Policybazaar.com (twitter handle: @policybazaar), world’s leading insurtech brand, and India’s largest insurance website and comparison portal, has launched a new version of self-video cashless claims feature on its app for easy and faster claims processing & settlement.
Policybazaar.com – Self Video Cashless Claim
Public Sector Insurers, New India Assurance and United India Insurance, have been the first ones to adopt the new feature and have joined hands with PolicyBazaar.com to offer consumers’ settlement of accidental claims through this feature using the Policybazaar.com app.
The new feature allows consumers to overcome the hassle of physical inspection for claims and allows them to self-upload a video through the app for evaluation of damages on a vehicle, making the entire inspection process a matter of minutes and the approval process a matter of few hours.
With the human element of in-person inspection done away with and process largely automated, it significantly improves on the efficiency of the process, with the intent being to improve the overall consumer experience around the settlement of claims, a pain point for the industry in the past.
Speaking about how the newly launched feature will benefit the consumer, Mr. Yashish Dahiya, Co-founder & CEO, Policybazaar.com Group of Companies said, “Customer-centricity is ingrained in the DNA of our organization’s ethos. Continuing on our journey to make insurance a seamless experience we have launched this new PB Claims feature. The app is expected to reduce the timeline of approval/non-repair timelines from two days to two hours.”
In India, it is estimated that for every 100 policies, there are roughly about 15 of those that go for claims, and these require physical inspection of the vehicle and documentation, which takes anywhere between two to three working days.
Commenting on the new initiative, Mr. K B Vijay Srinivas, CMD (Joint in Charge) at United India Insurance, said, “We are a leading non-life insurer which keeps abreast of the latest technology trends with the objective of leveraging them to enhance our customer service levels. We at United India are very happy to pioneer a video app exclusively developed for motor vehicle damage claims. We laud the first of its kind customer-friendly initiative of Policybazaar.com in this regard. This initiative will have the twin benefits of fast turnaround times in claims settlement and making life easy for the customer.”
The feature also provides with real-time updates to customers on the progress of their claims, which can be tracked through ‘my account’ section on the Policybazaar.com website or App.
To further strengthen the process, the company is also running a pilot on Artifical Intelligence (AI) being used to assess the estimate of the damage and quotation of repairs, which was earlier being provided only by the garage.
For the uninitiated, the new version builds on the first version that helped consumers to renew lapsed motor insurance by using the self-inspection video feature. The first version has won industry accolades for making renewal a matter a few hours for lapsed cases and reducing cost on the whole process.
PolicyBazaar.com is India’s largest insurance marketplace. It has backing from a host of investors including the likes of Soft Bank, InfoEdge (Naukri.com), Temasek, Tiger Global Management, True North, Premji Invest, besides investments from other PE funds and family offices. The portal started with a purpose to educate people on insurance products and has had a significant influence on how insurance is bought in India. It has helped in driving penetration of pure life insurance, health insurance, and such products which were barely bought earlier.
From receiving traffic of 1,80,000 visitors in 2008, PolicyBazaar.com has come a long way and today hosts over 100 million visitors yearly and records sale of nearly 3,00,000 transactions a month. Currently, PolicyBazaar.com accounts for nearly 25% of India’s life cover, and over 7% of India’s retail health business. It accounts for roughly half of all internet based insurance purchase in the country and is more than doubling annually.
We have received several accolades in India and globally. The most noteworthy being recognized as India’s top and world’s leading “Fin Tech Innovator” by the Global consultancy firm, KPMG and venture capital fund, H2 Ventures for 2015 & 2016. It has won a range of awards in the last couple of years, many of them consecutively. These include The Financial Express “Best Fintech Marketplace”, Internet & amp; Mobile Association of India (IAMAI) Digital India Award for “Best Financial Website” &; “Most Innovating Insurance Service”, IDC Iconic Award for “Tech Implementation leading to Operational Excellence”, to name a few.