Planning to Buy New Insurance? Learn how technology simplifies this for you

Naval Goel, Founder & CEO, PolicyX.com

Technology is rapidly making our life easy and increasing its dependence across all the businesses in the world. The next coming era will surely belong to the effective use of AL and ML technology. Indian insurance industry is going through a revolutionary change for the past many decades. To keep this pace of adopting new technologies and making an easy experience, several insurance start-ups have come forward.

Insurance sector is always considered a straggler in adopting new transformations and emerging technology. However, this perception about industry has already started to shed. In today's age customers requirements are changing and same as their expectations. They want everything instant, and artificial intelligence is powering real time decision making. In the Q&A, with Naval Goel, CEO & Founder of PolicyX.com gave reader clarity on the latest technology used in insurance industry.

How the insurance industry has evolved with technology?

Smartphone has become the highly used source to research about insurance plans, seek detailed information. Internet access enables innovations which are based on the use of apps. The customer service time has gone down drastically to 5-7 minutes as they already know the customer details and their concerns with regards to the plan and claims. Insurance companies are assisting customers with timely reminders about premium payment, and tracking health conditions, with mobile applications.

PolicyX.com has 75% of its website traffic coming from smartphones from all classes of society looking for different products and services.

Why Insurance industry need AI solutions?

Insurance is all about data where there are details of millions of users available with each insurance company. Thus, AI becomes an essential method to create a deeper personal connection with every customer. The Artificial Intelligence analytic helps insurance companies to design improved products, device useful marketing campaigns to target potential customers and fraud detection.

AI plays a vital role in customizing a competitive and personalized price of insurance products based on information feed by them such as health conditions, medicines and previous medical history. The next critical role played by AI is in the area of claim handling by efficiently handling each claim raised by their customers in much lesser given time.

There is a very big challenge that the insurance sector has been dealing with i.e. fraud detection and risk. With the invasion of AI in the insurance sector, the insurance sector has managed to get a hold on fraud detection and risk with the detection of abnormalities in claims data and identify false information filed by customers. PolicyX.com employs an algorithm to analyze customer behavior, define agents, calling, marketing plans and craft tailor-made solutions to help customers.

Steps insurance sector is taking to speed up the claim process?

The cashless claim has been widely offered by almost all insurance companies that come across as the fastest process of claim settlement. But at the same time, technology is emerging as a sought-after tool to speed up the claim process by taking appropriate action on the claim raised by customers. AI, manage various types of claims and recognize their patterns, in case of any fraud or error, it can be quickly caught by the technology.

How AI is helping to identify customer requirement?

AI is further enhancing the customization aspect with better customers; analytic readily available with insurance companies such as customer's behavior, demands and requirements with their browsing behavior, on the basis of which the new innovative products are being launched more than ever.

How do you see the future of AI in insurance industry?

Considering the fact that approx 3% of the Indian population is insured, it opens up a big opportunity for insurance companies to increase their customer base by multifold.

AI can transform the insurance underwriting process, and fasten the claim settlement process efficiently by accessing large amounts of data within a short time and erase the chances of human error.