for insurers to handle insurance claims. It is difficult due to multiple forms, complicated processes and low level of insurance education.
Last year in UAE, to major TPA’s crashed which led to many unpaid claims ultimately hampering the customer financial health. To rebuild customer trust in insurance, we need to think backwards towards customer experience which leads to the birth of “claimtech”.
Yes, claimtech is the need of the hour to increase insurance penetration and consumer trust on such noble innovation.
One data point which left me thinking is there are few insurers and brokers in America and more than a hundred claim handling companies. On the contrary, in India and UAE, we have 24+ insurers, nearly 2000+ corporate agents and brokers and when we talk about claim consultancy companies you can count them on fingers. As per data published by regulator , the number of unpaid claims and mis-selling cases are increasing in India every year.
Through this article, I would like to congratulate few friends working in claim tech and solving the real problem through their services cheers to bima garage, Sure claim, Claim Buddy, lifeboat risk management services, claim easy, claim chase, insurance Samadhan, Bima Claim and lastly The Claim Consultants for helping people in India.